Keep What You Earn

It's hard to not get the real estate investing bug at some point, it feels like everyone is investing in property and short term rentals. There's just an overall buzz around real estate right now as an investment! I think as more people are wondering what's going on with the economy, interest will pique even further. Maybe you're looking for places to put your wealth and real estate is on your radar... That's why I've brought Ryan Bakke on the show today. Ryan owns several businesses and works in the real estate field. He owns the Real Estate CPA firm where he advises over 150 clients on real estate tax strategies. His core mission is to help people build wealth, have an impact, and change their family tree. We're chatting about why real estate investing is so popular, especially short-term rentals. There are several tax benefits and tax strategies that can help you keep more of what you earn as an owner of short-term rentals! We're diving into depreciation, whether you need the Schedule E or Schedule C, and commonly missed deductions! What you'll hear in this episode: [2:15] How Ryan became the youngest CPA in Illinois at the age of 22 [5:45] What inspired him to show up more on social media and educate in that space [7:30] What is a short-term rental? Why are they so popular? [9:00] Short-term rental rules from a tax perspective [11:15] What the material participation test is and why it matters [14:30] Should short-term rental operators be tracking their time spent in the business [16:00] Depreciation and how the tax benefits of short-term rentals operate [18:15] Determining the worth of your land vs. your building [20:45] Who is a good candidate for short-term renting and what are the tax advantages they can expect? [27:00] What if you stay in your rental for a period of time? How does that affect taxes? What are the rules? [29:15] Commonly missed tax deductions for short-term rentals Follow Ryan on IG @learnlikeacpa Check out Ryan's Short Term Rental Tax Training: https://learnlikeacpa.mykajabi.com/a/2147527423/EYQHc2Bs His Tax Strategies for Real Estate Investors group: https://www.facebook.com/groups/1489227181430876 Learn More About Ryan: https://linktr.ee/LearnLikeaCPA * Related episodes: 221. How Do I Use the S Corp Strategy? 226. Deducting Business Travel 231. Questions You MUST Ask Your Accountant Before Signing a Return * 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.

What you may not realize as an online business owner, is that you're being weighed down every day by this thing called overhead. So what is overhead? It's all of your indirect costs: the cost to keep the lights on, the cost to operate. They're required for you to stay in business but not necessarily directly related to the thing that you sell. If you have a physical location, it's probably rent, utilities, equipment, administrative items, office supplies, cleaning, etc. Why does it matter? Heavy overhead is the number one killer of businesses. If your overhead is too heavy, you may have serious cash flow issues and find yourself unable to pay your bills and operating costs. So how do you know if your overhead is too heavy? Take a look at the relation of your net margin to your gross margin. It's really easy to increase overhead but if you can't justify that increase with a subsequent increase in income or decrease of other costs, you should hold off. * Related episodes: 206. What is EBITDA? 213. Creating a Cost-effective Agency Model with Paul Seaton 217. Designing Systems to Scale with Ernesto Mandowsky * 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.

When I started my business, I honestly didn't even know what copywriting was. I immediately jumped to the context of the legal jargon, trademarks, etc. Then I realized that copywriting is the fundamental art and science behind the way everything is worded. Nothing is really by accident when we're talking about a successful business owner and how they're deploying copywriting on their websites, their pages, their social media, and in anything they do. I think that it's so powerful. I wanted to have a true expert join me to unpack this a bit. Enter, Jess Jordana Paxson! Jess Jordana is a copywriter (a.k.a. heart translator) who helps creative business owners turn their passion into words people actually "get." She runs Jess, XO, a copywriting agency for creative entrepreneurs and is the founder of The Promptlate® Shop. She's worked with everyone from solopreneurs to organizations like The Rising Tide Society, The GUIDE Culture, CEO School, and The Social Bungalow. We're unpacking the different dimensions of business where copywriting comes into play, talking about holistically how we can use it better in our businesses, and what it's really designed for so you can find someone to work with who will align with your vision and work with you to be able to express your voice accurately through copy. * Related episodes: 170. How to Utilize Influencer Marketing Effectively with Ali Grant 178. How I Crank Out Content 198. Selling Pain Points and Not Problems *Connect with Jess on IG @jessjordana *Check her website for more information on her services https://jessicajordana.com/ *Click on the link to get access to the 3-Part Video Series created by Jess https://jessicajordana.com/writersblock * 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.

So many accountants have a love hate relationship with QuickBooks! You'd think they'd love it; it's so common, it's widely utilized, and it makes bookkeeping easier, right? Sort of... There always seem to be hiccups and things that can slow us down along the way but it all depends on how your account is set up! What do you need to see on a regular basis in terms of metrics and measurements? I recommend you divide your accounts so that you can see information more clearly. If you have a lot of contract labor costs, you can divide it into advertising, consulting, etc. to see where your money is actually going. You can also divide income reporting! Instead of just using the general sales category QuickBooks provides, you may want categories like coaching, courses, or consulting. When you do this you can get a better idea of where your money is coming from and where you want to put your attention and energy. * Related episodes: 206. What is EBITDA? 213. Creating a Cost-effective Agency Model with Paul Seaton 217. Designing Systems to Scale with Ernesto Mandowsky * 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.

It can be so challenging to change your offers. I know because I've been through it! If you change your offerings and you're trying to sell the new offer while you've still got clients utilizing your old one, it can feel like you're in a very messy middle ground. If you change your offer and find yourself in an "upgrade or get out" type of situation, will your clients stay? Unfortunately, I don't think you can expect transactional clients to stay loyal to you regardless of your offer. The difference maker here is your personal brand. Is the connection people have with you so strong that they'll buy whatever you're selling because they trust you that much? Just know that if you're in the messy middle there is a way to make a smooth transition from an old offering to your new one, and do so gracefully so that all of your former clients feel taken care of. * Related episodes: 202. Selling Through Service with Ashley Frank 207. LinkedIn Strategies that Work with Katie McKiever 215. Content Creation Hacks with Kali Lee * 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 few years, a lot more people are exploring the idea of a side hustle. It's only going to become more obvious that folks need to supplement their income if corporations are not going to increase wages or reduce hours. I think folks are going to explore more side hustles and that we're going to see a much bigger side hustle economy evolve. Nick Loper helps people earn money outside of their day job. He's an author, online entrepreneur, and host of the award-winning Side Hustle Show podcast, which features new part-time business ideas each week. As Chief Side Hustler at SideHustleNation.com, he loves deconstructing the tactics and strategies behind building extra income streams. We're talking all about podcasting, side hustles, and strategies for a successful business. Whether you're just starting your side hustle or you've been building it for a while, this episode is sure to give you insight you can infuse into your business. * Listen to Nick's podcast, The Side Hustle Show: https://podcasts.apple.com/us/podcast/the-side-hustle-show/id655135292 * Visit his website for side hustle ideas and inspiration: https://www.sidehustlenation.com/ideas/ * 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.

Nobody is talking about this right now, and they should be! It's not a tax strategy, it's a series of questions that can help you avoid costly mistakes when it comes to your taxes. Avoid all kinds of headaches, mistakes, and fallouts by doing these things with your tax pro, ideally before hiring them. First, you want to check your engagement letter, it's the contract outlining which things are your responsibility and which are your tax pros. Ask questions if you have any! Here are additional questions you need to be asking: 1. Will you be offering any tax planning during the year to help me minimize the financial impact of my financial decisions? 2. Will you provide support in the event that my return is audited and will you cooperate with my representative if they ask for information? 3. Will you explain the risks of the tax positions we take and how I can best position myself to defend those decisions? At the end of the day, understand that when you sign your tax return, you assign responsibility to yourself. You're saying, I agree with everything on this return and I'm prepared to defend it. You need to make sure your tax pro truly has your best interest in mind before hiring or signing. * Related episodes: 208. Live Q&A: How Much Money Am I Actually Making in My Business? 212. How to File 1099s 214. How to Track Your Business Miles * 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 this day and age, we have coaches for nearly everything. Since coaching has become such a vague term, I wanted to take a couple of episodes to help you learn a little more about what coaching is, how you can get better at it, and how you can thrive in the coaching industry if that is what you're pursuing. Chris Goodman joins me today as we converse about the coaching industry, what it takes to be a great coach, and how you can leverage these skills to build your business. Chris is a life coach for business owners who want to maximize their potential. His mission is to help entrepreneurs create their own personal version of freedom, fulfillment, and impact on a global scale. Through his 1-on-1 and group coaching, live training, consulting, and his podcast (Relentless Growth Podcast), Chris shows clients how to unleash their minds, their potential, and achieve the results they crave. Chris' Links: Find out more about Chris and his coaching at: https://goodmancoachinginc.com/ Check out Chris's podcast! https://podcasts.apple.com/us/podcast/relentless-growth/id1524826698 Connect with Chris on IG @goodmancoaching * Related episodes: 172. Overcoming Challenges and Building a Business Together with Danny and Brianne Hoefelmann 180. Rethink Your Business Strategies with This Perspective 200. Setting and Exercising Effective Boundaries with Woodrie Burich * 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're anything like me, you're fatigued by emails. Maybe you're feeling more like an inbox manager than a CEO. If you don't have to read it, you aren't going to. So how do you stand out in other people's inboxes? How do you get your ideal customer to open, click, and engage? We have Jeff Felten on the show today to answer those questions! Jeff is an email marketing strategist and copywriter who helps service-based business owners hustle less for leads and build armies of loyal fans. Since 2018, Jeff has worked with 40+ brands, written +1k marketing emails and +100 web pages, and helped clients drive more than $100k in email revenue alone. Connect with Jeff on Twitter: mobile.twitter.com/content_remedy Connect on LinkedIn: www.linkedin.com/in/jeff-felten/ Get Jeff's service-based email marketing checklist: www.contentremedy.co/email-marketing-checklist * Related episodes: 195. Hosting a Profitable Event with Sarah Brush 198. Selling Pain Points and Not Problems 202. Selling Through Service with Ashley Frank * 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.

Effective goal setting is crucial for the growth and success of any business or personal endeavor. However, many people struggle with setting impactful goals that are both manageable and measurable. One strategy for achieving this is to break down larger goals into smaller, achievable milestones. By focusing on these smaller steps, you can stay on track and make steady progress toward your ultimate goal. In this discussion, we will explore the steps and considerations necessary for setting effective, impactful goals for your business or personal goals, and how breaking them down can make them more manageable and measurable. * Related episodes: 176. When Should You Hire a Fractional CFO? 199. How to Set Effective Goals for the New Year 206. What is EBITDA? * 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.