May 2, 2025 • 30 mins
In this episode of Peace Luv Biz, Steve and Mary reflect on the whirlwind of tax season. What worked, what didn’t, and how to prepare smarter for the year ahead. If you felt overwhelmed, rushed, or uncertain during filing, you're not alone…and now is the perfect time to reset.
We’ll walk you through the most common pitfalls clients faced this year, share practical post-season tips, and reveal the key questions you should be asking your accountant right now to improve outcomes next time. From optimizing deductions to organizing your finances more effectively, this episode is packed with insights to help you take control before next April rolls around.
By the end of this episode, you’ll know exactly how to use this tax season as a launchpad for better planning, better results, and greater peace of mind.
Visit our website at www.peaceluvbiz.com to see what questions you should be asking your tax preparer and start preparing for your best financial year yet.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
Hey everybody, welcome to another episode of Peace Love Beers.
I am Steve Higgins, your host with the most.
Mary just asked me what my name is today and it's the punching bag because with tax seasonI feel like I've gone 12 rounds with Mike Tyson.
And what was your response Mary?
(00:23):
just bite his ear off.
Which is why we started this with Steven laughing.
Just laughing hysterically, Oh gosh, how are you fair in Mary?
Are you surviving?
You know, you know what I love about us?
There's a lot of things, but I love that no matter how much crap comes our way, we getover it.
(00:48):
We power through it.
And we, we could never do this when we work for other people, but because we work forourselves and we make the decisions and we do this together and we do an amazing job
together, we don't take any shit.
Yeah, I think I'm starting to learn the boundaries too, in terms of I'm no longer takingthat crap from people.
(01:12):
are professionals, we deserve to be treated like professionals, and so, you know, itshouldn't be that difficult.
But we are talking on May 1st, the last day of tax day, for Florida residents.
(01:32):
Obviously where we're based.
do, you know, there's extensions, of course there's extensions.
Little miss, I told you this the other day and you went like, oh, I didn't even realizethat.
If you're getting a refund, you don't need an extension.
What are you asking for more time to file a Texas for?
Because they owe you money back?
(01:54):
Think about it.
Yeah, they're not gonna go banging on your door to give you money.
It's not like the...
It's not like a lottery win or anything.
What is it?
The Valpak?
Yeah, the Valpak.
Oh god, back in the UK it used to be called the postcode lottery where people would bangon the door and show the giant checks.
(02:18):
em Yeah.
Yeah.
But since it's the last day...
Officially...
And we are determined to make it a tax season, not a tax year, which will happen.
We're going to look at, kind of take a look back on this tax season, review a lot of thecommon challenges, figure out some of the successes and, you know, figure out a few tips
(02:45):
for everybody that's listening so that you can be better prepared for next year.
Anybody, anybody that still hasn't filed taxes, you're welcome to reach out.
Today is the last day for extensions for specific states, some people have already gonepast that.
But go to peacelovebiz.com, submit a contact form and we will get back to you prettyquickly.
(03:11):
But...
tax season.
say this, even with extensions.
So if you do owe, right, and you do file an extension, there's literally no differencebecause you still have to pay interest on what you owe.
If you set up a payment plan, you get interest on it.
(03:31):
There's really no difference.
I mean, I'm not saying don't file an extension.
I'm just saying like the importance on extensions really goes out the door once you'rethree years behind.
So if you haven't filed taxes in three years, telling you to file an extension for your2024 is literally causing a red flag.
(03:53):
So yeah, peep.
it's almost like trying to buffer dent out the side of a car door that's already beentotaled and it's missing the front end.
Like...
So...
So it's like, I mean, I'm not filing, there's nothing, I'm doing returns.
I have 78 and counting and that's it.
(04:13):
But I think, I don't know.
I keep adding more to your plate.
Yeah, I'm not helping so I keep adding more to your plate so eh Yeah, either way we stillhave room to help if you haven't filed taxes in a few years Then just get with us we can
we can help get you straightened out
(04:34):
I'm at 94, so I don't know how many, but...
I was gonna say I've probably added about 22 you in the last...
week, couple weeks, I dunno.
that and go, oh, okay, I'm down to 70.
And I'm like, wait, oh, I forget you added, so.
But yeah, I mean, it is what it is.
(04:56):
So how would you, how do you feel about the way TAC season's gone?
Like from a you perspective and...
I think that we fair to it.
I think the challenge this year is that we had an immense amount of growth and we wereputting structures in place as we're growing.
(05:19):
And then we kept growing and then we kept growing, which is great.
But it's like the city of Orlando.
I remember when I used to live there, I went on vacation.
And I came back and two weeks after I came back on John Young Parkway, there was a brandnew car dealership.
(05:40):
um John Young and I can't remember what the cross street was, but it was before FloridaMall.
But I remember driving down it and all of a sudden there was this huge, I mean, it waslike a four level car dealership that did not exist there two weeks prior.
(06:03):
The Ford dealership probably.
I know that one, yeah.
I will never forget it.
went on vacay.
I was married at the time.
We came on vacation to Dominican Republic.
We got back.
We were driving and I was like, where the hell did that thing come from?
Like two weeks.
And I feel like that's what happened with us.
Like all of a sudden we have all this stuff going on.
(06:26):
And, you know, we did have, we have great people backing us, but it was like, then theywere like, oh crap, there's more work and there's more work and there's more work.
So I think we did, I mean, I think both of us are really hard on ourselves, but I thinkthat we really navigated through a really hard season and we're coming out of it, we'll be
(06:46):
wrapped up and things will be in tight little bows within 21 days as all of our people aregetting noticed today.
The only delay is if they're delayed.
So if they're delayed, then that's not getting filed, but you know.
and that's really the theme of this episode is...
If you wanna keep asking where your taxes are, but you're the one that hasn't filled outan organiser, or you haven't provided a document, then...
(07:17):
What you ex- Yeah, or you provided it in the last two days and then all of a sudden youthink you're the most important person in the world.
You're a little deluded.
Like, you're crazy.
it's kind of like we're not McDonald's.
Like you don't want us to be McDonald's.
No.
I, if I had McDonald's right now, I would probably be sick to my stomach because of theprocessed food.
(07:42):
It's quick.
It's, it's, well, it's not even quick anymore, but from what you tell me, but you know, asyou drink it, but it's, it's processed food.
So it's ready.
It's heat up and go.
It's not cooked meals.
It's not, you know,
(08:03):
Whole Foods or whatever you guys have there.
It's not farm fresh.
It takes time.
What we do is it takes time because we do it organically.
We make sure everything is done.
Those are mills.
The people that turn out those tax returns like that, those are tax mills.
We're not a tax mill.
(08:23):
and they don't take care all they do is they enter the numbers that you provide they don'tlook for ways to save money to reduce liability and I'm not gonna say that that's what's
wrong with our industry kind of is but people think that it is as simple as just filing itand punching numbers in and doing that the problem for us is that we show care you show
(08:52):
more cabin you probably shot
What's the favorite expression to our detriment?
to our detriment, yeah.
So what are some of the common issues that we're running into with people?
um
I think working with us is a new experience for them and that's great and it should bebecause of what we're talking about.
(09:19):
um I think it's a learning curve for our clients.
And for me it's painful because it's a constant reminder of how different we are from theindustry average.
We're a very unique firm.
(09:41):
I mean, it says it in the naming and says it in our branding, the holistic accountingfirm.
um I don't think it's like being in a bad relationship for ages and then you have a goodone and you're like, oh, is this the way it was always supposed to be?
Cause I didn't know that.
(10:01):
In that case though, with those kinds of relationships, you find yourself fighting morebecause you go back to the old ways.
Because it's such an abnormal state of true functionality.
Like, your body and your mind fights against the good stuff that you get in.
(10:23):
So it,
We go through that with our clients, you know, to our point, you and I have been throughhell and back and we've worked for real jerks and we, it's taken, you are now comfortable
just making decisions and doing stuff.
Like what, for nine months you'd be asking me, I'm like, dude, it's you and I do it.
(10:45):
And you know, so it does take time with the clients.
And we try to understand that, our clients need to remember that this is different.
This is going to be a different experience for you.
Well and we've we always kind of set the expectation that we're not transactional we'renot just gonna say see you next tax season which I will have those shirts made.
(11:16):
Yeah but if you want the one bam thank you man of McDonald's tax filing it's what TurboTaxis for that's what other
some CPA firms are for that just are a tax cattle market essentially.
(11:43):
So please have a little grace, have a little patience like trust that we do the best foryou.
Anybody on our side they've all got their extensions or whatever they needed to so thatthey're straight like just give just give us the chance to get straight.
Yeah.
(12:04):
Yeah, absolutely.
And so so getting into like what what people need to do, I would say for starters.
When you get a tax document, you know, it's a tax document because it has numbers like1099, 1098, W2, 10, you know, you when you receive those from from places, hold on to
(12:31):
them.
And if you're a client of ours, you just take a picture of it and you upload it into yourportal.
And then we have it.
Literally, it's all you have to do.
You fill out the organizer, you upload your documents.
If you have a business and we handle it, we have everything else.
We do.
(12:51):
And then it's done.
Yeah, for those people that aren't monthly clients and they need their taxes filed in.
They...
hmmm...
With us obviously it's different process because we make sure they're cleaned up, do thebest for them, so what is that type of process like?
(13:18):
Well, I mean, the people that quote, do their own books, they're signing off on anengagement letter that says that they're solely responsible for their own bookkeeping.
Those numbers, wouldn't advise that from, I would, I would advise to have us review them,pay us to review them, pay us to make sure they're right.
(13:38):
Because if you knowingly or unknowingly file fraudulent numbers, you may not like the wordfraudulent, but
That's what it is.
Knowingly or unknowingly, a mistake is fraudulent when you put it on a tax document.
So, you know, do you want the...
(14:00):
Don't play the game.
You're better safe than sorry.
Yeah.
m
What do you think?
I was gonna, before you jumped into the tips, I was gonna say what do you think has workedwell this year?
Because I think, I think Canopy and some of the systems we got in place have helped.
(14:21):
uh
sure.
Canopy has been amazing.
Canopy, think, one of the best software decisions we have made.
It's really um navigated just a lot.
It would have been crazy without Canopy, to be honest.
(14:43):
It would have crazy.
Canopy was great.
I think having an emotional support animal has helped you.
oh
outside of software you are the best thing that happened this year for me absolutely doingthis business with you doing this with you yeah yeah but you know it's always painful in
(15:11):
the beginning it'll be easy peasy you know it now in two months life life will be a loteasier we just need to get out of all this hell this hell of cleanup this hell of
Now I'm thinking about the tax and then I'm thinking about all the cleanups we have andthe the I'm looking at a paper because it has a list of all my reports that I need to
(15:35):
double check that are done.
know, that's the other thing is we still have to produce monthly reports.
We still have to go through file sales tax.
We still have to go through file payroll stuff.
We still have to go through.
We're onboarding new people.
So it's not just tax like, you know, it's not just when I go to the salon.
She's cutting my hair that day.
(15:56):
That's it.
And coloring my hair that day.
That I'm the only client at that moment.
I'm not her only client forever.
So like, you know.
Yeah, and that's it.
We've got payroll that we're trying to take care of.
We've got...
And rolling out new services um that got building credit, repairing credit individually,building credit, repairing credit for businesses.
(16:24):
um We have your services we're rolling out.
um We're in the middle of um moving everybody to a new payroll, payroll people that wewere partnering with.
Absolutely amazing.
So we're in the middle of rolling all that out.
(16:45):
Um, and then we have our projects planned out for the next year.
And then we have still tax planning for 2025 to do with all our new clients, all of ourclients, um, getting the team.
Cause the team has just been kind of keeping it together.
You know, we have weekly team meetings that we're doing so that they can start learning itfrom my 30 years of experience.
(17:08):
Cause these people have like five.
So once I explained to them, they're like, that's brilliant.
Yeah, it's brilliant.
Let's start doing these weekly meetings.
So now we have weekly meetings every Saturday morning to go through different stuff thatwe have going on.
So.
Well, I think we're gonna take a lot from this year because obviously it's my first yearwith you and Tac's season.
(17:36):
Sorry, Tac's how?
I think that next year we're gonna have vacation scheduled or something like so that wehave that decompression time.
uh
I'll tell you, I'm not doing, after we get out of cleaning up, getting structure,everything in place, and you and I have a vacation plan this year, or time off, I'm not
(18:01):
doing 70 the week anymore.
I am too old for it mentally.
I can't do it.
I literally just collapse at night.
um yeah we need we need to get you
we're all about balance and I'm burning myself out all the time.
(18:22):
But in fairness, I have been burning myself out like my whole entire adult life.
So I'm just now learning to not burn out, which is, I mean, honestly, our whole businessis me learning from my mistakes.
That's where it all came from.
(18:42):
what business is isn't it?
just failing forward.
So, okay.
So let's talk end of season tips to make life easy for us and other preparers next year.
So organising financial records, know, post-season analysis, analyses?
(19:13):
Yeah, you know financial checkups, bank reconciliations, all of that stuff.
What would you say are some really top three kind of important...
I would say like once, you know, me, I'm very, you know, OCD, which we all know, we'vetalked about this in prior podcasts.
(19:38):
In case you don't know, I'm very OCD.
You know, put a reminder in for the fifth of the month to download all your bankstatements, to double check, you know, anything going on your bank account, you know, take
time to review that.
See if you did receive anything that you were putting off this past month that was taxrelated or business related that you need to communicate.
(20:03):
know, take that minute.
Definitely trust us, we're here for you.
like if I'm not an example, if you're a monthly client and I don't have guest access toyour bank accounts, I can't pull your bank statements.
And yes, I do want to say this because we did have somebody go, I've had this said to mein the past, but it just so happened that someone said it to me yesterday.
(20:28):
And they went, you still reconcile your checking account?
I was like,
I don't even know how to respond to that.
Yeah, well why wouldn't you?
Do you want to miss stuff and have fraudulent activity or...
(20:49):
Yeah.
It's a reconciliation.
I like...
And literally, very few times in my life do I not have words.
Is that true or not?
That is...
No, that's not true.
Yeah, alright.
I had no words.
I just sat there.
I just kept looking at the email.
(21:15):
I still haven't responded to emails to be honest with you, to that part of it.
I'm just like, I can't.
I can't.
that's scary.
uh Well, I know that on our plan is to look at tax planning and tax advisory and, youknow, look at strategies to avoid paying more tax than they did the last year.
(21:39):
So we have that planned out, but that's definitely something that people want to thinkabout and get that professional to do that with you.
Even if...
Even if you're an individual making good money or you just changed jobs or something likethat where it could be you're coming into more money, you've had a life event where things
(22:03):
have changed, it's possible you could be going into a different tax bracket and it couldmess you up.
Which is why having a professional look through your stuff makes a massive difference.
The other thing yeah, yeah, I was gonna say one of the other things as well is Stay up todate if you see tax law updates or you know follow people that Keep track of that and and
(22:37):
really talk about that kind of stuff as well um
And I do want to say this.
Please look at like something like a journal of accountancy or one of the major newsoutlets that lets you know we're now up to the fifth new person in charge of the IRS.
Love that.
Please do not send me crap from TikTok.
(23:02):
And I don't believe we have a TikTok.
We don't have a TikTok, we?
I don't know.
have no...
Okay.
When you do, when we do...
By all means, if it's my stuff, you can go ahead and let me know.
I already know it, whatever.
But I don't want, please don't send me anything from TikTok.
(23:23):
That makes me twitch as much as the word spreadsheet, so...
spreadsheet spreadsheet spreadsheet.
Yeah.
tax all updates, all that.
Yeah, great.
It's great.
Just get it from a reputable source.
Yeah, and speaking of reputable sources, it's important to know what to ask your taxaccountant.
(23:50):
And I think we've got a list that we'll put online, put on a blog or something.
But a few that I kind of liked were, you know, what additional deductions or creditsshould I have considered, which
we would do all of that for people as part of what we do and that's where the differencebetween that cattle farm or the...
(24:16):
ah you know, farm fresh, whatever you want to call it, that makes a difference.
Well, also Canopy does ask those questions.
So we had a lot of people that were like, they didn't bother filling it out.
They filled out part of it.
They didn't complete it.
(24:37):
It literally takes you step by step by step asking you all the questions.
Pay attention.
Yeah, and what trends in the finances would make a difference?
uh
There's so many questions that people don't think about.
(24:59):
And we've talked about it before, but life events make a massive difference.
Whether it's buying a house, buying a car, somebody passes away.
There's different things that can affect your taxes.
I know that we don't know the final number yet, because we're still doing taxes, butprobably saved what people about.
(25:24):
half a million dollars in taxes almost probably
I think that was already there.
I don't know the latest update.
We got to go through and update everything, but that was the last.
The last one was we were at half a million between savings and refunds.
And at that point we had only processed.
(25:46):
I think 70 returns at that point.
So yeah.
My point there was though is that can be the difference between and a lot of that is thoselife events that we are taking account for because we have that relationship with the
(26:10):
clients.
Getting that relationship with your preparer is huge and if you feel like you're notgetting that level of service that you want
If you're okay with that level of service, then that's okay for you.
Like, I'm not judging.
People want different levels.
(26:31):
If you want to go to that next level, definitely get with us.
Go to peacelovebiz.com and schedule some time.
We'll sit down, we'll go through stuff with you.
And we'll see you next month.
We won't see you next tax season because we'll see...
We'll be talking along the way.
So what I would recommend is...
(26:52):
Stay up to date, we have regular blog posts, have emails going out informing and updatingeverybody.
Final thoughts Mary?
What would you say?
Is there a message?
I just think that if you want transactional service, um you don't want someone to get toknow you and know what you're doing, you just want to get it done.
(27:20):
I that's fine for you.
That's just not what we offer.
What we offer is literally a relationship.
I was on the phone
(28:24):
times 50.
(28:48):
I remember that, working in the restaurant, you'd go home and you'd make pot noodle.
(29:38):
We're gonna make it.
I think that's a pretty good place to wrap it up.
If you know anybody that's struggling to get their taxes done, please pass them over, wecan help them.
If you trust yourself with us, I feel like you should be able to trust other people withus, But yeah, you're welcome to reach out through socials, through the website, phone
(30:06):
numbers, we'll take care of you.
Until next time, guys.
We are Peace Love Biz, where peace of mind meets the bottom line.
Until next time, have a peaceful week!
Bye.
Hey everybody, welcome to another episode of Peace Love Beers.
I am Steve Higgins, your host with the most.
Mary just asked me what my name is today and it's the punching bag because with tax seasonI feel like I've gone 12 rounds with Mike Tyson.
And what was your response Mary?
(00:23):
just bite his ear off.
Which is why we started this with Steven laughing.
Just laughing hysterically, Oh gosh, how are you fair in Mary?
Are you surviving?
You know, you know what I love about us?
There's a lot of things, but I love that no matter how much crap comes our way, we getover it.
(00:48):
We power through it.
And we, we could never do this when we work for other people, but because we work forourselves and we make the decisions and we do this together and we do an amazing job
together, we don't take any shit.
Yeah, I think I'm starting to learn the boundaries too, in terms of I'm no longer takingthat crap from people.
(01:12):
are professionals, we deserve to be treated like professionals, and so, you know, itshouldn't be that difficult.
But we are talking on May 1st, the last day of tax day, for Florida residents.
(01:32):
Obviously where we're based.
do, you know, there's extensions, of course there's extensions.
Little miss, I told you this the other day and you went like, oh, I didn't even realizethat.
If you're getting a refund, you don't need an extension.
What are you asking for more time to file a Texas for?
Because they owe you money back?
(01:54):
Think about it.
Yeah, they're not gonna go banging on your door to give you money.
It's not like the...
It's not like a lottery win or anything.
What is it?
The Valpak?
Yeah, the Valpak.
Oh god, back in the UK it used to be called the postcode lottery where people would bangon the door and show the giant checks.
(02:18):
em Yeah.
Yeah.
But since it's the last day...
Officially...
And we are determined to make it a tax season, not a tax year, which will happen.
We're going to look at, kind of take a look back on this tax season, review a lot of thecommon challenges, figure out some of the successes and, you know, figure out a few tips
(02:45):
for everybody that's listening so that you can be better prepared for next year.
Anybody, anybody that still hasn't filed taxes, you're welcome to reach out.
Today is the last day for extensions for specific states, some people have already gonepast that.
But go to peacelovebiz.com, submit a contact form and we will get back to you prettyquickly.
(03:11):
But...
tax season.
say this, even with extensions.
So if you do owe, right, and you do file an extension, there's literally no differencebecause you still have to pay interest on what you owe.
If you set up a payment plan, you get interest on it.
(03:31):
There's really no difference.
I mean, I'm not saying don't file an extension.
I'm just saying like the importance on extensions really goes out the door once you'rethree years behind.
So if you haven't filed taxes in three years, telling you to file an extension for your2024 is literally causing a red flag.
(03:53):
So yeah, peep.
it's almost like trying to buffer dent out the side of a car door that's already beentotaled and it's missing the front end.
Like...
So...
So it's like, I mean, I'm not filing, there's nothing, I'm doing returns.
I have 78 and counting and that's it.
(04:13):
But I think, I don't know.
I keep adding more to your plate.
Yeah, I'm not helping so I keep adding more to your plate so eh Yeah, either way we stillhave room to help if you haven't filed taxes in a few years Then just get with us we can
we can help get you straightened out
(04:34):
I'm at 94, so I don't know how many, but...
I was gonna say I've probably added about 22 you in the last...
week, couple weeks, I dunno.
that and go, oh, okay, I'm down to 70.
And I'm like, wait, oh, I forget you added, so.
But yeah, I mean, it is what it is.
(04:56):
So how would you, how do you feel about the way TAC season's gone?
Like from a you perspective and...
I think that we fair to it.
I think the challenge this year is that we had an immense amount of growth and we wereputting structures in place as we're growing.
(05:19):
And then we kept growing and then we kept growing, which is great.
But it's like the city of Orlando.
I remember when I used to live there, I went on vacation.
And I came back and two weeks after I came back on John Young Parkway, there was a brandnew car dealership.
(05:40):
um John Young and I can't remember what the cross street was, but it was before FloridaMall.
But I remember driving down it and all of a sudden there was this huge, I mean, it waslike a four level car dealership that did not exist there two weeks prior.
(06:03):
The Ford dealership probably.
I know that one, yeah.
I will never forget it.
went on vacay.
I was married at the time.
We came on vacation to Dominican Republic.
We got back.
We were driving and I was like, where the hell did that thing come from?
Like two weeks.
And I feel like that's what happened with us.
Like all of a sudden we have all this stuff going on.
(06:26):
And, you know, we did have, we have great people backing us, but it was like, then theywere like, oh crap, there's more work and there's more work and there's more work.
So I think we did, I mean, I think both of us are really hard on ourselves, but I thinkthat we really navigated through a really hard season and we're coming out of it, we'll be
(06:46):
wrapped up and things will be in tight little bows within 21 days as all of our people aregetting noticed today.
The only delay is if they're delayed.
So if they're delayed, then that's not getting filed, but you know.
and that's really the theme of this episode is...
If you wanna keep asking where your taxes are, but you're the one that hasn't filled outan organiser, or you haven't provided a document, then...
(07:17):
What you ex- Yeah, or you provided it in the last two days and then all of a sudden youthink you're the most important person in the world.
You're a little deluded.
Like, you're crazy.
it's kind of like we're not McDonald's.
Like you don't want us to be McDonald's.
No.
I, if I had McDonald's right now, I would probably be sick to my stomach because of theprocessed food.
(07:42):
It's quick.
It's, it's, well, it's not even quick anymore, but from what you tell me, but you know, asyou drink it, but it's, it's processed food.
So it's ready.
It's heat up and go.
It's not cooked meals.
It's not, you know,
(08:03):
Whole Foods or whatever you guys have there.
It's not farm fresh.
It takes time.
What we do is it takes time because we do it organically.
We make sure everything is done.
Those are mills.
The people that turn out those tax returns like that, those are tax mills.
We're not a tax mill.
(08:23):
and they don't take care all they do is they enter the numbers that you provide they don'tlook for ways to save money to reduce liability and I'm not gonna say that that's what's
wrong with our industry kind of is but people think that it is as simple as just filing itand punching numbers in and doing that the problem for us is that we show care you show
(08:52):
more cabin you probably shot
What's the favorite expression to our detriment?
to our detriment, yeah.
So what are some of the common issues that we're running into with people?
um
I think working with us is a new experience for them and that's great and it should bebecause of what we're talking about.
(09:19):
um I think it's a learning curve for our clients.
And for me it's painful because it's a constant reminder of how different we are from theindustry average.
We're a very unique firm.
(09:41):
I mean, it says it in the naming and says it in our branding, the holistic accountingfirm.
um I don't think it's like being in a bad relationship for ages and then you have a goodone and you're like, oh, is this the way it was always supposed to be?
Cause I didn't know that.
(10:01):
In that case though, with those kinds of relationships, you find yourself fighting morebecause you go back to the old ways.
Because it's such an abnormal state of true functionality.
Like, your body and your mind fights against the good stuff that you get in.
(10:23):
So it,
We go through that with our clients, you know, to our point, you and I have been throughhell and back and we've worked for real jerks and we, it's taken, you are now comfortable
just making decisions and doing stuff.
Like what, for nine months you'd be asking me, I'm like, dude, it's you and I do it.
(10:45):
And you know, so it does take time with the clients.
And we try to understand that, our clients need to remember that this is different.
This is going to be a different experience for you.
Well and we've we always kind of set the expectation that we're not transactional we'renot just gonna say see you next tax season which I will have those shirts made.
(11:16):
Yeah but if you want the one bam thank you man of McDonald's tax filing it's what TurboTaxis for that's what other
some CPA firms are for that just are a tax cattle market essentially.
(11:43):
So please have a little grace, have a little patience like trust that we do the best foryou.
Anybody on our side they've all got their extensions or whatever they needed to so thatthey're straight like just give just give us the chance to get straight.
Yeah.
(12:04):
Yeah, absolutely.
And so so getting into like what what people need to do, I would say for starters.
When you get a tax document, you know, it's a tax document because it has numbers like1099, 1098, W2, 10, you know, you when you receive those from from places, hold on to
(12:31):
them.
And if you're a client of ours, you just take a picture of it and you upload it into yourportal.
And then we have it.
Literally, it's all you have to do.
You fill out the organizer, you upload your documents.
If you have a business and we handle it, we have everything else.
We do.
(12:51):
And then it's done.
Yeah, for those people that aren't monthly clients and they need their taxes filed in.
They...
hmmm...
With us obviously it's different process because we make sure they're cleaned up, do thebest for them, so what is that type of process like?
(13:18):
Well, I mean, the people that quote, do their own books, they're signing off on anengagement letter that says that they're solely responsible for their own bookkeeping.
Those numbers, wouldn't advise that from, I would, I would advise to have us review them,pay us to review them, pay us to make sure they're right.
(13:38):
Because if you knowingly or unknowingly file fraudulent numbers, you may not like the wordfraudulent, but
That's what it is.
Knowingly or unknowingly, a mistake is fraudulent when you put it on a tax document.
So, you know, do you want the...
(14:00):
Don't play the game.
You're better safe than sorry.
Yeah.
m
What do you think?
I was gonna, before you jumped into the tips, I was gonna say what do you think has workedwell this year?
Because I think, I think Canopy and some of the systems we got in place have helped.
(14:21):
uh
sure.
Canopy has been amazing.
Canopy, think, one of the best software decisions we have made.
It's really um navigated just a lot.
It would have been crazy without Canopy, to be honest.
(14:43):
It would have crazy.
Canopy was great.
I think having an emotional support animal has helped you.
oh
outside of software you are the best thing that happened this year for me absolutely doingthis business with you doing this with you yeah yeah but you know it's always painful in
(15:11):
the beginning it'll be easy peasy you know it now in two months life life will be a loteasier we just need to get out of all this hell this hell of cleanup this hell of
Now I'm thinking about the tax and then I'm thinking about all the cleanups we have andthe the I'm looking at a paper because it has a list of all my reports that I need to
(15:35):
double check that are done.
know, that's the other thing is we still have to produce monthly reports.
We still have to go through file sales tax.
We still have to go through file payroll stuff.
We still have to go through.
We're onboarding new people.
So it's not just tax like, you know, it's not just when I go to the salon.
She's cutting my hair that day.
(15:56):
That's it.
And coloring my hair that day.
That I'm the only client at that moment.
I'm not her only client forever.
So like, you know.
Yeah, and that's it.
We've got payroll that we're trying to take care of.
We've got...
And rolling out new services um that got building credit, repairing credit individually,building credit, repairing credit for businesses.
(16:24):
um We have your services we're rolling out.
um We're in the middle of um moving everybody to a new payroll, payroll people that wewere partnering with.
Absolutely amazing.
So we're in the middle of rolling all that out.
(16:45):
Um, and then we have our projects planned out for the next year.
And then we have still tax planning for 2025 to do with all our new clients, all of ourclients, um, getting the team.
Cause the team has just been kind of keeping it together.
You know, we have weekly team meetings that we're doing so that they can start learning itfrom my 30 years of experience.
(17:08):
Cause these people have like five.
So once I explained to them, they're like, that's brilliant.
Yeah, it's brilliant.
Let's start doing these weekly meetings.
So now we have weekly meetings every Saturday morning to go through different stuff thatwe have going on.
So.
Well, I think we're gonna take a lot from this year because obviously it's my first yearwith you and Tac's season.
(17:36):
Sorry, Tac's how?
I think that next year we're gonna have vacation scheduled or something like so that wehave that decompression time.
uh
I'll tell you, I'm not doing, after we get out of cleaning up, getting structure,everything in place, and you and I have a vacation plan this year, or time off, I'm not
(18:01):
doing 70 the week anymore.
I am too old for it mentally.
I can't do it.
I literally just collapse at night.
um yeah we need we need to get you
we're all about balance and I'm burning myself out all the time.
(18:22):
But in fairness, I have been burning myself out like my whole entire adult life.
So I'm just now learning to not burn out, which is, I mean, honestly, our whole businessis me learning from my mistakes.
That's where it all came from.
(18:42):
what business is isn't it?
just failing forward.
So, okay.
So let's talk end of season tips to make life easy for us and other preparers next year.
So organising financial records, know, post-season analysis, analyses?
(19:13):
Yeah, you know financial checkups, bank reconciliations, all of that stuff.
What would you say are some really top three kind of important...
I would say like once, you know, me, I'm very, you know, OCD, which we all know, we'vetalked about this in prior podcasts.
(19:38):
In case you don't know, I'm very OCD.
You know, put a reminder in for the fifth of the month to download all your bankstatements, to double check, you know, anything going on your bank account, you know, take
time to review that.
See if you did receive anything that you were putting off this past month that was taxrelated or business related that you need to communicate.
(20:03):
know, take that minute.
Definitely trust us, we're here for you.
like if I'm not an example, if you're a monthly client and I don't have guest access toyour bank accounts, I can't pull your bank statements.
And yes, I do want to say this because we did have somebody go, I've had this said to mein the past, but it just so happened that someone said it to me yesterday.
(20:28):
And they went, you still reconcile your checking account?
I was like,
I don't even know how to respond to that.
Yeah, well why wouldn't you?
Do you want to miss stuff and have fraudulent activity or...
(20:49):
Yeah.
It's a reconciliation.
I like...
And literally, very few times in my life do I not have words.
Is that true or not?
That is...
No, that's not true.
Yeah, alright.
I had no words.
I just sat there.
I just kept looking at the email.
(21:15):
I still haven't responded to emails to be honest with you, to that part of it.
I'm just like, I can't.
I can't.
that's scary.
uh Well, I know that on our plan is to look at tax planning and tax advisory and, youknow, look at strategies to avoid paying more tax than they did the last year.
(21:39):
So we have that planned out, but that's definitely something that people want to thinkabout and get that professional to do that with you.
Even if...
Even if you're an individual making good money or you just changed jobs or something likethat where it could be you're coming into more money, you've had a life event where things
(22:03):
have changed, it's possible you could be going into a different tax bracket and it couldmess you up.
Which is why having a professional look through your stuff makes a massive difference.
The other thing yeah, yeah, I was gonna say one of the other things as well is Stay up todate if you see tax law updates or you know follow people that Keep track of that and and
(22:37):
really talk about that kind of stuff as well um
And I do want to say this.
Please look at like something like a journal of accountancy or one of the major newsoutlets that lets you know we're now up to the fifth new person in charge of the IRS.
Love that.
Please do not send me crap from TikTok.
(23:02):
And I don't believe we have a TikTok.
We don't have a TikTok, we?
I don't know.
have no...
Okay.
When you do, when we do...
By all means, if it's my stuff, you can go ahead and let me know.
I already know it, whatever.
But I don't want, please don't send me anything from TikTok.
(23:23):
That makes me twitch as much as the word spreadsheet, so...
spreadsheet spreadsheet spreadsheet.
Yeah.
tax all updates, all that.
Yeah, great.
It's great.
Just get it from a reputable source.
Yeah, and speaking of reputable sources, it's important to know what to ask your taxaccountant.
(23:50):
And I think we've got a list that we'll put online, put on a blog or something.
But a few that I kind of liked were, you know, what additional deductions or creditsshould I have considered, which
we would do all of that for people as part of what we do and that's where the differencebetween that cattle farm or the...
(24:16):
ah you know, farm fresh, whatever you want to call it, that makes a difference.
Well, also Canopy does ask those questions.
So we had a lot of people that were like, they didn't bother filling it out.
They filled out part of it.
They didn't complete it.
(24:37):
It literally takes you step by step by step asking you all the questions.
Pay attention.
Yeah, and what trends in the finances would make a difference?
uh
There's so many questions that people don't think about.
(24:59):
And we've talked about it before, but life events make a massive difference.
Whether it's buying a house, buying a car, somebody passes away.
There's different things that can affect your taxes.
I know that we don't know the final number yet, because we're still doing taxes, butprobably saved what people about.
(25:24):
half a million dollars in taxes almost probably
I think that was already there.
I don't know the latest update.
We got to go through and update everything, but that was the last.
The last one was we were at half a million between savings and refunds.
And at that point we had only processed.
(25:46):
I think 70 returns at that point.
So yeah.
My point there was though is that can be the difference between and a lot of that is thoselife events that we are taking account for because we have that relationship with the
(26:10):
clients.
Getting that relationship with your preparer is huge and if you feel like you're notgetting that level of service that you want
If you're okay with that level of service, then that's okay for you.
Like, I'm not judging.
People want different levels.
(26:31):
If you want to go to that next level, definitely get with us.
Go to peacelovebiz.com and schedule some time.
We'll sit down, we'll go through stuff with you.
And we'll see you next month.
We won't see you next tax season because we'll see...
We'll be talking along the way.
So what I would recommend is...
(26:52):
Stay up to date, we have regular blog posts, have emails going out informing and updatingeverybody.
Final thoughts Mary?
What would you say?
Is there a message?
I just think that if you want transactional service, um you don't want someone to get toknow you and know what you're doing, you just want to get it done.
(27:20):
I that's fine for you.
That's just not what we offer.
What we offer is literally a relationship.
I was on the phone
(28:24):
times 50.
(28:48):
I remember that, working in the restaurant, you'd go home and you'd make pot noodle.
(29:38):
We're gonna make it.
I think that's a pretty good place to wrap it up.
If you know anybody that's struggling to get their taxes done, please pass them over, wecan help them.
If you trust yourself with us, I feel like you should be able to trust other people withus, But yeah, you're welcome to reach out through socials, through the website, phone
(30:06):
numbers, we'll take care of you.
Until next time, guys.
We are Peace Love Biz, where peace of mind meets the bottom line.
Until next time, have a peaceful week!
Bye.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.