Keep What You Earn

The Dope CPA is a firm founded by Summer Thorn after spending years working for the military and studying criminal justice. She decided to use her passions and her skills in accounting and finance to serve the cannabis industry. Today on the show, we are joined by Summer and her colleague Malissa to uncover some unique challenges with the cannabis industry and discuss how important industry specialization is when searching for a financial professional. Malissa spent over 20 years in retail management, analysis and bookkeeping. She has spent the last four years on the dispensary side of the cannabis industry in both the Colorado and New Mexico markets. Based out of her hometown of Farmington, NM, Malissa spends her off time as an active member of several local non-profit organizations all while enjoying the perks of being a first time grandmother. Website: Www.DopeCPA.org What you'll hear in this episode: [4:35] Summer dives into why she decided to take the leap into the cannabis industry as an accountant. [9:10] What are some unique challenges of the cannabis business that differs from other small businesses? [12:52] Summer goes over some of the success factors when it comes to financial management. [17:21] Summer reviews what the laws regarding cannabis are and what the different levels are. [20:39] How being niched down on a specialized industry can benefit your business. [23:41] Summer talks about what her outlook on the cannabis industry. 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? 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.

Today, we're diving into a crucial facet of your business that warrants a fresh look, offering you the opportunity to streamline your operations and avoid potential complications down the road. When it comes to taxes, it's imperative to guarantee that you've got your contractor-related paperwork squared away. Investing some time now to revisit this aspect of your business and confirm that you possess all the requisite documentation, including W9 forms from your contractors, can be a real lifesaver when tax season comes knocking. What you'll hear in this episode: [1:15] Take a closer look at this part of your business today to spare yourself some headaches as we approach year-end. [2:49] How does this impact your business from a tax standpoint? [4:20] What's the significance of obtaining that W9 form from your contractors right away? [6:09] Explore the reasons why certain contractors might not be able to furnish a W9 for you. [8:30] Discover the heightened importance of acquiring an updated W9 when your contractor has undergone a change in their business structure. If you like this episode, check out: How to Recover from a Slow Launch Why I Give Away My SOPs How to Manage Rapid or Unexpected Growth 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.

Small business owners are often intimidated by accounting software and hesitate to use it, even when they're paying the big bucks for it! In today's episode we unpack the best tips for business owners at any stage of their journey on how to utilize QuickBooks in an optimal way to save time and money. Crystalynn Shelton is a licensed CPA and QuickBooks Top 100 ProAdvisor helping startups, small businesses, and million-dollar companies alike take control of their finances through accounting software training and consulting. For the last 20 years she has led accounting departments for Fortune 500 companies like Intuit, Texaco and Paramount Pictures. After starting her own business, she published Mastering QuickBooks, a three-time Amazon Bestseller now in its fourth edition, coached more than 100 clients, all the while serving as an Adjunct Instructor at the University of California, Los Angeles (UCLA). Instagam: https://www.instagram.com/crystalynnshelton/ Facebook: https://www.facebook.com/profile.php?id=100074172338160 Twitter: https://twitter.com/CrystalynnPens YouTube: https://www.youtube.com/watch?v=FCA-5b9qwKM&list=PL7CqeB3KZY_x-e64SuWpuuyJ367PnEcCW&ab_channel=CrystalynnShelton%2CCPA LinkedIn: https://www.linkedin.com/in/crystalynnshelton/ Website: www.crystalynnshelton.com What you'll hear in this episode: [5:55] Crystalynn discusses why she decided to become a CPA. [9:00] What is keeping your books as a small business owner and what should it include? [10:53] What are some tips that business owners can use so that they are not overwhelmed with bookkeeping? [17:28] Crystalynn reviews what chart of accounts is. [24:20] What are some of the mistakes that have been made using QuickBooks? [30:20] As a new business owner, how can you get the training needed to set up and use QuickBooks? [34:40] Crystalynn chats about what to do if you are behind on doing your books. If you like this episode, check out: What Your Numbers Are Trying to Tell You Building a Strong Company Culture with Caroline Pennington Building Systems Based on Problems Want to learn more so you can earn more? Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide Visit keepwhatyouearn.com to dive deeper into 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.

Positioning your business to be sellable should always be the gal, even if you have no plans to sell. In today's episode we discuss what makes a business appealing to a buyer, and thus more valuable, along with the common mistakes and pitfalls business owners make on their journey to exiting their business. We also cover mergers vs. acquisitions and when you should be considering all of these options. Arthur Petropoulos founded Hill View Partners in 2016 after a successful tenure on Wall Street as an Investment Banker, Private Equity Investor, and Head of Mergers & Acquisitions and Corporate Development for a high growth Operating Company. Of note, Arthur served as the Co-Head of the Internal Private Equity group at Cantor Fitzgerald / BGC Partners, and was the Director of Corporate Development for a diversified Business Services Company. Website: http://www.hillviewps.com LinkedIn: https://www.linkedin.com/in/arthur-petropoulos What you'll hear in this episode: [4:46] Arthur discusses the seasons of a business owner. [6:13] When is the best time to connect with an investment banker? [7:39] What makes a business attractive to a buyer? [17:22] Making things in your business replicable and adaptable. [20:16] What are some other exit strategies besides selling your business or closing it down? [27:48] Who are the best people to assemble on your team of advisors as resources for exit strategy? 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? 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.

Today on the show, we discuss the pros and cons of using a "one-stop shop" for your accounting and tax needs in your business and how to approach shopping for these services. What you'll hear in this episode: [1:43] What is the difference between a tax professional and an accountant? [3:23] Why it is important to have both a tax profession and an accountant at tax time. [10:17] What are some of the benefits of sourcing both your tax professional and accountant from the same place? [11:26] What are some of the disadvantages of sourcing both your tax professional and accountant from the same place? If you like this episode, check out: Should You Pay Quarterly Tax Estimates? 3 Steps to Hire Your Kids the RIGHT Way Take Advantage of an Accountable Plan in Your Business 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.

Part of leading a team as a manager or founder is learning how to coach and deliver feedback. In today's episode, Chris Godman joins Shannon to discuss how to implement coaching skills within your team to develop them and yourself as a leader. Chris Goodman is a premier life and business coach for high-performers. His clients include founders, CEOs, influencers, across industries. His mission is to empower individuals to attain personal freedom, fulfillment, and global impact. Through one-on-one, group coaching, live training, consulting, and the Relentless Growth Podcast, Chris guides clients to unlock their potential and achieve desired results. With 15,000+ coaching hours, 5 years of corporate litigation, and $21M+ in sales, Chris offers a wealth of expertise. He's renowned for his skill in asking transformative questions with approachability, pushing clients to new heights. Specializing in coaching men and women, Chris focuses on mindset and skillset development. Topics include leadership, personal growth, team dynamics, relationship enhancement, human behavior, and cultivating a freedom-oriented lifestyle. Beyond coaching, Chris and his wife Lindsey, a successful coach as well, share a passion for travel, food, and bourbon. Recently welcoming their first child, Eva, they're dedicated to helping others through coaching. Connect with them on social media for guidance and support on your journey to personal and professional growth. Website: www.goodmancoachinginc.com Instagram: @goodmancoaching What you'll hear in this episode: [4:48] Chris unpacks struggles with leadership and feedback that he is hearing from his clients. [8:49] Why is it so difficult to coach a team member out when they are not performing? [14:07] Chris dives into how to deliver feedback effectively and the best way to communicate with your team. [22:23] Chris and I discuss an amazing way to understand the best way to find out your teams desired way to be communicated feedback. [25:03] Is it a good idea for new people in leadership to receive some kind of education on being a great leader? If you like this episode, check out: What Traits We Look For in a Client How to Manage Remote Teams Achieving Excellence as a Coach with Chris Goodman 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.

In this episode, we unravel the intricacies of retreat and event expenses when it comes to tax deductions. With the rising popularity of retreats and business conventions, it's crucial to grasp which expenses can be deducted for both hosts and attendees. Discover the key factors that determine deductible expenses, including what qualifies as "ordinary and necessary." We cover various deductibles, such as transportation and lodging costs, and tackle the gray area of events that mix business with leisure. Our insights will help you stay in line with IRS guidelines, optimizing your savings and preserving your hard-earned income. What you'll hear in this episode: [1:10] Can You Deduct Retreat and Event Expenses as a Host or Attendee? [2:38] Host Deductions: Venue and Related Expenses [3:25] Host Deductions: Planning Services [3:45] Host Deductions: Marketing Costs [4:26] Host Deductions: Meals, Travel, and Lodging [6:12] Host Deductions: Speakers, Coaches, or Facilitators [7:40] Attendee Deductions: Registration Fees, Travel, and Lodging [8:20] Attendee Deductions: Meals and Beverages [8:50] Attendee Deductions: Combining Vacation with a Work Event If you like this episode, check out: Questions to Ask Yourself as a CEO You Accomplished Your Goal. What's Next? Financial Metrics to Know for Product Based Businesses 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.

Aaron Thomas, a top family law expert, discusses the importance of prenuptial agreements in marriages. He debunks myths, emphasizes financial transparency, and compares prenups to business partnerships. The podcast explores the evolution of perspectives on prenups, the significance of open communication in marriage, and the balance between autonomy and joint responsibility in finances.

Have you ever wondered how to actually fund money into your business bank account? Wondered if you have to pay taxes when you put this money in? In today's short episode, I answer these questions directly and guide you on how this works in your books too. What you'll hear in this episode: [1:07] How do I put more money into my business? [2:26] Ways to do this so you don't pay extra taxes on the money you inject personally back into the business. 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? [LINKS FROM BUMPERS AND ADS] 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.

Accountability can sometimes be associated with micromanaging r discipline, but when done right can be a powerful tool go grow your team and your profits. Today, I unpack some useful tools I use in my business today as well as some tools from the archives of my corporate career we used on large projects. What you'll hear in this episode: [1:32] What exactly is team accountability? [2:29] I discuss what tools we use as a team. [5:20] What are a few things that are crucial to team success and how to use RACI with your team? [11:09] Holding accountability by financial line item. If you like this episode, check out: How to Build a Solid Financial Foundation in Your Business Do You Need a CFO in Your Business? Why 100% Employee Retention Should Not Be Your Goal with Jason Weinstein 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.