Keep What You Earn

I had the pleasure of speaking with Jackie Meyer, a seasoned CPA and tax professional with over 20 years of experience. We delved into the topic of tax planning, how taxpayers can save money on their taxes, and how taxpayers can determine if their tax preparer is truly saving them money vs just filing their return. We discussed how to communicate with your tax professional to ensure you are receiving comprehensive tax planning services, not just tax filing. Jackie explained the differences between a tax preparer and a tax advisor and shared the questions that taxpayers should be asking their professionals to determine if they are getting the best advice. We also talked about the impact of AI and technology on taxpayers' approach to taxes, and how they can be utilized to save money. Jackie's wealth of experience and knowledge provided valuable insights for both taxpayers and tax professionals. On Keep What You Earn, our goal is to help you keep more of your hard-earned money, and Jackie's expertise has certainly contributed to that. What you'll hear in this episode: [4:30] Who is Jackie and how did she get into accounting? [7:15] Is your tax preparer saving you any money in taxes? If not, how do you start looking into finding additional savings? [8:44] How to communicate with your tax professional that you are looking for tax planning, not just tax filing services? [11:20] As a taxpayer, what questions should you be asking your professional to start understanding what their capabilities are to help save you money in taxes? [13:45] What kind of differences can you expect between a tax preparer and a tax advisor? [16:20] What can taxpayers take away from the new advancements in AI and technology in relation to their taxes? [21:00] As a tax professional, how should you describe tax advisory services to a client and what are the bare minimum requirements that it contains? [23:00] The tax code is not made for W2 standard employees, it is made for business owners and real estate investors. [26:30] What is Jackie's counterargument to those that say tax strategy is a cheat? taxplaniq.com jackiemeyercpa.com * Related episodes: 269: Listen to This Before Shopping For a New Tax Pro 271: 3 Myths About Extensions 272: Investment and Retirement Planning for Business Owners with Pat Darby * 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 diving into the difference between a CFO and an accountant in your business. We'll explore the key differences between a CFO and an accountant, including the key distinction of being a client service provider vs a member of your team. I'll also discuss the benefits of having a CFO by your side and the prerequisites you need to consider before hiring one. When it comes to financial planning and strategy, it's important to know whether you should be looking through the rearview mirror or out of the windshield. Join me as we break down the differences between a CFO and an accountant and provide insight into the value each can bring to your business. What you'll hear in this episode: [2:02] What are the main differences between a CFO and an accountant? [4:23] Difference #1: Is this person looking through the rearview mirror or out the windshield? [6:49] Difference #2: Are they like a client service provider or are they a member of your team? [8:48] Difference #3: CFO work is transformational, not transactional. [10:00] The importance of having a CFO at your side. [12:10] What are the prerequisites to hiring your first CFO? * Related episodes: 228: Setting and Measuring Progress Toward Your Business Goals 236: How to Know if Your Overhead is Too Large 259: Financial Operations vs. Financial Management * 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 joined by Tom Wheelwright, CPA, CEO of WealthAbility®, Rich Dad Advisor, entrepreneur, international speaker, and bestselling author. In our discussion, we discuss a variety of topics including the common belief that it's patriotic to pay more in taxes to support the government, the difference between conservative and aggressive tax deductions, and advice for entrepreneurs to find better financial professionals to fit their needs. We also address some common tax myths and offer tips for entrepreneurs who feel they're overpaying in taxes, and discuss the common misconception surrounding the idea that the rich pay no taxes. If you're looking to build your knowledge base or expand your team to improve your tax strategy as a business owner or entrepreneur, this episode is a must-listen. Tom's expertise and insights will help you navigate the complex world of tax advice and make informed decisions to keep more of what you earn. What you'll hear in this episode: [3:24] Tom's origin story and how he became an accountant. [6:45] Tom's passion for educating entrepreneurs and early-stage business owners. [8:45] When someone feels that it is patriotic to pay more in taxes to support the government, what are some ways that Tom challenges this thought? [11:40] The difference between conservative and aggressive tax deductions. [13:40] How can tax professionals better advise their clients to make better decisions? [15:40] How can you tell which professionals will be good advisors? [19:30] Dispelling some common tax myths [22:20] As an entrepreneur that thinks they are overpaying in taxes, what are some tips to begin working towards resolving this? [27:00] Why you should give your accountant a hug after the last three years with all of the tax law changes. [30:30] What is there a common misconception that the rich pay no taxes? [34:45] Is it actually possible to live tax-free? Connect with Tom: wealthability.com The WealthAbility Show WealthAbility for CPAs * Related episodes: 220. How Much Should I Pay Myself as an S Corp Owner? 241. Five Key Financial Building Blocks for Your Business 265. Taxes for Real Estate Investors with Chris Picciurro * Find everything you need at 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 @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'll be discussing tax deductions for entrepreneurs. As a business owner, understanding what is deductible and what isn't can be crucial to keeping more of what you earn. We'll dive into what deductions are and how they work. We'll explore what makes an expense actually deductible and what qualifies as a business expense. It's important to know the boundaries and risks involved in claiming deductions on your tax return, so we'll discuss a few methods that may help reduce the likelihood of getting flagged. We'll also talk about the importance of being able to defend the business case for the expenses you're claiming. Join us as we navigate the world of tax deductions for entrepreneurs and learn how to take advantage of the deductions available to you. What you'll hear in this episode: [3:00] What actually is a tax deduction? [4:53] What makes an expense actually deductible? [6:26] What is considered a business expense? [8:53] What are the risks and boundaries of taking deductions? [10:00] The 3 D's necessary to take a deduction. [12:23] Tip to spread out your expenses between categories. [15:30] The importance of being able to defend the business case as much as the deduction. Free Tax Deduction Guide * Related episodes: 231: Questions You MUST Ask Your Accountant Before Signing a Return 238: Why Your Tax Pro Says No to Creative Strategies 248: How to Take the Home Office Deduction * 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 the pleasure of speaking with Carlyn Bushman, founder of Carlyn Bushman Consulting, a consulting group that helps female entrepreneurs accelerate their businesses to create reliable, sustainable revenue streams. We discuss the critical pillars of building a successful business, including financials, sales, marketing, technology, and management. To succeed, it's crucial to understand your business's behavior and analyze alternative metrics beyond profit margin and subscriber numbers. As entrepreneurs, it's easy to get caught up in day-to-day tasks and lose sight of our long-term goals. She shares the potential negative impacts of not measuring progress and the costs it can have on your business's growth and success. Throughout the episode, Carlyn's wisdom and experience provided valuable insights for female entrepreneurs looking to build successful businesses. From her first experience with entrepreneurship to her mission of empowering women, her passion for helping others succeed shines through. What you'll hear in this episode: [3:15] Why Carlyn started her business and focussed on female entrepreneurs. [6:00] What is Carlyn's first memory of entrepreneurship in her own life and how has it impacted her career trajectory? [16:45] How do you start building, identifying, and monitoring your metrics? [20:40] How do you establish meaning behind these metrics and connect them to the direction of the business? [22:40] What qualitative, less structured metrics, do you recommend individuals track that may not have hard numbers associated with them? [29:15] How do you determine the root cause of a change in one of your key metrics? [31:30] What is the cost of not measuring your key metrics? [34:30] How do you help business owners overcome the feeling that their self-worth is the success of their business? Connect with Carlyn: carlynbushmanconsulting.com IG: @carlynbushmanconsulting * Related episodes: 236: How to Know if Your Overhead is Too Large 245: Staying Small on Purpose with Keila Hill-Trawick 264: 3 Ways Your Business is Leaking Cash * Find everything you need at 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 @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'm excited to share with you my conversation with Pat Darby, Certified Financial Planner™ (CFP®) and Enrolled Agent (EA). Pat and I dive deep into the world of investing and retirement savings for business owners. Pat stresses the importance of having the right mindset to save for retirement and encourages us to ask ourselves the right questions to ensure we're on track to reach our retirement goals. We discuss how to start with individual accounts, investing in what you're an expert in, and when business owners should start thinking about retirement savings. Pat also shares insights on what financial professionals make sense in your life at different times. As entrepreneurs, we know the importance of setting clear expectations and communicating effectively with our team. That's why Pat offers tips on how to get your team on the same page with your business goals. Pat's valuable insights and actionable advice will help any entrepreneur looking to take control of their financial future and plan for retirement. What you'll hear in this episode: [4:18] Pat's story of how he got into the finance industry "by accident" [11:30] Recommended avenues that new business owners should begin looking at to invest their money. [13:30] Tips to approach the question "How do I know what to invest my money in?" [20:09] How do business owners know when it is the right time to start looking at investing their money in retirement savings or other wealth-building avenues? [25:50] How do you know what kind of financial professional to use to help you manage your investments? [34:45] Why is your CPA not the right person to ask investing questions? [38:00] The importance of having all of the financial professionals in your business communicating with one another. [48:00] Advice for business owners on where to look for help with their long-term financial planning strategies. Connect with Pat: Online: Darbyba.com IG + TikTok: @thepatdarby * Related episodes: 226: Deducting Business Travel 241: Five Key Financial Building Blocks for Your Business 265: Taxes for Real Estate Investors with Chris Picciurro * Find everything you need at 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 @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 talking about tax extensions and busting some common myths around them. Many people worry that filing for an extension could increase their risk of being audited and don't fully understand what filing for an extension means for the payment of their taxes. We will break these myths down in today's episode. I'll share some tips for using the extra time provided by the extension wisely and prioritizing timely filing and payment to reduce stress for both you and your tax preparer. What you'll hear in this episode: [0:55] Breaking down myths around filing extensions for your taxes. [1:20] Myth 1: You cannot file for an extension until the tax deadline [2:32] Myth 2: If you file an extension, you increase the likelihood of being audited. [4:05] Myth 3: Extensions extend the payment date of your taxes [6:19] Bonus Myth 4: Can I extend my date beyond my initial extension? * Related episodes: 104: What to Do When You Owe a Large Tax Bill with Jessica Smith 238: Why Your Tax Pro Says No to Creative Strategies 248: How to Take the Home Office Deduction * 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 beyond thrilled to be joined by Chloe Daniels, better known as Clo Bare Money Coach on the internet. Whether you're an experienced investor or starting out, Chloe shares valuable insight and a few concrete takeaways in today's show. Chloe's online journey started by being transparent about her experiences, successes, and failures, through her mental health struggles. As she came out the other side, she realized her next largest hurdle in life was her comfort around money. and investing She educated herself and realized the power that this education possessed and is now on a mission to share how easy it can be with the world. One of Chloe's tag lines is about investing the lazy way. It's all about taking a hands-off approach that helps you build a diversified portfolio without the stress of constant monitoring. It's easy to fall into the trap of thinking "I don't want to learn", but as individuals responsible for our own futures, it is important to have an open mindset and be willing to learn as a little effort now can save you significant stress and hardship down the road. I think Chloe's story will resonate with many of you and her unique approach to investing makes it possible for anyone to confidently manage their money. What you'll hear in this episode: [0:50] Episode and guest introduction. [5:18] Where does "Clo Bare". come from? [9:22] What are the key things that Chloe helps her clients work with? [12:08] What does it mean when Chloe says " Investing the lazy way"? [19:40} Understanding the difference between someone telling you where to invest your money and actually learning about how to invest your own money. [22:40] How do you decide who to work with for financial assistance and advice? [28:35] The importance of having a base level of financial knowledge, regardless of how you choose to manage your money. [34:00] What does Chloe think about the impact of AI and investing in the future? [40:20] Where can listeners find more information about Chloe? Connect with Chloe: thelazyinvestorscourse.com/guide clobare.com IG @clobaremoneycoach * Related episodes: 247: Building a Better Financial Future with Marc Russell of BetterWallet 253: Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On 258: Things You Should Not Hire an Accountant to Do * 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 believe that it is important to find a tax professional who can provide comprehensive services year-round, rather than just during tax season. Many business owners do not completely understand the need for guidance and advice about tax strategies year-round and are hesitant to pay for higher-priced services. Some business owners also expect this level of service, for a very small annual fee. It is important for individuals to understand the value of high-level tax services and the corresponding price point. I encourage everyone to think about what they expect from their tax professional and to be realistic about what they can expect for a certain price point. It's essential to find a tax professional who can provide the necessary services to meet your needs and ensure that you are compliant with tax laws. What you'll hear in this episode: [1:00] Patterns I am noticing in my client consults as tax season progresses. [2:54] Common problems with low-cost tax preparers. [3:34] Do not shop for a CPA solely on price. [4:12] The question that I ask in all my consults to potential clients. [5:51] The value in hiring a CPA that is fully invested in your business and tax strategy. [7:03] What services you should be searching for when looking for a tax professional? [9:30] How I step through a tax professional value discussion with potential clients. * Related episodes: 231: Questions You MUST Ask Your Accountant Before Signing a Return 241: Five Key Financial Building Blocks for Your Business 244: How to File Taxes as a Single-member LLC or Sole Proprietor * 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.

One of the things that we're always taught in business school, operations management, or really in any field, is how to build efficiency in your business. And while I'm a big fan of creating optimal operations in your business, I think we can become too efficient at the cost of effectiveness in multiple different areas. I see it in two major ways with many business owners right now. Tune in to hear about the things I've avoided automating in my business, things others have automated in their business, and how these efficiencies can affect your business and your brand. What you'll hear in this episode: [1:25] Shannon's thoughts on effectiveness vs efficiency in business. [2:50] The fastest way to lose all the trust you've built is to have your clients find out you aren't the one who's been interacting with them. [4:50] The last layer of things I automate. [6:25] Why you have to be selective about the pitches you make AND how you make them. [8:20] When automation doesn't yield the same result as manually doing the work. [10:02] How can you create effectiveness over efficiency in your business? * Related episodes: 247. Building a Better Financial Future with Marc Russell of BetterWallet 253. Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On 258. Things You Should Not Hire an Accountant to Do * Find everything you need at 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 @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.