Keep What You Earn

If you've got an upcoming Vegas trip or even if you're just betting on your favorite sports team, Zak Zimbile has got some info to share with you! Zak Zimbile is a Certified Public Accountant who runs his own CPA firm, specializing in gambling tax. He's been in the game for over 10 years now and has worked with all sorts of gamblers - from recreational poker players to professional sports bettors and advantage players. Although he's based in Las Vegas, Zak has helped clients from all over the US with their gambling tax needs. We delve into the impact of gambling on taxes and Zak has valuable tips on keeping track of all gambling activity for tax time and proving losses to an agent. We also tackle the topic of gambling with crypto, acknowledging its complexity and the importance of precise tax reporting. And, of course, we answer the burning question of whether gambling is deductible against winnings for recreational or professional gamblers. Make sure to seek advice from a tax professional for the best approach to handle your gambling income. Tune in for a wealth of valuable insights on the fascinating world of gambling and taxation. What you'll hear in this episode: [2:00] What are recreational and professional gamblers? What are they doing? [3:40] What is gambling and how does it impact your taxes? [7:30] Best tips for keeping track of all this activity for tax time. [9:55] How to prove your losses to an agent. [15:10] What are some of his tips for someone who's looking to get into gambling as a professional? [18:55] Gambling with crypto is getting more complicated. [21:40] Is gambling deductible against winnings for recreational or professional gamblers? [25:10] Is it gambling income or is it other income? * Related episodes: 244. How to File Taxes as a Single-member LLC or Sole Proprietor 248. How to Take the Home Office Deduction 249. Are They Your Employee or a Contractor? * 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.

If you struggle with the concept of finances, you cringe just hearing the word finances, or you feel like you should know more about finances than you already do, this episode is for you. We're talking about financial fear. If you're stuck in this cycle of wanting more money, but you're afraid of what that really means (more risk, more responsibility, more taxes), then you could be actively repelling money from coming into your life. As entrepreneurs, we're obsessed with finding new income strategies, sales tactics, ways to close deals, ways to market ourselves, gain more clients, release more offers, launch more, all of these things. But deep down, are you really welcoming all of that money into your life and treating it well? Are you managing it well? What you'll hear in this episode: [1:50] If you want more money to flow into your life, you need to welcome it in. [3:25] What happens if you don't exercise? [4:30] The irony of it is that we avoid things out of fear and the avoidance makes matters worse. [6:30] Getting out of a rut. [8:00] Does your ability to learn diminish as you get older? [9:50] Having a growth mindset. [12:20] Giving yourself an identity, a permanent state of being, and your brain recognizes that. [13:50] Reframing situations to alter your mindset. * Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon * Related episodes: 253. Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On 256. Unlocking The Next Level of Revenue 257. Think and Grow You with Chris Felton * 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.

As accountants, we get to specialize in a ton of different areas, from industry niches to specific client types and needs. As the host of this show, one of the most thrilling parts is bringing in experts who specialize in various fields. I'm excited to chat with Chris Picciurro today! Chris is a renowned tax planning and strategy expert for US-based real estate investors. With so many folks investing in this asset class, his knowledge of tax strategies for real estate investors is an absolute game-changer. His impressive credentials include a CPA, MBA, PFS, and ARA, and he's even taught as an Adjunct Professor at both Baker College and Davenport University. Chris is a passionate innovator who's dedicated to helping taxpayers reduce their taxes over their lifetime. And, just like us, he believes that "keeping what you earn" is absolutely essential for business owners and real estate investors. Get ready to learn a ton from Chris! What you'll hear in this episode: [3:00] About Chris and why he became an accountant [6:00] The key tax advantages to investing in real estate [8:00] Different ways you can engage in business as a real estate investor in a tax-advantaged way [11:00] Why someone would want their income to be considered passive by the IRS [12:30] Differences between short-term and long-term rental and how they can affect tax liability [15:00] Cost segregation explained [21:30] The power of depreciation in real estate [22:30] How to navigate taxes when selling a property [33:00] How to connect with Chris * Visit Chris's website to receive KWYE exclusive offer: www.teachingtaxflow.com/keep * Find Chris on Facebook: https://www.facebook.com/YourRealEstateCPA/ * Connect with him on LinkedIn: http://www.linkedin.com/in/picciurro * Follow him on IG: https://www.instagram.com/teachingtaxflow/ * Related episodes: 219. Does an S Corp Make Sense for Me? 237. Tax Tips for Short Term Rental Owners with Ryan Bakke 248. How to Take the Home Office Deduction * 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 pretty sure one of the biggest fears of any business owner is running out of cash. Cash is the lifeblood, it's oxygen, it's what keeps your business alive and going. It's what enables you to make those big investments, to be able to level up in your business, to be able to reap the benefits of your business and grow your wealth. Cash flow is everything to a business's success. One of the ways that we look at cash flow is by not only considering inflows but also outflows. We look at what is causing a cash leakage in your business. A cash leakage isn't necessarily representative of things that you need to stop doing. But I do want to discuss three of the major ways that businesses can leak cash so you can consider where you may be overspending or where there may not be as much of a return on your investments. What you'll hear in this episode: [1:30] Three of the major ways that businesses are leaking cash. [3:20] Look at how much money you're spending on team members and contractors. [5:40] You don't need a new person for every single role in your business. [6:30] Coaching, masterminds, mentorship, and networking events. [10:00] Advertising is truly like a slot machine if you don't have the messaging and tactics dialed in. [11:30] Be careful of how much cash you're leaking through ad spend and explore whether you can infuse more organic marketing into your business. * Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon * Related episodes: 236. How to Know if Your Overhead is Too Large 240. Facebook Ads Strategies that Work with Daria Kotenko 245. Staying Small on Purpose with Keila Hill-Trawick * 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.

In the last episode, we went through the why behind our move to Costa Rica. But how did we actually get here? I'm going to share how we did it financially and what our process has been like over the past few years! There were many things that led to us being able to do this, from boring day-to-day saving to me taking Spanish as a kid instead of French. But at the end of the day, we were able to make a quick decision because we know retirement isn't guaranteed and we want to live for today. Tune in to find out how you can too! What you'll hear in this episode: [1:40] How the pandemic played a role. [3:40] How do you decide if you really want to invest in property? [5:00] Our perspective on the commitment of buying a home overseas. [7:30] Thank goodness my dad convinced me to take Spanish instead of French. [8:45] The challenges of buying a home in a foreign country and what we've faced over the last three years. [12:45] Keep doing the boring stuff that leads to results. * Related episodes: 255. Drown Out the Noise and Do Hard Things with Hannah Wells 256. Unlocking The Next Level of Revenue 257. Think and Grow You with Chris Felton * 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.

If you've been following along for a while, you know that Jason and I have a home in Costa Rica and spend several months there each year! After visiting with Jason's parents in 2019, we fell in love with this country and there are many reasons we quickly decided to buy our home. Tune in to hear the full story behind why we moved to Costa Rica and how it's affected our life, businesses, and mindset. What you'll hear in this episode: [1:00] How it all started [4:00] Getting a house in Costa Rica [6:00] Taking fast action. [7:30] The way we were taught to live our lives vs. the way we wanted to live our lives. [11:00] Coming up on the next episode. * Related episodes: 255. Drown Out the Noise and Do Hard Things with Hannah Wells 256. Unlocking The Next Level of Revenue 257. Think and Grow You with Chris Felton * 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.

If you feel like you're in an endless cycle of owing taxes year after year, and you dread getting your tax return back, or you wish that you could reduce the amount that you have to pay every April so that you can stop stressing out, this one is for you! I'm going to share three ways that you can stop owing taxes. We all have to pay our taxes of course, but let's dive in to the three ways to reduce your April tax burden. The major theme here centers on getting proactive. I know that's probably the last thing you want to hear, but it's not as hard as you think. Tune in to reduce how much you owe at tax time, every single year. What you'll hear in this episode: [1:50] Set aside 20 to 25% of your income for taxes. [4:20] How do you know when and what to pay? [8:35] When should you talk to your tax professional? [10:10] You can find out what you're going to owe much sooner than you think. [12:40] If you do even one of these three things you'll be setting yourself up for success. * Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon * Related episodes: 228. Setting and Measuring Progress Toward Your Business Goals 234. The Best Ways to Customize Your QuickBooks 236. How to Know if Your Overhead is Too Large * 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.

Whether we like to admit it or not sometimes the number one thing holding us back from the success, business, and life that we dream of, is ourselves. And we don't even realize we're doing it sometimes, but self sabotage, comparison, and overthinking can really hinder our journey forward. That's why I wanted to bring Lindsey Mango on! To really unpack what helped her reach her potential and how she helps her clients do the same. Lindsey is a mindset guru and coach who helps women change the way they think, act, show up, and take action so they can become the woman that they're meant to be. She's passionate about this work because six years ago, she found herself with a life that looked picture perfect on paper, but felt like something was missing. She knew she was capable of having so much more in every aspect of her life but even after taking tons of action, she found herself stuck in the same spot. It wasn't until she met a life coach that she understood that her mind was her biggest roadblock. Within six months, she completely changed her life. She left a relationship. She started a coaching business. She replaced her corporate salary and created the life she used to daydream about. Today, she's built a coaching business that's generated over $2 million in revenue, serves hundreds of clients to create lives and businesses they're obsessed with. The way that she carries herself and the thoughtfulness and intention of this conversation is something that you're going to love to dive into. What you'll hear in this episode: [2:40] Lindsey's story and how she became a life coach. [9:50] Overcoming the struggle's she faced. [13:40] Learning how to honor your identity. [17:15] How to battle the comparison trap. [22:15] Take inspiration, but not too much influence, from the people you follow and look up to. [26:15] Advice for those who are just getting started in personal development or any industry. [31:20] What does it take to become the person you want to be? [37:10] What comes first, confidence or results? Connect with Lindsey on IG @lindseymango_ Join her life membership: lindseymangocoaching.com/life * Related episodes: 218. How to Cultivate Confidence 223. How to Read Financial Reports as a New Business Owner 230. Achieving Excellence as a Coach with Chris Goodman * 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.

In our last episode, I introduced this idea of having someone in your business that is responsible for financial operations. I wanted to expand on that and actually clarify the difference between financial operations and financial management in your business, because they are very different things. Most business owners don't realize that there is a complexity to the financial side of your business. There's more to it than just tax preparation, bookkeeping, and hiring a CPA and thinking they're going to solve all the problems. There are two core functions, one is financial operations, the other is financial management or oversight. The financial management and oversight is your strategy. It involves looking at your numbers and operations data and turning that data into decisions. Now, on the flip side, there's financial operations, this is your day to day; making sure we're collecting and paying all the money we need to and that we're recording it properly. What you'll hear in this episode: [2:30] The difference between financial operations and financial oversight. [4:30] The breakdown of members on a financial team. [8:00] The solution to your blind spots - financial management of day-to-day financial operations paired with financial oversight. [10:20] What you need to do if you've never had a financial operations team before. * Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon * Related episodes: 228. Setting and Measuring Progress Toward Your Business Goals 234. The Best Ways to Customize Your QuickBooks 236. How to Know if Your Overhead is Too Large * 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.

Accountants are insanely valuable and versatile professionals. So much so, that it's actually really confusing what the hell an accountants job is and what it isn't. It can feel like the accountant is the Swiss Army knife to any business solution, but that isn't always the case. I want to clarify a couple of things, I have a pretty strong opinion about this. I believe that there are certain things accountants just should not be doing for business owners. We implement these boundaries in our practice, there are just some things we will not do for our client, no matter what they pay us, no matter how much we love them. I'm going to share what those things are and why we avoid them. What you'll hear in this episode: [1:10] Accountants should be doing certain things for business owners and should not be doing certain other things. [3:10] If your accountant is holding the checkbook it can turn into a really dangerous financial situation. [5:00] Protecting yourself against theft and fraud even though the majority of accountants are trustworthy and honest. [7:15] The Steve Harvey case and the recipe for a potential crime. [9:16] Payroll: the last thing that accountants should not get involved in if they're hired as an external party. [11:30] Summing up the three things you should not hire an external accountant to do * Attend The CFO Accelerator Live: https://www.thecfoaccelerator.com/shannon * Related episodes: 216. The Most Undervalued Trait of an Accountant 232. Growing Your Side Hustle with Nick Loper 239. How Do I Break Up With My Accountant? * 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.