Keep What You Earn

Are you looking to supercharge the cash flow in your business? Having a healthy cash flow is essential for growth and expansion. While many consider price increases as the go-to solution, it's important to explore sustainable alternatives. I'll delve into three practical and effective strategies that you can implement right away to increase the cash available in your business. [1:28] Why a price increase is not always on the table to increase cash flow? [2:24] Method #1 to increase cash in your business without raising the price - accounts receivable. [3:40] Method #2 to increase cash in your business without raising the price - inventory. [5:34] Method #3 to increase cash in your business without raising the price - paying your bills. [7:00] Bonus tip to increase cash in your business without raising the price - passive income. Endless Cash Course: https://www.keepwhatyouearn.com/endless-cash Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast * Related episodes: Tips for Negotiating Business Deals Which Financial Professionals Do You Need in Your Business? How to Build a Solid Financial Foundation in Your Business * Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 have a non-traditional belief about quarterly taxes - don't pay them! That's not actually what I mean but I'll share what I often recommend to clients. My intent behind sharing this is not to tell you what to do but to make you aware that there are different ways to think about things. This is one of the more fun things about working in taxes and accounting. We're given a set of guidelines to follow but we get to interpret those guidelines and apply our own approach. What you'll hear in this episode: [2:36] The most important thing to know about quarterly estimates. [4:56] How do you decide how much to pay? [9:41] Is it worth it to keep your money in your business for a little longer? * Related episodes: How to Hire Your Kids to Generate Tax Free Wealth Taxes for Rental Properties with Pat Leung Can I Deduct My Groceries? * Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

Grant Dougherty is a fellow tax professional and has a passion for education. I align closely with this as education is one of my passions as well and is part of the reason that I created this podcast. Grant also has an amazing social presence as his content is very relatable and easy to understand which I love. Today, I'm picking his brain about the foundational financial elements that all business owners should have in their business. We also discussed the role that real estate can play in your investment portfolio and what some potential tax benefits are from real estate investing. Tune in to hear some helpful tips to get your business in line, and you may even take away a few real estate investing rumors that Grant mentions in the episode. What you'll hear in this episode: [2:25] Introduction to Grant [5:07] What are some examples of key foundational elements that Grant looks for in a client to ensure a strong foundation? [11:30] What is the cost of hiring the right financial help in your business? [16:12] What are the compelling reasons people should invest in real estate? [18:20] What are the advantages of rental income over wage income? [22:17] What advice does Grant have for someone who's interested in getting started in real estate? Connect with Grant: @doughertytaxsolutions Related Episodes: How to Pay Yourself Based on Your Business Structure What is a W-9 and Who Needs One? Are GoFundMe Donations Deductible? Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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, I have a unique style of episode in store for you. We'll engage in a candid conversation with a business owner and delve into a question that I often have for new entrepreneurs: Why do they wait to hire a tax strategist for their business? Joining us for this discussion is Tanya Smith, a friend I met in the Brand Builders group. Tanya brings with her a wealth of experience as a branding and visual communications expert. She is the founder of WorkStory Creative™ and holds the title of Certified Personal Branding Strategist for Brand Builders Group. Throughout our conversation, Tanya will offer her perspective on my question, drawing from her own journey of starting a business and where she finds herself today. She will shed light on why she chose to delay seeking assistance with her finances until a later stage in her entrepreneurial journey. What you'll hear in this episode: [4:00] Why do new business owners hesitate to invest in tax strategy and advice from accountants? [10:05] How does a new business owner know when it is time to start bringing in additional help with their financial strategy? [14:05] How to identify what kind of help you need in the early stages of your business. [19:50] From a branding standpoint, how can accountants improve their presence and clarify their offerings? [27:30] What can accountants do better to appeal more to early-stage business owners? Connect with Tanya: Instagram.com/workstorycreative linkedin.com/in/tanyagoodallsmith Business Financial Quickstarter: https://www.keepwhatyouearn.com/bfq Related Episodes: How to Handle a Negative Business Review Starting and Growing a YouTube Channel with Augie Johnston Differentiating Yourself Based On Your Values Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.

This discussion aims to shed light on a seldom asked but valuable question, aiming to provide business owners with a comprehensive understanding of their expense options. Many business owners commonly opt for deducting the entire amount of an expense in a single year. However, it is crucial to note that if a particular purchase could be categorized as an asset, spreading the expense over multiple years becomes a viable option. This approach can effectively alleviate your tax burden over time. By strategically considering the classification of expenses, you can optimize your tax liabilities and better manage your financial resources. What you'll hear in this episode: [1:25] Defining what an expense is in your business. [1:56] Defining what an asset is in your business. [3:00] The importance of spreading a purchase over multiple years, AKA depreciation. [4:50] What is the safe harbor threshold? [6:15] What are the benefits of you understanding assets vs expenses in your own business so you can help maximize your tax deductions? [7:09] What are intangible assets in your business? Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 am sitting down with Teri Yu, a serial entrepreneur with a wealth of experience in product development. Having previously worked at Asana and Microsoft, Teri brings a deep understanding of these fields to her endeavors. As a the founder of her startup Vibely, she successfully raised over $2.5 million and sold her company to the creators powerhouse Kajabi. Teri shares her journey of founding Vibely and the inspiration behind it. She shares the successes and mistakes she made along the way, providing valuable insights for aspiring entrepreneurs. She also shares her reasoning behind sticking with Kajabi after the sale of Vibely rather than selling it outright. Additionally, Teri discusses the key factors that contribute to high engagement in a community platform. Teri highlights the top factors that lead to success for creators, as well as common mistakes made by less successful ones. If you have ever considered building a digital community, this episode has all of the information that you need to get started successfully. What you'll hear in this episode: [2:51] Who is Teri and how did she end up in her current role? [4:00] What inspired Teri to start Vibely originally? [7:40] What were some successes and mistakes that Teri made along the way when creating vibely? [10:50] What influenced Teri's decision to continue to work with her product after selling to a larger company as opposed to selling it outright. [16:52] What are some of the factors that contribute to high engagement in a community type platform? [19:58] How do the call to actions and challenges within the community drive engagement? [20:51] What are some of the top factors that successful creators have and what are some mistakes you see with less successful creators? [25:30] What are some unique success stories where people have been able to capitalize on the community platform? [28:55] How much effort should a creator put in on the front end of creating a digital community? [34:10] What are some of the problems that are being solved right now at Kajabi based on customer feedback? Shannon's Kajabi Affiliate Link: https://app.kajabi.com/r/zGmoZA9E Connect with Teri: Teri IG: @teriyakichicken Twitter: @teriyu Kajabi Hero community on FB: https://www.facebook.com/groups/newkajabi/ Related Episodes: How I Turned My Side Hustle Into My Full-Time Career Differentiating Yourself Based On Your Values Investing in Your Digital Storefront with Lynzee Krohne Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 is a common question amongst business owners of when you can deduct your clothing expenses from your taxes. There are a few circumstances where this is the case. I'll start by discussing the clear instances where clothing deductions are allowed, such as uniforms that are directly related to your job and clothing that bears your company logo. However, there are also some grey areas surrounding clothing deductions that I'll highlight where it may be more challenging to determine eligibility. And as per usual with me, I'll share my honest unfiltered opinion on using clothing deductions as part of your tax strategy. What you'll hear in this episode. [2:00] The most obvious "yes" to when you can deduct your clothing [2:35] Uniforms very specific to your job [3:30] Clothing with your logo on it [4:30] What are some of the grey areas for when your clothing could be deducted? [6:30] My honest opinion on clothing deductions as part of your tax strategy. Related Episodes: How to Hire Your Kids to Generate Tax Free Wealth Can I Deduct My Groceries? Are GoFundMe Donations Deductible? Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 am joined by Amanda McKinney, a recognized thought leader and coach on Accidental Entrepreneurship. Amanda is also the author of "Why Not You? An Accidental Entrepreneur's Guide To Success" and host of "The Unapologetic Entrepreneur Podcast." Together, we discussed the importance of taking time to appreciate success. Amanda shared her insights on who is considered an accidental entrepreneur and what commonalities they have when it comes to defining their goals and success. We also talked about the challenge of finding joy in success when the bar keeps moving with your goals. Amanda emphasized the importance of maintaining perspective on the entrepreneurial journey and celebrating your definition of success. Overall, this episode was a great resource for anyone who struggles with acknowledging and celebrating their successes, especially those who are always looking ahead to the next thing. Amanda provided practical methods and a framework to help listeners overcome self-doubt and gain confidence. What you'll hear in this episode: [2:55] Who is considered an accidental entrepreneur? [5:35] What is a commonality among accidental entrepreneurs in how they define their goals and success? [9:10] How do you find joy in success when you continue to move the bar up for your own goals? [16:25] The importance of maintaining perspective on where you have come from on your entrepreneurial journey. [19:18] What are some tactical methods to ensure that you are taking time to truly celebrate your successes? [29:21] The importance of not minimizing successes based on the effort that was put in. [35:55] What are some tips to help someone identify the feeling of success? [41:14] Your definition of success can change and that is okay, this will adjust based on the phase of life you are in. [42:30] What does Amanda discuss in her brand new book Why Not You? An Accidental Entrepreneur's Guide To Success? Connect with Amanda: Downloadable PDF - amandamckinney.com/success Social: @theamandamckinney Related Episodes: My Costa Rica Story (Part 1): The Why My Costa Rica Story (Part 2): The How Getting Out of Your Own Way with Lindsey Mango Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 want to tackle a question that plagues many business owners: Do I need to collect and remit sales tax? This can be a complex question depending on your type of business, how you operate, and who your customers are but by the end of the episode, hopefully you;ll have a bit more clarity. We'll discuss the factors that determine if sales tax applies to your business or services, understanding the concept of nexus, and how to determine which states require you to charge sales tax. Lastly, I'll touch the importance of accurately tracking sales tax through your business and why it is crucial to do so. Tune in to gain clarity on these sales tax considerations for your business. What you'll hear in this episode: [0:50] Many business owners are unsure whether they need to collect and remit sales tax. This episode should help you answer this question. [2:23] How do you know if sales tax applies to your business or services? [3:12] Identifying what states you may be subject to income tax based on your physical location, sales locations, and inventory locations. Understanding the term "Nexus". [5:15] Finding out which states that you have obtained nexus charge sales tax on your product or service. [7:00] In a digital business, how do you figure out where your clients are purchasing from? [9:35] How does sales tax flow through your business and why is it so important to track this accurately? Tax Jar Link: https://partners.taxjar.com/english/directory/partner/1402654/fitnancial-solutions Related Episodes: How to Pay Yourself Based on Your Business Structure What is a W-9 and Who Needs One? Are GoFundMe Donations Deductible? Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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 am discussing the importance of negotiation in business and some tips to help you get ahead. Research and preparation are essential before entering any negotiation. Understanding the other party's position and alternatives can help you prepare. It's also crucial to understand who holds more leverage when going into the conversation. Another critical aspect of negotiating a deal is to not fixate on price but rather on the overall value that a deal can bring. And remember, think long-term. Look beyond short-term gains and consider the potential long-term value of the agreement. Don't be afraid to walk away from a deal that doesn't benefit both parties. Sometimes, focusing on building a strong relationship is more valuable than the immediate deal. Join me in this episode of "Keep What You Earn" to master negotiation strategies and thrive in the complex world of business negotiations. What you'll hear in this episode: [0:50] Many aspects of business are negotiations, whether you realize this or not. [2:00] Do your homework and research before entering into any negotiation [4:28] Know who has more leverage when entering into the conversation. [6:00] Be prepared to walk away from a deal if it is not mutually beneficial. [8:00] Sometimes it is more beneficial to focus on the relationship with a person, than the deal at hand. [9:40] Focus on value, not price. [12:22] Try to not focus on the short-term outlook when negotiating, try to focus on the potential long-term value of the deal. Related Episodes: Why 100% Employee Retention Should Not Be Your Goal with Jason Weinstein Cash Flow Series Part 1: How to Measure Cash Flow Cash Flow Series Part 2: How to Maximize Cash Flow Resources: * Find everything you need at https://www.keepwhatyouearn.com * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/ * Hire us: https://www.fitnancialsolutions.com/accounting * See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator * Find me on IG https://www.instagram.com/shannonkweinstein/ * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html 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.