Keep What You Earn

Today's guest takes "not your typical CPA" to the next level. Katherine is a powerhouse CPA who is on a mission to serve spicy businesses including exotic dancers, sugar babies and OnlyFans creators. She also comes from a compassionate space free of judgment for her clients. Today we unpack how this industry is benefiting from her services, including a few tax tips for creators and how she chose her niche and her team - it was quite a surprise! Raised in Buffalo, NY, Katherine is a tax accountant by trade and a creative in essence. In 2021, She founded The Only Consultant, an innovative consulting firm dedicated to providing tax and financial advice to OnlyFans creators, exotic dancers, and other creative freelancers. Despite having no prior experience in entrepreneurship or the "spicy" industry, it became crystal clear there was an overwhelming need for straightforward, compassionate and judgment-free financial help. By focusing on innovation, collaboration and empowerment, they are not your typical accounting firm. https://www.linkedin.com/in/ryan-conn-64b67411a/ https://www.linkedin.com/company/cs-business-consulting/ https://www.linkedin.com/company/shelton-associates-cpa-pllc/ https://csbizcon.com/ https://www.wsheltoncpa.com/ What you'll hear in this episode: [3:40] Katherine talks about her background and why she is passionate about the industry she serves. [10:37] What are some of the challenges that clients in the spicy industry face in regards to accounting and taxes? [19:57] Katherine discusses the process of how she helps her clients discover write offs and deductions. [24:45] How can accountants become more approachable and welcoming to all clients? [26:48] Katherine dives into what her goals and missions are for her business. If you like this episode, check out: Real Talk on Social Media Tax Advice Are Groceries Deductible? How to Use Cost Segregation for Real Estate Tax Savings with Sean Lichterman Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

I frequently receive a common question: "How should you compensate yourself as a business owner?" The answer to this question depends on the unique structure of your business. During this episode, I will delve into the various payment options available to business owners, including those operating as sole proprietors, single-member LLCs, multi-member LLCs or partnerships, S-Corps, and C-Corps. I will share valuable insights into determining the optimal amount and frequency for your payments, emphasize the importance of meticulous financial record-keeping, and explain the tax ramifications associated with each payment arrangement. Whether you find yourself at the helm of a sole proprietorship or the proprietor of a thriving corporation, grasping the intricacies of compensating yourself in alignment with your business structure is paramount to sustaining financial stability and achieving success. Tune in to this episode as I explain the specifics of each business structure and offer guidance on how to ensure fair and efficient payment to yourself. What you'll hear in this episode: [1:45] Exploring Payment Methods for Sole Proprietors and Single-Member LLCs. [4:00] Deciphering the Ideal Amount and Frequency of Self-Payment. [6:28] Navigating Compensation in Multi-Member LLCs and Partnerships. [7:45] Unveiling Payment Strategies for S-Corporations. [9:37] Strategies for Self-Compensation in C-Corporations. If you like this episode, check out: Will Artificial Intelligence Become Your Accountant? The Cure for Ineffective Meetings with Mamie Kanfer Stewart Building a Strong Company Culture with Caroline Pennington Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

You've probably heard tons of advice on how you can build wealth and are probably feeling overwhelmed with the amount of advice out there. As with most things, when you can come back to the basics and keep things simple, you can succeed. It's about getting wealthy, not just rich. Justin Green is a Certified Financial Planner and the founder of Assist FP, an independent fee-only financial planning firm that helps online business owners bridge the gap between their business and building personal wealth. Justin was recently recognized by Investopedia as a 2023 top 100 advisor. https://www.instagram.com/justingreenfp/ https://www.linkedin.com/in/justingreenfp/ https://twitter.com/JustinGreenFP What you'll hear in this episode: [2:41] Justin talks about his upbringing and how he became a financial planner. [6:09] Is there a difference between making money and managing money? [10:09] Justin discusses tips on effective goals when it comes to building wealth. [15:08] What is a financial operating system and why is it so important? [22:55] Where and how to start building a savings so that you can invest later on? If you like this episode, check out: The Benefits of Business Continuity Planning with Jim Erben Building Your Money Machine with Mel Abraham Building a Successful Continuity Plan with Julee Yokoyama Want to learn more so you can earn more? Text me the word DAILY to get tips each weekday to get you into a CEO mindset! Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

There are lots of good reasons to hire your family in your business, but you want to be proactive in managing any potential pitfalls that can impact not only your business, but your most important relationships as well. What you'll hear in this episode: [2:22] The benefits - tax and otherwise - of hiring family members [6:51] Determine a legitimate business purpose for hiring this person [8:59] How to set clear boundaries [12:33] What sort of feedback should you be giving hired family members? If you like this episode, check out: Building a Strong Company Culture with Caroline Pennington Should I Hire Contractors or Employees? How to Hold Your Accountant Accountable Want to learn more so you can earn more? CFO Power Session: https://www.keepwhatyouearn.com/power-session-inquiry Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

If you are struggling with delivering an exceptional customer experience and balancing processes and structure, this is for you. This episode serves as a reminder of how to live in the middle of scaling and serving well. Learn how to do what is not scalable until it isn't. What you'll hear in this episode: [2:10] Tips to implement better customer service experience without sacrificing scalability [3:23] How to get your clients their first "quick win" [5:19] Become a listener to your customer's problems and inconveniences [9:11] Focus on this instead of scalability [12:15] Finding the right balance with your customers [13:20] Establishing a personal brand will be crucial as we enter the upcoming era of entrepreneurship [17:59] How can I wow my customer to the point where I literally can't anymore? If you like this episode, check out: How to Recover from a Slow Launch Building Systems Based on Problems How AI is Changing Your Business's Present and Future with Jim Carter Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Feel like online courses were soooo 2020? It can feel like you missed the boat on creating and launching a profitable digital course and you may be considering other ways to package your offer. If this is you, then I am so excited to let Jasmine Jonte, online course creation expert and founder of Cre8tion, share all of her insights on where online courses are headed and how to leverage current trends to get future results. Jasmine Jonte helps experts create world-class programs with her Done-For-You Course Creation agency. They take care of everything - from the big picture promise down to the last worksheet download. All the experts need to do is show up and shine. Jasmine and her team are on a mission to make learning simple and fun for 1Million students while saving 100+ hours for every course creator they partner with! Coupling her Detroit, MI teaching experience with business savvy and management skills, you'll want her to do the heavy lifting when building or upgrading your online training programs! Find Jasmine on IG https://www.instagram.com/jasminejonte/ Visit her website: https://www.cre8tion.co/shannon What you'll hear in this episode: [4:07] Jasmine talks about her background and what makes her an expert in her field. [7:25] What are some of the trends right now around tools, and methods in online course creation? [13:34] Jasmine dives into why the community aspect of a course is so important. [17:20] What are the different types of course takers? [21:33] What are some of the implications of using AI in content creation? [29:34] At what point should a business consider putting out online courses? [32:56] Jasmine discusses some of the mistakes she has seen people make in regards to online courses. If you like this episode, check out: How to Maximize the Return on an Unpaid Opportunity This Pricing Mistake is Costing You Thousands Creating a Conscious Public Relations Strategy with Melissa Vela-Williamson Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

I hold an unconventional perspective on quarterly taxes - I'm not suggesting you avoid paying them altogether, but I'd like to shed light on an alternative approach I often propose to my clients. My purpose in sharing this isn't to dictate your actions, but rather to highlight the diversity of viewpoints in the world of taxes and accounting. It's one of the delightful aspects of our profession - we're provided with guidelines to adhere to, yet we have the privilege of interpreting these guidelines and employing our unique methods. What you'll hear in this episode: [2:36] Discover the crucial insights about quarterly estimates. [4:56] Explore the process of determining the appropriate payment amount. [9:41] Delve into the potential benefits of retaining your funds within your business for a bit longer. If you like this episode, check out: Tools for Team Accountability Will Artificial Intelligence Become Your Accountant? How to Hold Your Accountant Accountable Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Emily started her own medspa and after many lessons learned, now coaches other owners to avoid the mistakes she and her team learned as they built their business. With 22 years of experience in the beauty industry, Emily started as a licensed esthetician before working her way up to becoming a celebrity makeup artist for TV and film. Her passion is for helping aesthetician-owned medical spas make strategic decisions and craft business plans that work! Every industry faces unique challenges and today we tackle the spa and beauty industry with medspa expert, Emily Kendel. We discuss the challenges of delegating, empowering staff, determining compensation plans, cash flow and more. Any owner of a service-based business, especially those in beauty and wellness, will benefit immensely from this discussion. Email Emily at emily@spaproject.com https://boostsales.spaproject.com/ What you'll hear in this episode: [3:09] Emily talks about why she serves med spa owners and her history on how she became so passionate about serving them. [9:50] Emily discusses how she advises clients on hiring and different pay structures. [14:59] What are some tips that a business owner can use so that they are not the only one on staff with a packed schedule and how to get clients to book with other staff? [18:44] Why is it important to bring your team into the marketing part of things? [22:02] Emily talks about the direction she sees a lot of spa owners leaning towards in regards to rising labor costs. If you like this episode, check out: How to Build a Winning Affiliate Program Building and Launching a Stellar Digital Course with Amy Porterfield 3 Keys to a Successful Podcast Want to learn more so you can earn more? Business Financial Quickstarter: https://www.keepwhatyouearn.com/bfq Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Tax time is not the most exciting time, but you can make it stress-free if you implement the three tips I share in this episode. Spoiler - it's not all about what YOU need to be doing or creating more work for yourself. What you'll hear in this episode: [1:54] Realistic approaches to eliminate tax stress. [3:30] How long should it take you to do your taxes? [6:51] How a manila folder will help to alleviate tax season stress. [10:29] Two biggest stressors during tax season. [13:59] Choosing who does your taxes is crucial. If you like this episode, check out: Take Advantage of an Accountable Plan in Your Business Should You Pay Quarterly Tax Estimates? Real Talk on Social Media Tax Advice Want to learn more so you can earn more? Text me the word DAILY to get tips each weekday to get you into a CEO mindset! Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

We have a major tax deadline coming up on Monday, so today I am sharing the most important tax deadlines you should mark your calendar for as a business owner. What you'll hear in this episode: [1:23] What are the major Federal Tax deadlines? [3:25] I go over the S-Corp election deadline as well. [5:20] What are my recommendation on paying estimated payment is you owe taxes for last year? [7:43] What are the extension deadline dates? If you like this episode, check out: Real Talk on Social Media Tax Advice Are Groceries Deductible? How Do I Use the S Corp Strategy? Want to learn more so you can earn more? CFO Power Session: https://www.keepwhatyouearn.com/power-session-inquiry Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/ The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.