Keep What You Earn

What do you know about system implementation in your business? A lot of people don't realize that they need certain systems within their business until it's too late. Ernesto Mandowsky is the CEO of CPD Advisors. With a degree in Systems Engineering and over a decade of developing technology solutions at companies like Deloitte Consulting, Meyers USA, and The Palm, Ernesto is an expert in designing systems to help leaders scale their organizations. Ernesto helps early-stage founders transform their operations by designing business systems utilizing his proprietary 6P Playbook. Outside of his work with founders, Ernesto is passionate about building a sustainable entrepreneurship community. Check out the link for a free consultation with Ernesto: www.freesystemscall.com * Related episodes: 173. Offering Black Friday Deals with Sarah Jansel 174. Building Wealth Habits with Candy Valentino 176. When Should You Hire a Fractional CFO? * 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 it comes to finding the best accountant for your business, it's not just about their expertise. If the people with the most expertise can't answer every question for every scenario (news flash: nobody knows it all), they aren't going to be able to help you be your best without a little help! Connectivity is the secret superpower we need to value in accountants and financial professionals. I have a lot of expertise in many areas but nobody can be an expert in all areas. So when I have a question, I have a community of other accountants who can help. I think it's worth asking your accountant "how well connected are you?" or "when you have questions who do you go to?" This will help you determine if they'll truly be ready for any situation. * Related episodes: 191. How Much Does an Accountant Cost? 192. "If I Started Over..." with Jason Weinstein 203. 2022 Recap: Bold Financial Mindset Shifts * 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.

Kali Lee is the founder of Kurate Creative, where she helps entrepreneurs market and scale their businesses. Kurate is our social media management agency! Kali and her team help manage the flow and distribution of so much of our social content. Today we're talking about that process, tips to create your own quality social content, and how to outsource effectively when you're ready. If your social media has started to feel like a chore instead of an exciting opportunity, this one's for you. The key is to create content that can easily be repurposed. A podcast becomes a blog, which becomes a series of social media posts, and so on. You have to keep the process fun too! Create a plan and a structure to your process that helps you get more creative. Tune in for all of Kali's top tips. Follow Kali on IG @kuratecreative Visit the Kurate website to learn more about their offerings: www.kuratecreative.com/ * Related episodes: 175. How to Define Your Core Values 178. How I Crank Out Content 181. What Problem Do You REALLY Solve? * 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 * 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've talked about vehicle deductions in previous episodes and how to take the deduction if it makes sense for your business. Essentially, all of the vehicle deductions are grounded in your understanding of how much you use that vehicle for business vs. personal use; and the only way you can document those differences is by tracking your miles! When the IRS is looking to audit people, vehicle deductions are more likely to be flagged because they know you're likely estimating. Knowing how to properly track and document your numbers can save you a big headache should you ever be audited. * Related episodes: 190. Live Q&A: Deducting Startup Costs in a New Business 196. How to Handle Suspicious Tax Pros 201. How to Deduct Medical Costs and Self-Employed Health Insurance * 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.

One of the objectives of a CFO is to turn data into decisions and some of those decisions tend to be a lot harder than others. Especially for agency owners and service providers, it's so important to understand how your costs and decisions relate to your bottom line. Paul Seaton is a CPA and founder of AgencyCFO, a virtual CFO firm dedicated to helping digital & creative agencies develop and maintain a world-class financial infrastructure. While working at a Big 4 firm early in his career, Paul started a bookkeeping side hustle dedicated to serving marketing agencies. Through this experience, Paul's discovered that many agency owners & founders need more than just bookkeeping help - they need a dedicated financial partner that can guide them practically toward achieving their business and financial goals. We'll be diving into how to run a cost-effective agency and how to control costs, especially when most of your costs are related to employees! We're not going on and on about jargon and metrics, we're chatting about real-life scenarios that will help you understand your business finances. * Related episodes: 176. When Should You Hire a Fractional CFO? 193. How to Read a Profit & Loss Statement 194. How to Read a Balance Sheet * Connect with Paul on Twitter @agency_cfo * Learn more on the Agency CFO website: https://www.agencycfo.co/ * 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 wrapping up our 1099 series with how to file them! I'm sharing a trade secret with you; these are actually ridiculously easy and cheap to file. It's relatively easy to do, it can just be tedious work. If your tax pro doesn't like filing them, they'll likely charge you more for them when you may be able to get them filed cheaper elsewhere. Additionally, make sure you know who's filing them, sometimes tax pros handle it, and sometimes accountants handle it but on occasion, each assumes the other is doing it. So you want to be sure that someone is getting them filed! Check out Shannon's preferred e-file 1099 service: www.efile4biz.com/ * Related episodes: 160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA 183. Is it Too Late to Elect the S Corp? 190. Live Q&A: Deducting Startup Costs in a New Business * 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 accept credit cards in your business, you'll likely be receiving a 1099-K. These are 1099s from your payment processors like Stripe, PayPal, Venmo, etc. There are some nuances to pay attention to here. The number on the 1099 they send will likely be the gross amount you sold through their service. But you get charged a processing fee right? What you need to do is report the full amount on the 1099-K and then deduct the processing fee as an expense. Note: This episode was recorded prior to an announcement by the IRS that they would not be making this change to lower the 1099-K reporting threshold to $600 from $20,000. For 2022 reporting, the threshold remains at $20,000. * Related episodes: 160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA 183. Is it Too Late to Elect the S Corp? 190. Live Q&A: Deducting Startup Costs in a New Business * 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 a service-based business owner, you're likely sending and receiving 1099's each year. In the last episode we covered when to send them and today, we'll be discussing what to do when you receive one. When you receive a 1099, it shouldn't be telling you anything you don't already know. If it is showing income that you haven't tracked elsewhere, now is your chance to figure it out because the IRS will be checking to make sure you've reported the correct income. I'll also be sharing what to do if you mistakenly receive a 1099 or if you receive a 1099 with inaccurate information. * Related episodes: 160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA 183. Is it Too Late to Elect the S Corp? 190. Live Q&A: Deducting Startup Costs in a New Business * 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.

Questions about 1099s? We're doing a deep dive this week! We're kicking it off by answering the basics. Who needs to send a 1099? Who needs to receive a 1099? We'll be focusing on the 1099-NEC, used for non-employee compensation. There's a three-step process we can use to determine if we need to send a 1099-NEC to a contractor or service paid for through your business. First, did you pay them more than $600 cumulatively over the course of the year? If not, you don't need to send a 1099. If you did pay them more than that, you need to determine if you paid them by cash, check, ACH transfer, or Zelle. If you didn't, no 1099 for them! If you did, the last thing you need to determine is their tax status; are they taxed as a corporation? If they are, you will not send them a 1099. In short, if you paid someone more than $600 over the course of the year by cash, check, ACH transfer, or Zelle, and they are NOT taxed as a corporation, you will send them a 1099-NEC. * Related episodes: 160. How to Manage a Business with Multiple Owners with Jeremy Wells, CPA, EA 183. Is it Too Late to Elect the S Corp? 190. Live Q&A: Deducting Startup Costs in a New Business * 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 an entrepreneur, it may feel like you never know how much money you're making! When you don't know how much you're making, it's hard to make good decisions in business and in life. When can you take time off? Can you afford to hire a new employee? Will you make enough to pay yourself? It all come down to cash flow. We're covering how to manage and track cash flow so you can make informed decisions. Tune in for tools to help and strategies you can utilize. Check out all of Shannon's recommendations: www.fitnancialsolutions.com/recommendations * Related episodes: 190. Live Q&A: Deducting Startup Costs in a New Business 196. How to Handle Suspicious Tax Pros 201. How to Deduct Medical Costs and Self-Employed Health Insurance * 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.