Keep What You Earn

Pat Leung, a seasoned tax and accounting professional with over two decades of experience in the real estate, private equity, and financial services industries, shares valuable insights on the evolution of property ownership in the current real estate environment. She also explains in detail how to maximize tax benefits if you are using Airbnb or similar as a rental income source. For those considering purchasing a rental property, Pat shares her expert advice on factors to consider before making a decision. With her extensive experience in "Big 5" and regional CPA firms, as well as a large private equity real estate firm, Pat's tips are practical and valuable for both seasoned investors and those just starting out. What you'll hear in this episode: [3:00] Who is Pat Leung and what does she do? [7:15] How do you describe the evolution of property ownership to real estate investor? [9:00] What are some interesting nuances of the Augusta rule? [15:00] How do you make the most of an AirBNB from a tax standpoint? [18:30] Can I deduct all my own furniture if I rent out my home for a small portion of the year? [25:25] What are some things you should think through and consider before purchasing a rental property? Pat's Discovery Session Link: https://calendly.com/leungtax * Related episodes: Tax Tips for Short Term Rental Owners with Ryan Bakke How to Take the Home Office Deduction Taxes for Real Estate Investors with Chris Picciurro * 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.

We'll be discussing a unique strategy that can help you generate tax-free wealth: hiring your kids. Not only is it legal, but it also saves you money on taxes. You'll save on taxes and your child will be earning a paycheck. What's not to love? But how do you implement this strategy properly from a tax perspective? I'll share some insights to help you get started and address which types of businesses can benefit from this approach, and how to work around this limitation if your business is not aligned. What you'll hear in this episode: [0:50] Is paying your children in your business legal to help save on taxes? [1:45] Why is $12,000 the number that always shows up to pay your kids? [3:20] Why should someone take advantage of this opportunity? [5:00] How do you actually implement this strategy properly from a tax perspective? [7:30] Who can take advantage of this strategy? What types of businesses can take advantage of this? [10:00] How does this actually save us money in taxes? [11:45] What should you do with the money that your kids earn? [14:30] What you need to do if you're ready to implement this approach. * Related episodes: Coaching Kids and Families Around Money with Andrew Hovelson The Hidden Costs of Not Hiring a Tax Pro Deducting Business Travel * 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.

Welcome back to the second episode of our Cash Flow mini-series! Our previous episode discussed the significance of understanding cash flow and how it affects your business's overall health. Today, we'll delve deeper into the topic by exploring several effective ways that you can optimize your cash flow and ensure that your business stays financially healthy and cash flow positive. We'll cover several tactics you can use to manage your cash flow effectively, including strategies for accelerating payments, reducing expenses, and optimizing your accounts receivable and accounts payable. These practical tips and tricks will help you make informed decisions and take control of your business's finances. What you'll hear in this episode: [1:13] The first step in maximizing cash flow. [1:45] Tips to encourage the early collection of revenue [3:10] Tips to properly time the payment of expenses in relation to your cash flow. [4:30] One thing I advise my clients on when it comes to paying their tax estimates quarterly. [6:00] The power of the cash flow forecast to help you identify when to make payments, time your launches, or take distributions. Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast * Related episodes: Financial Operations vs. Financial Management How to Know if Your Overhead is Too Large Setting and Measuring Progress Toward Your Business Goals * 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.

We're discussing the basics of a 2-dimensional vs a 3-dimensional profitability model and how having too narrow of a focus can cause a profitable business to run out of money. Factoring time into your cash flow projections is critical to better understanding your cash flow. To ensure the long-term success of your business, cash flow is the one thing that every business needs to understand to truly know its financial health. By understanding this for your business, you'll be equipped to make informed decisions and drive your business forward. What you'll hear in this episode: [1:00] The basics of a 2-dimensional profitability model. [1:50] I will tell you a story to help explain how a profitable business can still run out of money. [3:26] Switching from a 2-dimensional profitability model to a 3-dimensional model where you factor in time. [4:25] The 3 different ways that money enters and leaves your business. [7:45] One tip that I use in my business is to have extra cash on hand [8:45] The one thing that every business needs to truly understand their business's health. Cash flow forecast template: https://www.keepwhatyouearn.com/cash-flow-forecast * Related episodes: CFO vs Accountant: Which is the Right Fit for Your Business? 3 Ways Your Business is Leaking Cash Break the Cycle: Three Ways to Reduce What You Owe in April * 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 am speaking with Amanda Hofman, Co-Founder and CEO of Go To Market, a branded merchandise studio that specializes in sustainable and beautiful designs. Amanda discusses how she got interested in merchandise and shares some non-traditional ways businesses can use merch to promote their brand. Amanda explains the advantages of print-on-demand vs bulk ordering merch, and how it resolves challenges related to inventory management and waste reduction. The logistics of a print-on-demand model can be complex, but Amanda provides insights on how to make it work effectively. She also shares great ways to promote your brand at conferences without physically giving out "junk" swag that attendees may not really want. This is the perfect episode if you're considering purchasing branded merchandise, want to do it in a sustainable manner, and want to promote your brand in an effective way. What you'll hear in this episode: [2:22] Introduction to Amanda and how she got interested in merchandise. [6:55] What are some non-traditional products or non-traditional ways of using merch in your business? [12:00] The importance of preserving an in-person emotional connection on your merchandise. [14:30] The advantages of print on demand vs bulk ordering merch and the challenges that it helps resolve. [24:00] How do the back-end logistics work in a print-on-demand model? [29:00] Great ways to promote your brand at conferences without physically giving out swag that attendees may not actually want. [34:25] How many print-on-demand items should you have available on demand for customers/clients? [39:45] How does the setup and design process generally work when setting up a print-on-demand shop on your website? Connect with Amanda: IG: @gotomarketstudio LinkedIn: Amanda Hofman Email: amanda@gotomarket.studio Website: gotomarket.studio * Related episodes: Feeling Tempted to Change Your Offers? Facebook Ads Strategies that Work with Daria Kotenko Optimizing Your Email Marketing Strategy with Jeff Felten * 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.

Today, we welcome Lynzee Krohne to Keep What You Earn. Lynzee is the CEO and Founder of LEO + LAINE and also serves as the Lead Creative Director. Lynzee started LEO + LAINE with the promise to build an agency unlike any other. One in which fun and friendships reign supreme while providing best-in-class creative solutions for her clients. Lynzee dives into the importance of building a strong digital presence and setting goals to achieve a cohesive branding and messaging strategy. Lynzee's expertise in auditing your own digital presence will help you assess whether your marketing efforts are aligned with your goals. Remember, authenticity is key! Lynzee emphasizes the significance of creating a great first impression online that reflects your brand's values and mission. Lynzee shares valuable tips on how to get creative and have fun with your marketing content. Her unique approach to building a marketing strategy prioritizes fun and friendships while delivering top-notch creative solutions for clients. What you'll hear in this episode: [3:30] Introduction to Lynzee and Leo + Laine and how they operate differently from traditional marketing firms. [8:30] When starting a new business, how should you go about building a digital presence? [17:00] What are the goals that you should have established when implementing a digital storefront? [21:30] How can you audit your own digital presence and see where you stand on cohesive branding and message? [27:00] Why being authentic in your online presence and making an accurate first impression is so important? [34:00] How do you know if your marketing is aligned and what are some telltale signs that your online presence is a trainwreck? [37:45] Why you shouldn't be afraid to get creative and have fun with your marketing content. Connect with Lynzee: http://leoandlaine.com/ IG: @leo_and_laine Facebook LinkedIn TikTok * Related episodes: Feeling Tempted to Change Your Offers? Turning Tweets to Customers with JK Molina Copywriting Secrets to Convert with Jess Jordana Paxson * 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.

As an S Corp owner, paying yourself a reasonable salary is a crucial strategy to maximize your income while minimizing your taxes. The advantage of an S Corp is that you can pay yourself a reasonable salary without overpaying. If you haven't been doing this until now, it's not too late to start. Another of the benefits of being an S Corp owner is that you're less likely to be audited than a C Corp owner. However, this doesn't mean you can ignore the rules or be dishonest. As an S Corp owner, honesty, transparency, and humility are essential to your success. S Corps are a great strategy for many small business owners to maximize their income. If you have more questions or want to learn more about S Corps, check out my S Corp series, linked below. And don't hesitate to reach out to me if you need more personalized guidance. What you'll hear in this episode: [2:00] Paying yourself a reasonable salary as an S Corp owner. [4:30] If you don't have a reasonable salary, it's not too late to pay it. [6:50] A "roundabout shortcut" some tax pros use to back pay salaries for the previous year. [7:15] If you are an S Corp owner, the likelihood of you getting audited is astronomically lower than that of a C Corp owner. [9:50] Take your chances on putting a $0 for S Corp salary in your first year if you made the mistake of not paying yourself a salary. Be honest with the IRS and be humble. [12:00] An analogy to compare the difference between a helpful accountant and a puppy. [14:00] Sometimes the stress of having to hide something is more painful than the stress related to the thing itself. * Related episodes: Does an S Corp Make Sense for Me? How Much Should I Pay Myself as an S Corp Owner? How Do I Use the S Corp Strategy? * 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 want to talk about a topic that has been generating a lot of questions lately - retreat expenses. With the surge in retreats and business conventions, it's crucial to understand what retreat and event expenses are deductible for both hosts and attendees. As a host or attendee, you may wonder which expenses qualify for tax deductions. To help you navigate this complex topic, we discuss what qualifies as ordinary and necessary expenses, which can be deducted from your tax return. We delve into the expenses that you can deduct, including transportation and lodging costs, and whether you can claim deductions for events that mix business and pleasure. By following these tips, you can maintain compliance with the IRS guidelines and ensure you're keeping as much of your hard-earned money as possible. What you'll hear in this episode: [1:10] Are retreat and event expenses deductible as either a host or attendee? As a host, what is deductible? [2:38] The venue and associated costs? [3:25] Planning services? [3:45] Marketing costs? [4:26] Meals, travel, and lodging? [6:12] Speakers, coaches, or facilitators? As an attendee, what is deductible? [7:40] Registration fees, travel, and lodging? [8:20] Meals and beverages? [8:50] If you tag on vacation to a work event? Tax Deduction Guide * Related episodes: The Most Undervalued Trait of an Accountant Growing Your Side Hustle with Nick Loper Building a Better Financial Future with Marc Russell of BetterWallet * 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 am discussing why tax professionals are finding it more challenging to showcase their value in an era where machine learning and artificial intelligence can help taxpayers obtain a larger tax refund. Although receiving the biggest refund possible may seem like the goal, our focus should be on achieving the best outcome possible. I will be sharing some of the hidden costs associated with either doing your taxes yourself. Paying more in taxes, making mistakes on your tax return, bookkeeping errors, and finding ways to maximize your deductions are all areas where you could be making mistakes if you you are doing your own taxes. Tune in to learn how a tax professional can help you keep more of your earnings. What you'll hear in this episode: [1:30] Why it's hard for tax professionals to argue their value when machine learning and artificial intelligence can help you get a bigger tax refund? [2:26] The goal of your taxes is not the biggest refund. The goal is the best outcome possible. [3:30] Let's talk about some of the hidden costs of doing your own taxes or shopping for the cheapest tax preparer. [4:30] #1: You can end up paying more in taxes if your tax pro does not understand what deductions are available to your business. [5:00] #2 If you make mistakes on your return and they're discovered by the IRS, you can get stuck with penalties and interest. [6:36] #3 Good tax professionals can help you uncover blind spots in your bookkeeping. [7:24] You need to work with a tax preparer who asks questions that potentially brings about more deductions. [8:30] #4 If your time is worth more than your money, you need to manage your time well. * Related episodes: What is Considered Tax Deductible? How to Win the Game of Taxes and Wealth with Tom Wheelwright The Essential Numbers to Review on Your Tax Return * 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 am breaking down how to read your federal tax return and understand what it all means. Of the most important aspects of your tax return is understanding what taxable income is and how it's calculated, understanding the differences between itemized and standard deductions, and knowing how to determine how much you actually owe in taxes versus what you've already paid in. The goal of this episode should help you understand the meat of your tax return and help you formulate questions to ask your accountant about anything that doesn't quite look right or that you do not understand. What you'll hear in this episode: [3:33] What is contained on the first half of the first page of your 1040? [5:35] What is contained in the income section of your 1040? [7:10] Should I take itemized or standard deductions? [11:34] What goes into your total income? [15:25] Where is your total tax shown on the 1040 and what goes into it? [16:11] How to figure out the difference between what has already been paid in taxes and what you owe. [19:18] If you are short on time, these are the keys to understanding the meat of your tax return. [20:44] Challenge your accountant to explain any questions to you. Federal Form 1040 * Related episodes: Listen to This Before Shopping For a New Tax Pro 3 Myths About Extensions Investment and Retirement Planning for Business Owners with Pat Darby