March 23, 2022 • 16 mins
Ryan Beals is a Certified Public Accountant and an Entrepreneur. He is the founder of Ryan Beals, CPA, a CPA firm specializing in tax planning services.
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Your hosts: Colton Cockerell & Trisha Stetzel
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Colton Cockerell (00:04):
Hello and welcome to a another exciting
episode of Bridge the Gap wherewe're balancing life through
health, wealth, business andrelationships.
Alright, hello everyone andwelcome to the show. My name is
Colton Cockerell. And with me, Ihave Miss Trisha Stetzel, my co
host Trisha good day
Trisha Stetzel (00:26):
today. until early for you, I know it's okay.
You just keep eating yourbreakfast. It's all good. Hey
guys, welcome back. As you mightremember, we are talking about
financial wellness this month.
And so today we're going to talkabout tax preparation and who
better to talk about taxes thanRyan Beals? With Ryan Beals, CPA
Colton Cockerell (00:51):
Ryan Beals, CPA. Yes. And before we
introduce Ryan Ryan says helloneeded to hear his lovely voice.
I do want to give a shout out toour sponsor today, which is
Results Xtreme BusinessSolutions for all your business
needs. All right, we think sheliked it a little addition.
Ryan.
Ryan Beals (01:07):
Hey, how's it going?
Appreciate you having me on?
Colton Cockerell (01:10):
Oh my gosh, of course, of course. Hey, so we're
gonna jump right in because weonly have 16 minutes. So Ryan, I
know is the month of March andtax season is like less than a
month away at this point, aswe're airing this podcast, and
so I'm sure a lot of questionson people's mind, especially
those who are putting in theirlast minute taxes. So let's go
(01:30):
ahead and dive on in. Wheneveryou're hiring a CPA tax
professional. Why why do younecessarily need that you hear
everyone? Oh, TurboTax or, youknow, all these other self?
These other self softwares? Whatyou know, what is the importance
of working with a tax prepareror a CPA?
Ryan Beals (01:48):
You know, the biggest thing for hiring a CPA
is that when you go to your DIYspaces like a TurboTax and h&r
block, a lot of times it's justa service, it's a means to an
end, all's it is is filing yourtaxes. But when you work with a
tax professional like myself,we're really digging in seeing
where you are helping you and bemore of a strategy to help you
save on taxes and less justprepare the taxes, which at this
(02:10):
point is more of a commodity. Sohelping you be the most
efficient you can with yourtaxes and helping you run your
business in that way.
Colton Cockerell (02:17):
Oh, for sure.
That probably was the first timehe's got that question. Ready?
Yes. There it is.
Trisha Stetzel (02:24):
Ready? There it is. So, Ryan, you know, small
business owners, probably I'mjust guessing are reluctant to
work with a CPA throughout theyear. And a lot of times,
they're really just looking intotax season. So when is the right
time to bring a CPA in andpartner in your business?
Ryan Beals (02:45):
The right time is right now, even if you're
listening to this six monthsfrom now, nine months from now
could be August, the 26th,you're listening to this
podcast, probably all freakedout. If that's the case, it's
time to call your CPA, the besttime to hire a CPA is throughout
the year, because then is that'sthe best time to get the most
value and to have the strategybecause the best tax savings in
(03:08):
the best tax planning is donethroughout the year. And after
your end, it's honestly all toolate. You get to a point when
you're filing your taxes, andthere's only a few things you
can do it that point. So the bigmoney happens during the year.
Colton Cockerell (03:21):
So let's talk about that. I mean, that's a
really good point. I think a lotof people, they start thinking
about tax season either when thenew year starts. So when they
start getting their 1099 or W2s.
So what what So to explain alittle bit more, what are things
that CPAs can do and taxpreparers for the individual
throughout the year even pastthe April and October deadline.
Ryan Beals (03:42):
Sure. So throughout the year, one thing that
business owners don't realizethey need to do, especially when
they're in those beginningstages, is calculating estimated
taxes. I can't tell you how manytimes I'll get to the end of the
year and in May or in April,we're calculating their taxes
and they've hit it out of theballpark. They've had a great
year, but they haven't filedthey haven't paid their
(04:03):
estimated taxes throughout theyear. So they have this really
big number. So it is scary. Youknow, it's they're not used to
if they're coming from a W2 theythey're used to withholdings,
that's one thing we help with.
So that's a piece and then alsothe strategy doing having advice
on how to run your business tobe more efficient, tax wise, is
done throughout the years. Well,especially when you get to your
(04:26):
end when you're talking about doI do I buy this or not having
those conversations is reallyimportant as well. So that's
something that happens beyondthe typical policies.
Colton Cockerell (04:37):
So, you're telling me that you're not
retroactive, you're telling meyou're actually trying to be
proactive.
Ryan Beals (04:42):
Proactive is the best way save tax on that
retroactive. You know, it's Imean, there are some things you
can do but like said the bigmoney happens throughout the
year being proactive is going tobe the best strategy to actually
save on taxes and get the mostout of it.
Colton Cockerell (04:56):
Good word
Trisha Stetzel (04:57):
I said. So, Ryan, what are you Some of the
most common mistakes you seefrom small business owners.
Ryan Beals (05:04):
So I gotta say, the biggest mistakes that I see is
probably just not understandingthat they need to file this may
taxes throughout the year. Itcould be I mean, if you really
hit the park, it's not uncommonfor them to owe a really big
number and it to be five plusdigits in taxes because they
didn't understand and you dothat. One of the thing, and, you
(05:25):
know, mistakes happen betweenjust not knowing that they can
take these expenses, or puttingthe TurboTax and TurboTax doing
its magic throughout the same,you know, behind the scenes, and
then giving them a form thatthey think is right, but may not
be, but they just notunderstanding that it might be
so not putting in informationfrom their forms correctly,
(05:47):
putting stuff in twice, notbeing able, not knowing what
expenses they can takethroughout the year. And so
those would be the biggestthings, not maybe, I don't want
to say not being aggressiveenough. But a lot of business
owners just don't realize thatthere's some expenses like home
office and milage that they cantake that they they're leaving
(06:09):
on the table a lot of times.
Colton Cockerell (06:11):
And so and with that mean, isn't there a
penalty to at the end of theyear if you do not withhold, you
know, the right amount of taxesevery quarter.
Ryan Beals (06:18):
There is there is underpayment, penalties,
especially if you owe more taxthan you did in the previous
year, and you didn't withholdenough, it could be a big one,
and then not filing as well. Andthe longer that you go without
paying there's there's interestaccruing behind the scenes as
well.
Colton Cockerell (06:35):
Oh, goodness.
All right. So then with that,you know, for someone who let's
say they are just paying a lumpsum, I didn't withhold anything
this year 1099, or even w2 w2also is that also affected by w2
employees.
Ryan Beals (06:50):
So if you're you could have some withholding if
you also are working a side job,and withholding on the side with
another business. But onestrategy, you can have to make
sure that if you're listening tothis, and you're like, Oh man, I
haven't withheld anything. Onestrategy you can take just to
see how it goes in these firstcouple months is, as you're
bringing in money, 15% ofrevenue, take that to the side
(07:13):
and pay that the the IRS everyquarter. And that can be a good
point to start, and then adjustthat as you go gets a little too
much, you can withhold a littlebit less. And then when once you
hire a CPA, you can have alittle bit more precise number
and the end goal, the chef'skiss, if you will get that
number to where it's within acouple $100. Hopefully, it's
(07:34):
overpaid. And you're good to goin taxes on a on a problem. It's
just a matter of filing.
Colton Cockerell (07:39):
You got those people though, who are like, You
know what, I love a refund, Iwant to make sure that I get
money back and get the peoplelike I've given the IRS dime
more than they need. I don'twant them using my money for
interest. You know, they just
Ryan Beals (07:51):
yeah, see the one of the other? You know, yes, I see
that a lot too. And, you know,having that conversation with
them, it's like, just becauseyou had a refund doesn't mean
that you paid less or moretaxes. It just means you gave
the IRS a bigger loan this year.
A lot of
Trisha Stetzel (08:07):
So, Ryan, I think in this small business
space, one of the things that Ihear a lot is holy cow, it cost
me 1000s of dollars to get mytaxes done every year. Is there
is there a different ideal outthere? I know you and I have
talked about you know, maybethis subscription ideal of
letting people pay a smalleramount or letting the small
(08:29):
business owners pay a smalleramount over the year versus just
tossing out two or $3,000 to gettheir taxes filed. Can we talk a
little bit about that?
Ryan Beals (08:38):
Yeah, absolutely.
And this is something that I'vethought a lot about. And I
understand that point of havingto spend a large lump sum to
file your taxes in April mightnot be the best strategy. And it
can be really hard for thatpoint. So so really figure out a
way to stretch out the costthroughout the year and provide
(09:00):
more value than you might get.
So one thing that I do is I havea subscription model, and that
is the tax preparation thatplanning questions throughout
the year. I don't charge anymore for that if you get letters
from the IRS taking care of thatquarterly estimated payments for
calculating down the side. Soreally trying to find a holistic
approach to to provide as muchvalue as possible to the small
(09:22):
business owners because we'rebeing squeezed in ways they
don't understand.
Trisha Stetzel (09:26):
I really like that Ryan is it seems more like
a personal service, right?
Instead of me bringing you ashoe box or receipts and saying
hey, can you figure this out,and I'll drop you a few $1,000
Right. So it's morepersonalized,
Ryan Beals (09:38):
trying to figure out a way to take as much off the
business owners plate as theycan to make it as easy as
possible for them. If I can getto the point to where they just
hand in the documents and evenbetter to where they just say
hey, taxes done. Here's a youknow, trying to really try to
take as much off their plate aspossible and thinking about ways
(09:58):
to take that to the next level.
Every point.
Colton Cockerell (10:02):
Yeah, that's really interesting. And I feel
like that's a, that's a modelthat we're probably gonna be
getting into, you know, yearsfrom now is the subscription
styling people prefer to justpay a flat fee every month
versus, you know, a large sumat, you know, one period of
time. So that's actually a veryinteresting way to look at it.
What about this? And that's, andwe, we have to probably have you
back just to speak solely onthat type of model. But I'm
(10:25):
curious because we do havelisteners too. Again, they
haven't filed their taxes. Whatdo you have any tips for anyone?
If they are filing right now?
Maybe they're not using a CPA?
What are some little things thatnuggets that they probably don't
know, because they're notworking with CPA and hopefully
those nuggets will make themrealize, hey, I need to work
with a CPA. Do you have anygolden nuggets?
Ryan Beals (10:43):
Yes, absolutely. So one of the first things, if you
aren't already, you shouldreally consider hiring a
bookkeeper. That is one of theyou know, you hear the thing,
the bill saying garbage ingarbage out, having a bookkeeper
could be one of the easiest, orone of the biggest returns on
value, is having those numbersthis side can help you if you
already had the financials, itshould be able to plug in the
(11:05):
return, especially if you're inthose first couple years. Having
those financials is will makefiling the return easier. And
when you're talking to your CPAhaving those numbers and they
clean numbers in somethingthat's easy to look at. And
comparable. It's I can takethose numbers and run with it
and help you to vote in the bestway possible, instead of trying
(11:27):
to figure out based on you know,just talking to you what you got
going on having those numbers.
That's That's my language. Sohaving the Rosetta Stone, if you
will, the financials is probablythe best step.
Trisha Stetzel (11:39):
So Ryan, oh, we do have some startups or people
who are, you know, leavingcorporate jobs that are opening
businesses to some startups outthere listening to the show? Can
you give us a once over thedifference between a bookkeeper
and a CPA?
Ryan Beals (11:56):
Absolutely. So a bookkeeper is going to be more
in your day to day tracking yourexpenses on a like said everyday
kind of level, as you spend, yougo to Starbucks, you buy
equipment, you'd have all therevenue that's coming in there,
categorizing it into the correctplace, and putting it into a
format that's actually usable towhere people like the business
owner can have somethingcomparable as either to month to
(12:18):
month. That is what a bookkeeperdoes, that's their job is really
the organizer in the CPA is moreof a strategist taking that
information and running with it.
So you're doing this, we reallyneed to do this instead, let's
let's organize the business thisway. If we did it this way, as
opposed to that way you can saveX amount on taxes. So taking
that information and applying itstrategically.
Colton Cockerell (12:45):
And so and that is interesting, because I
think even with you know,speaking with her the CFO a few
weeks ago, Trisha, you know, shealso was very focused on the
accounting, the CPA, thebookkeeper, the CFO. That's very
interesting given there, I likethat they all kind of work
together, they all are kind ofover they entwined. Let me ask
you this, what is it like? AndI've actually never asked any
(13:06):
CPA to surprisingly, but what isit like to work with such a
dysfunctional organization likethe IRS?
Ryan Beals (13:13):
You know, it's one of those things where the IRS
gives laws. And it's, a lot oftimes it's up for
interpretation, because theirinterpretation is so loose, and
they the IRS is stuck between arock and a hard place between
being accessible and beingprecise. And I could imagine
that if you're a lawyer, you'rethought of precise and
(13:37):
accessibility is different fromthe average person. But on top
of that, the IRS, they, they'redealing with the same problems.
We are there working from home,they're trying to figure out
this paper thing. And there'sstories of papers being stored
in the parking lot of storagecontainers and trying to get to
(13:58):
all this information. And therethey have a very large backlog
and it's hard to get ahold ofthem sometimes. So the I saw a
recent recent survey that only20% of the calls the IRS, we're
actually being answered by aperson. And that was the last
couple months. So it if your taxpreparer is trying to get ahold
(14:20):
of the IRS just know they'retrying, but it's hard sometimes
with what we're given.
Trisha Stetzel (14:24):
I read an article called I was sharing
this with Ryan a little bitearlier before the show, I read
an article that the IRS is beingaudited
Colton Cockerell (14:32):
than they should be no i I've done this a
few times with clients. Justkind of like as an added
service. I helped them you know,get an EIN number from from IRS.
Usually a pretty quick process,but there are times on
processing EINs now wheredepending on you know how long
(14:53):
ago you're trying to get number.
It is Unbeliev like It's likemonths, like two months before
you get it. I mean Dependingagain, if you go online versus
doing a paper depending on thecircumstance, but it is insane.
And yes, you're on hold for overan hour just to get a hold some
It's so frustrating. I'm sorry.
We want to keep talking aboutthe IRS. And that's what people
don't talk about. But, man,Ryan, that that was good
(15:14):
information. Again, we, wetalked about the financial
wellness three times out of theyear, three months out of the
year. So we definitely want tohave you back. So I kind of want
to focus solely on the idea of asubscription model, because I
think that's fascinating. Ithink our listeners will be more
intrigued to hear what that'sabout. Trisha, you want to wrap
us up?
Trisha Stetzel (15:32):
Yeah, absolutely. I would love to do
that. And by the way, we need totalk about the next time Ryan
comes back about cryptocurrencyand taxes too, because I know
that's your favorite topic.
Colton Cockerell (15:41):
I was trying to leave, trying to leave it
alone to take leave it alone
Trisha Stetzel (15:45):
today.
Ryan Beals (15:48):
Anything. Yeah.
Ryan, thank
Trisha Stetzel (15:51):
you so much for being on the show today. We
really enjoyed chatting withyou. And for our listeners Tune
in next week for anotherexciting episode of Bridge the
Gap will be focused on financialindependence, right, because
we've got five shows in March,
Colton Cockerell (16:06):
who's our guests next week.
Trisha Stetzel (16:07):
Oh, gosh. I think it just might be Colton
Cockerell. I know. Could youguys imagine? Alright, thanks
again guys, and we'll see younext week.
Colton Cockerell (16:19):
Thanks again for tuning into this week's
podcast. Don't forget tosubscribe and share this podcast
with the most important peoplein your life. Colton Cockerell
with Sharer McKinley Group, LLCis located at 820 South
Friendswood Drive Suite 207Friendswood, Texas 77546 phone
number to 281-992-5698.
Securities and investmentadvisory services offered
through NEXT Financial Group,Inc. member FINRA/SIPC Sharer
McKinley Group is not anaffiliate of NEXT Financial
(16:39):
Group, Inc.
Hello and welcome to a another exciting
episode of Bridge the Gap wherewe're balancing life through
health, wealth, business andrelationships.
Alright, hello everyone andwelcome to the show. My name is
Colton Cockerell. And with me, Ihave Miss Trisha Stetzel, my co
host Trisha good day
Trisha Stetzel (00:26):
today. until early for you, I know it's okay.
You just keep eating yourbreakfast. It's all good. Hey
guys, welcome back. As you mightremember, we are talking about
financial wellness this month.
And so today we're going to talkabout tax preparation and who
better to talk about taxes thanRyan Beals? With Ryan Beals, CPA
Colton Cockerell (00:51):
Ryan Beals, CPA. Yes. And before we
introduce Ryan Ryan says helloneeded to hear his lovely voice.
I do want to give a shout out toour sponsor today, which is
Results Xtreme BusinessSolutions for all your business
needs. All right, we think sheliked it a little addition.
Ryan.
Ryan Beals (01:07):
Hey, how's it going?
Appreciate you having me on?
Colton Cockerell (01:10):
Oh my gosh, of course, of course. Hey, so we're
gonna jump right in because weonly have 16 minutes. So Ryan, I
know is the month of March andtax season is like less than a
month away at this point, aswe're airing this podcast, and
so I'm sure a lot of questionson people's mind, especially
those who are putting in theirlast minute taxes. So let's go
(01:30):
ahead and dive on in. Wheneveryou're hiring a CPA tax
professional. Why why do younecessarily need that you hear
everyone? Oh, TurboTax or, youknow, all these other self?
These other self softwares? Whatyou know, what is the importance
of working with a tax prepareror a CPA?
Ryan Beals (01:48):
You know, the biggest thing for hiring a CPA
is that when you go to your DIYspaces like a TurboTax and h&r
block, a lot of times it's justa service, it's a means to an
end, all's it is is filing yourtaxes. But when you work with a
tax professional like myself,we're really digging in seeing
where you are helping you and bemore of a strategy to help you
save on taxes and less justprepare the taxes, which at this
(02:10):
point is more of a commodity. Sohelping you be the most
efficient you can with yourtaxes and helping you run your
business in that way.
Colton Cockerell (02:17):
Oh, for sure.
That probably was the first timehe's got that question. Ready?
Yes. There it is.
Trisha Stetzel (02:24):
Ready? There it is. So, Ryan, you know, small
business owners, probably I'mjust guessing are reluctant to
work with a CPA throughout theyear. And a lot of times,
they're really just looking intotax season. So when is the right
time to bring a CPA in andpartner in your business?
Ryan Beals (02:45):
The right time is right now, even if you're
listening to this six monthsfrom now, nine months from now
could be August, the 26th,you're listening to this
podcast, probably all freakedout. If that's the case, it's
time to call your CPA, the besttime to hire a CPA is throughout
the year, because then is that'sthe best time to get the most
value and to have the strategybecause the best tax savings in
(03:08):
the best tax planning is donethroughout the year. And after
your end, it's honestly all toolate. You get to a point when
you're filing your taxes, andthere's only a few things you
can do it that point. So the bigmoney happens during the year.
Colton Cockerell (03:21):
So let's talk about that. I mean, that's a
really good point. I think a lotof people, they start thinking
about tax season either when thenew year starts. So when they
start getting their 1099 or W2s.
So what what So to explain alittle bit more, what are things
that CPAs can do and taxpreparers for the individual
throughout the year even pastthe April and October deadline.
Ryan Beals (03:42):
Sure. So throughout the year, one thing that
business owners don't realizethey need to do, especially when
they're in those beginningstages, is calculating estimated
taxes. I can't tell you how manytimes I'll get to the end of the
year and in May or in April,we're calculating their taxes
and they've hit it out of theballpark. They've had a great
year, but they haven't filedthey haven't paid their
(04:03):
estimated taxes throughout theyear. So they have this really
big number. So it is scary. Youknow, it's they're not used to
if they're coming from a W2 theythey're used to withholdings,
that's one thing we help with.
So that's a piece and then alsothe strategy doing having advice
on how to run your business tobe more efficient, tax wise, is
done throughout the years. Well,especially when you get to your
(04:26):
end when you're talking about doI do I buy this or not having
those conversations is reallyimportant as well. So that's
something that happens beyondthe typical policies.
Colton Cockerell (04:37):
So, you're telling me that you're not
retroactive, you're telling meyou're actually trying to be
proactive.
Ryan Beals (04:42):
Proactive is the best way save tax on that
retroactive. You know, it's Imean, there are some things you
can do but like said the bigmoney happens throughout the
year being proactive is going tobe the best strategy to actually
save on taxes and get the mostout of it.
Colton Cockerell (04:56):
Good word
Trisha Stetzel (04:57):
I said. So, Ryan, what are you Some of the
most common mistakes you seefrom small business owners.
Ryan Beals (05:04):
So I gotta say, the biggest mistakes that I see is
probably just not understandingthat they need to file this may
taxes throughout the year. Itcould be I mean, if you really
hit the park, it's not uncommonfor them to owe a really big
number and it to be five plusdigits in taxes because they
didn't understand and you dothat. One of the thing, and, you
(05:25):
know, mistakes happen betweenjust not knowing that they can
take these expenses, or puttingthe TurboTax and TurboTax doing
its magic throughout the same,you know, behind the scenes, and
then giving them a form thatthey think is right, but may not
be, but they just notunderstanding that it might be
so not putting in informationfrom their forms correctly,
(05:47):
putting stuff in twice, notbeing able, not knowing what
expenses they can takethroughout the year. And so
those would be the biggestthings, not maybe, I don't want
to say not being aggressiveenough. But a lot of business
owners just don't realize thatthere's some expenses like home
office and milage that they cantake that they they're leaving
(06:09):
on the table a lot of times.
Colton Cockerell (06:11):
And so and with that mean, isn't there a
penalty to at the end of theyear if you do not withhold, you
know, the right amount of taxesevery quarter.
Ryan Beals (06:18):
There is there is underpayment, penalties,
especially if you owe more taxthan you did in the previous
year, and you didn't withholdenough, it could be a big one,
and then not filing as well. Andthe longer that you go without
paying there's there's interestaccruing behind the scenes as
well.
Colton Cockerell (06:35):
Oh, goodness.
All right. So then with that,you know, for someone who let's
say they are just paying a lumpsum, I didn't withhold anything
this year 1099, or even w2 w2also is that also affected by w2
employees.
Ryan Beals (06:50):
So if you're you could have some withholding if
you also are working a side job,and withholding on the side with
another business. But onestrategy, you can have to make
sure that if you're listening tothis, and you're like, Oh man, I
haven't withheld anything. Onestrategy you can take just to
see how it goes in these firstcouple months is, as you're
bringing in money, 15% ofrevenue, take that to the side
(07:13):
and pay that the the IRS everyquarter. And that can be a good
point to start, and then adjustthat as you go gets a little too
much, you can withhold a littlebit less. And then when once you
hire a CPA, you can have alittle bit more precise number
and the end goal, the chef'skiss, if you will get that
number to where it's within acouple $100. Hopefully, it's
(07:34):
overpaid. And you're good to goin taxes on a on a problem. It's
just a matter of filing.
Colton Cockerell (07:39):
You got those people though, who are like, You
know what, I love a refund, Iwant to make sure that I get
money back and get the peoplelike I've given the IRS dime
more than they need. I don'twant them using my money for
interest. You know, they just
Ryan Beals (07:51):
yeah, see the one of the other? You know, yes, I see
that a lot too. And, you know,having that conversation with
them, it's like, just becauseyou had a refund doesn't mean
that you paid less or moretaxes. It just means you gave
the IRS a bigger loan this year.
A lot of
Trisha Stetzel (08:07):
So, Ryan, I think in this small business
space, one of the things that Ihear a lot is holy cow, it cost
me 1000s of dollars to get mytaxes done every year. Is there
is there a different ideal outthere? I know you and I have
talked about you know, maybethis subscription ideal of
letting people pay a smalleramount or letting the small
(08:29):
business owners pay a smalleramount over the year versus just
tossing out two or $3,000 to gettheir taxes filed. Can we talk a
little bit about that?
Ryan Beals (08:38):
Yeah, absolutely.
And this is something that I'vethought a lot about. And I
understand that point of havingto spend a large lump sum to
file your taxes in April mightnot be the best strategy. And it
can be really hard for thatpoint. So so really figure out a
way to stretch out the costthroughout the year and provide
(09:00):
more value than you might get.
So one thing that I do is I havea subscription model, and that
is the tax preparation thatplanning questions throughout
the year. I don't charge anymore for that if you get letters
from the IRS taking care of thatquarterly estimated payments for
calculating down the side. Soreally trying to find a holistic
approach to to provide as muchvalue as possible to the small
(09:22):
business owners because we'rebeing squeezed in ways they
don't understand.
Trisha Stetzel (09:26):
I really like that Ryan is it seems more like
a personal service, right?
Instead of me bringing you ashoe box or receipts and saying
hey, can you figure this out,and I'll drop you a few $1,000
Right. So it's morepersonalized,
Ryan Beals (09:38):
trying to figure out a way to take as much off the
business owners plate as theycan to make it as easy as
possible for them. If I can getto the point to where they just
hand in the documents and evenbetter to where they just say
hey, taxes done. Here's a youknow, trying to really try to
take as much off their plate aspossible and thinking about ways
(09:58):
to take that to the next level.
Every point.
Colton Cockerell (10:02):
Yeah, that's really interesting. And I feel
like that's a, that's a modelthat we're probably gonna be
getting into, you know, yearsfrom now is the subscription
styling people prefer to justpay a flat fee every month
versus, you know, a large sumat, you know, one period of
time. So that's actually a veryinteresting way to look at it.
What about this? And that's, andwe, we have to probably have you
back just to speak solely onthat type of model. But I'm
(10:25):
curious because we do havelisteners too. Again, they
haven't filed their taxes. Whatdo you have any tips for anyone?
If they are filing right now?
Maybe they're not using a CPA?
What are some little things thatnuggets that they probably don't
know, because they're notworking with CPA and hopefully
those nuggets will make themrealize, hey, I need to work
with a CPA. Do you have anygolden nuggets?
Ryan Beals (10:43):
Yes, absolutely. So one of the first things, if you
aren't already, you shouldreally consider hiring a
bookkeeper. That is one of theyou know, you hear the thing,
the bill saying garbage ingarbage out, having a bookkeeper
could be one of the easiest, orone of the biggest returns on
value, is having those numbersthis side can help you if you
already had the financials, itshould be able to plug in the
(11:05):
return, especially if you're inthose first couple years. Having
those financials is will makefiling the return easier. And
when you're talking to your CPAhaving those numbers and they
clean numbers in somethingthat's easy to look at. And
comparable. It's I can takethose numbers and run with it
and help you to vote in the bestway possible, instead of trying
(11:27):
to figure out based on you know,just talking to you what you got
going on having those numbers.
That's That's my language. Sohaving the Rosetta Stone, if you
will, the financials is probablythe best step.
Trisha Stetzel (11:39):
So Ryan, oh, we do have some startups or people
who are, you know, leavingcorporate jobs that are opening
businesses to some startups outthere listening to the show? Can
you give us a once over thedifference between a bookkeeper
and a CPA?
Ryan Beals (11:56):
Absolutely. So a bookkeeper is going to be more
in your day to day tracking yourexpenses on a like said everyday
kind of level, as you spend, yougo to Starbucks, you buy
equipment, you'd have all therevenue that's coming in there,
categorizing it into the correctplace, and putting it into a
format that's actually usable towhere people like the business
owner can have somethingcomparable as either to month to
(12:18):
month. That is what a bookkeeperdoes, that's their job is really
the organizer in the CPA is moreof a strategist taking that
information and running with it.
So you're doing this, we reallyneed to do this instead, let's
let's organize the business thisway. If we did it this way, as
opposed to that way you can saveX amount on taxes. So taking
that information and applying itstrategically.
Colton Cockerell (12:45):
And so and that is interesting, because I
think even with you know,speaking with her the CFO a few
weeks ago, Trisha, you know, shealso was very focused on the
accounting, the CPA, thebookkeeper, the CFO. That's very
interesting given there, I likethat they all kind of work
together, they all are kind ofover they entwined. Let me ask
you this, what is it like? AndI've actually never asked any
(13:06):
CPA to surprisingly, but what isit like to work with such a
dysfunctional organization likethe IRS?
Ryan Beals (13:13):
You know, it's one of those things where the IRS
gives laws. And it's, a lot oftimes it's up for
interpretation, because theirinterpretation is so loose, and
they the IRS is stuck between arock and a hard place between
being accessible and beingprecise. And I could imagine
that if you're a lawyer, you'rethought of precise and
(13:37):
accessibility is different fromthe average person. But on top
of that, the IRS, they, they'redealing with the same problems.
We are there working from home,they're trying to figure out
this paper thing. And there'sstories of papers being stored
in the parking lot of storagecontainers and trying to get to
(13:58):
all this information. And therethey have a very large backlog
and it's hard to get ahold ofthem sometimes. So the I saw a
recent recent survey that only20% of the calls the IRS, we're
actually being answered by aperson. And that was the last
couple months. So it if your taxpreparer is trying to get ahold
(14:20):
of the IRS just know they'retrying, but it's hard sometimes
with what we're given.
Trisha Stetzel (14:24):
I read an article called I was sharing
this with Ryan a little bitearlier before the show, I read
an article that the IRS is beingaudited
Colton Cockerell (14:32):
than they should be no i I've done this a
few times with clients. Justkind of like as an added
service. I helped them you know,get an EIN number from from IRS.
Usually a pretty quick process,but there are times on
processing EINs now wheredepending on you know how long
(14:53):
ago you're trying to get number.
It is Unbeliev like It's likemonths, like two months before
you get it. I mean Dependingagain, if you go online versus
doing a paper depending on thecircumstance, but it is insane.
And yes, you're on hold for overan hour just to get a hold some
It's so frustrating. I'm sorry.
We want to keep talking aboutthe IRS. And that's what people
don't talk about. But, man,Ryan, that that was good
(15:14):
information. Again, we, wetalked about the financial
wellness three times out of theyear, three months out of the
year. So we definitely want tohave you back. So I kind of want
to focus solely on the idea of asubscription model, because I
think that's fascinating. Ithink our listeners will be more
intrigued to hear what that'sabout. Trisha, you want to wrap
us up?
Trisha Stetzel (15:32):
Yeah, absolutely. I would love to do
that. And by the way, we need totalk about the next time Ryan
comes back about cryptocurrencyand taxes too, because I know
that's your favorite topic.
Colton Cockerell (15:41):
I was trying to leave, trying to leave it
alone to take leave it alone
Trisha Stetzel (15:45):
today.
Ryan Beals (15:48):
Anything. Yeah.
Ryan, thank
Trisha Stetzel (15:51):
you so much for being on the show today. We
really enjoyed chatting withyou. And for our listeners Tune
in next week for anotherexciting episode of Bridge the
Gap will be focused on financialindependence, right, because
we've got five shows in March,
Colton Cockerell (16:06):
who's our guests next week.
Trisha Stetzel (16:07):
Oh, gosh. I think it just might be Colton
Cockerell. I know. Could youguys imagine? Alright, thanks
again guys, and we'll see younext week.
Colton Cockerell (16:19):
Thanks again for tuning into this week's
podcast. Don't forget tosubscribe and share this podcast
with the most important peoplein your life. Colton Cockerell
with Sharer McKinley Group, LLCis located at 820 South
Friendswood Drive Suite 207Friendswood, Texas 77546 phone
number to 281-992-5698.
Securities and investmentadvisory services offered
through NEXT Financial Group,Inc. member FINRA/SIPC Sharer
McKinley Group is not anaffiliate of NEXT Financial
(16:39):
Group, Inc.
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