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September 15, 2025 26 mins

In this episode, Kimberly dives into how women business owners can take control of their finances and stop overpaying in taxes. She outlines three critical mindset shifts that differentiate wealthy women: viewing taxes as a strategic opportunity, educating themselves to make confident financial decisions, and investing in long-term support. By embodying these shifts, women can transform from being reactive to proactive in their wealth-building journey. Kimberly also introduces actionable strategies like optimizing entity structure, employing children for tax benefits, and using retirement planning to achieve immediate and future savings.

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Connect with Kimberly on Instagram: @kimberlytaracpa


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Episode Transcript

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(00:00):
welcome to Keep More Money, thepodcast for profitable women

(00:03):
business owners who are tired ofoverpaying in taxes and tired of
chasing down their CPA,deferring to someone else for
every financial decision andgetting hit with surprise tax
bills every April.
If you've ever felt like you'llnever truly get on top of your
business finances, this show isfor you.
I'm Kimberly Tara, CPA certifiedtax coach, multi-business owner,

(00:24):
and mom of four Little.
With over a decade of experienceand more than 15 million saved
for my clients in just a fewyears, my mission is to educate
and empower women just like youto keep more of their money,
reduce financial stress, andcreate lasting wealth.
Taxes suck, but they don't haveto hold you back.

(00:45):
I'll show you how to make tagstrategy simple, fun, and easy
to understand.
You've worked hard for yoursuccess.
And now it's time to keep moreof it.
Let's dive in.
Welcome back.
I am so excited for today'sepisode because there comes a
point in your journey.
As a business owner, we're doingokay with.

(01:06):
Money just isn't enough anymore.
You've grown, you're profitable,and you're done reacting.
You don't just want to make moremoney.
You want to keep it, grow it,and use it strategically to
build the life and legacy you'vebeen working toward.
That's the difference betweenstaying stuck and stepping into
the mindset of a wealthy woman.
It's about choosing and learningto think differently because

(01:29):
here's the truth, wealthy women.
They don't see taxes as apunishment.
They don't ignore money becausethey feel intimidated and they
don't chase cheap options orsettle for quick fixes.
They rise above all of that.
Wealthy women flip the script.
They see taxes as anopportunity, not just another
task.

(01:49):
They educate themselves enoughto confidently lead, or at the
very least be in theconversation, and they invest in
the kind of support that freesthem up to.
Build wealth faster with lessstress and a lot more clarity.
And those are the three shiftswe're diving into today.
Because once you start thinkingthe way wealthy women think, you

(02:13):
stop reacting to money and youstart owning it.
So it's time to step into thatnew version of yourself.
Let's break down the threeshifts.
Wealthy women make shift numberone, wealthy women see taxes as
an opportunity, not anothertask.
When you think about taxes,you're probably thinking about
compliance.
That's basically a fancy word.

(02:33):
That means filling out theforms, submitting them on time
to the government and praying.
You don't get audited, butthat's it.
That's the whole system.
Most CPAs and business ownersexist in.
And compliance is important,right?
I'm not saying that you don'tneed to file your tax return
correctly or make sure you meetthe deadlines you do, but

(02:54):
compliance is the bare minimum.
It's the bare bones of what'srequired to check the boxes and
keep the IRS off your back.
Wealthy women see taxesdifferently.
They know taxes aren't just abill to pay.
Taxes are an opportunity, anopportunity for strategy.
Taxes are a tool.
They're one of the most powerfullevers that you can use to build

(03:14):
wealth, and wealthy women refuseto leave that lever untouched.
When you say taxes ascompliance, you only think about
them on or around April 15th.
You only think about the forms,the preparation, getting your
numbers together.
But when you shift yourviewpoint and start to see taxes
as a strategic opportunity, youbegin to ask questions like, how

(03:35):
do I structure my business soI'm not overpaying?
How do I turn everyday expensesinto legitimate business
deductions?
How do I plan ahead so I know mybill in advance and I'm not
blindsided?
That's what wealthy women do.
They don't wait for April to betold what they owe.
They don't wait until Februaryto reach out to their account
and then wait another threeweeks to hear back.

(03:56):
They use the tax code all yearlong to create savings, create
clarity, and therefore havepeace of mind.
Lemme give you some examples ofwhat I mean here by strategic
opportunities.
take entity structure for asecond.
That's the technical way ofsaying how does your business
violates tax return.
You might think being an LLC isenough.

(04:17):
I have an LLC, I'm official, I'mcovered.
But the truth is, if you're asole proprietor, meaning you're
the only owner of the business,you default to filing taxes as a
sole proprietor.
But when your profit grows,filing your LLC taxes as a sole
proprietor could cost youthousands of dollars in
self-employment taxes aloneevery single year.

(04:39):
Wealthy women know that at acertain point it makes sense to
elect to be taxed as an Scorporation.
It's not just a form.
It's a strategic move.
It's the difference betweenhanding over an extra five
figures to the IRS or keepingthat money and using it for your
family, your business, or yourfuture goals.

(05:01):
But wealthy women also know thatit's not advantageous to do this
too soon because it will costyou more in administrative fees
than the tax savings.
Here's another one, the AugustaRule.
If you've never heard of this,the Augusta rule essentially
allows you to rent your home toyour business for up to 14 days

(05:24):
each year.
And the money your business paysyou is completely tax free.
If you're only thinking aboutcompliance after the year has
already ended, you'd never evenknow this existed.
But wealthy women, they're usingthis shift.
They're using this to shiftmoney tax free from their

(05:44):
business into their household.
That's strategy.
Or how about paying your kids?
Most people think of theirchildren as expenses, not
assets, but wealthy women,that's you now know that by
legitimately employing theirkids, legitimately is an
important word there.
In their businesses, having themdo real work appropriate for

(06:04):
their age, that they can shiftincome from their higher tax
bracket into their child's lowertax bracket.
That means money stays in thefamily instead of going to the
IRS.
At the same time, you'reteaching your kids about money,
responsibility, and taxes in away that no classroom ever will.
You're preparing the nextgeneration.
That's legacy building on awhole new level.

(06:27):
Now, let's do that even furtherand go years or decades down the
road and talk about retirementplanning.
When you're only thinking abouttaxes as compliance, you might
say to yourself, I'll deal withretirement later, or, there's no
way I can think aboutcontributing to retirement right
now.

(06:47):
Maybe you just stick money in anIRA.
If you work with a financialadvisor who provides you.
But wealthy women know thatcontributing to a solo 401k or a
EP IRA isn't just about thefuture.
It's also about right now, everydollar you contribute to one of
those types of retirementaccounts lowers your taxable
income this year.

(07:08):
That's a immediate savingscombined with long-term
investing power.
Again, that's strategy.
But wait, what about a Rothretirement account?
Maybe it makes sense for you topay taxes on that income right
now instead of in the future.
The opportunity here is to usewhat's happening in your
business to benefit both now andin the future.

(07:30):
And here's my point with all ofthis.
Wealthy women don't see the taxcode as a punishment.
They see it as an opportunity.
It's not a one size fits all.
It's full of possibilities forbusiness owners like you to take
advantage of.
And while everyone else is justhanding over money blindly
trusting their accountant,wealthy women are asking, what

(07:52):
can I do to keep more of mymoney?
Take Jessica and Cares.
For example, they knew they werestaring down an exorbitant tax
bill at the end of 2024.
Their business had more thandoubled, and they had every
intention of finding a taxstrategist over the summer when
things started picking up well.
Life happens kids, and beforethey knew it, December had

(08:16):
rolled around, how this impactedmy firm and me personally.
This was actually the one thattook me the longest to do, but
it has changed everything in myfirm.
I hired a full-time taxaccountant at the end of 2023 To
do that, I had to take on moreclients by myself and take a pay
cut.
But our firm has grown fromaround 200,000 gross revenue

(08:38):
annually to 800,000 in grossrevenue so far this year, and
it's September right now.
That's less than two years.
And more importantly.
I'm not working the crazy hoursand stressing about always
responding to clients like Iused to.
And as a rule, anytime I want toinvest in something, I simply

(08:58):
say to myself, okay, that's twonew retainer clients that I can
do tax strategy for the thing Iam a freaking genius at and love
doing.
So I can hire the marketingexpert because I would much
rather do tax strategy thanmarketing.
So maybe your first step is, issmall.
It's upgrading from a DIYspreadsheet to a professional

(09:21):
bookkeeper.
Maybe it's scheduling a one-timesession with a tax strategist.
Maybe it's investing in oneprogram or mastermind that helps
you grow your confidence andstarts to opening new doors for
you.
The ripple effect of thosedecisions, those small steps,
when you have better support,you make better decisions.
When you make better decisions,you keep more money.

(09:41):
When you keep more money, youcan reinvest, and when you
reinvest, you grow.
That's how wealth compounds, notjust financially, but mentally,
emotionally, and strategically.
Just like our clients, Ashleyand Elizabeth, who were able to
hire their first team memberafter working with us and
keeping more of their money,they run a successful ad agency

(10:05):
but didn't have enough leftoverafter paying themselves to
support their families.
They needed help as they weregrowing and tax strategy was the
vehicle that gave them the cash,the infusion they needed to get
started with a team member.
Wealthy women know there's adifference between cost and

(10:26):
investment.
A cost strains your resources.
It doesn't give you anythingback, like overpaying in taxes.
An investment multiplies whatyou already have, like investing
in a qualified tax strategist, amastermind, or an in-person
event, and they treat support asone of the most valuable
investments they can make.

(10:46):
So now I want you to imaginethis scenario.
You're laying in bed one nightafter a long but productive day.
You're bundled up in soft PJs ina blanket with your eyes closed
because you've got a hydratingface mask on.
You're about to make a bigdecision in your business.
Maybe it's hiring a new teammember, launching a new offer,
buying a piece of expensiveequipment.
Instead of this decision keepingyou up at night, you're simply

(11:07):
going over in your head all ofthe great advice you've gotten
from your financial team overthe last few days.
You've got a bookkeeper who hasyour financials up to date.
You've got peers in your cornerreminding you that you're not
alone, and you're able to makethat final decision with so much
clarity and confidence, you knowexactly what you need to do.
The next morning you take yourface mask off, read a few pages

(11:30):
of a book and doze off to sleep.
That's the difference.
That's what wealthy women buywith their support systems.
Clarity, confidence, speed andpeace.
And this is what ultimatelyturns your profit into something
more.
If, you know, investing in theright support would give you 10

(11:52):
times the return.
If you, if I handed you a$10bill and you knew the right
support would instantly turnthat into a hundred dollars
bill.
What would stop you from doingit?
Why wouldn't you do it?
Because wealthy women don'tthink in terms of, can I afford
this right now?
They think in terms of, I can'tafford not to do this right now.
And when you start thinking likethat, you will be unstoppable.

(12:15):
So let's recap what we'vecovered.
Shift number one.
Wealthy women see taxes as anopportunity, not just another
task shift.
Number two.
Wealthy women educate themselvesso they can make confident
decisions.
And shift number three, wealthywomen invest in support, not
quick fixes.
Three shifts simple in theory,but when you actually embody

(12:38):
them, they will changeeverything about how you think,
how you decide, and how muchmoney.
You get to keep.
I wanna offer you a reframe.
Money is not something that justhappens to you.
It's not this unpredictablestorm that shows up every April
and wipes out all of your hardwork.
Money is something you can takeownership of.

(13:00):
You can design it, you candirect it, you can architect
with it.
Wealthy women don't fear taxseason and they anticipate it.
They plan ahead for it.
They don't defer all thedecisions to someone else.
They guide it in conversations,they're in it, and they don't
apologize for investing inthemselves and their business
because they know everyinvestment multiplies.

(13:20):
They don't ask a man forpermission, and you can step
into that mindset too.
Wealthy women create the lifethey want.
They don't just wait for it tohappen to them.
It all starts with these threeshifts, one small step at a
time.
So the question I'll leave youwith today is this.
Are you ready to stop reactingto money and start ruling over
it?

(13:40):
Because the moment you choose tosee your business taxes as an
opportunity, choose to educateyourself just enough to lead and
choose to invest in the rightsupport.
You step into a new version ofyourself.
You're no longer just running abusiness.
You're building wealth, you'recreating a legacy.
You're living from a place ofpower instead of panic.
And that is exactly what I wantfor you.

(14:02):
If this episode has yourealizing that you're ready to
stop thinking like everyone elseand start thinking like a
wealthy woman, then you need tobe in the room and make money
moves live.
This event is designed to helpyou make these three shifts in
real time with support.
Over those three days, you won'tjust learn tech strategies,

(14:25):
you'll learn how to see moneydifferently.
How do we anticipate tax season?
Instead of fearing how to stepconfidently into the money
conversations that you should bea part of?
How to finally build the kind ofsupport system that allows you
to keep more of your money whilecreating more time and freedom
for yourself.

(14:46):
You'll leave make money, moveslive with a new way of operating
as a CEO one that's notreactive, but intentional.
A woman who doesn't wait forpermission, but claims her seat
at the table and leads withclarity and power.
So if you're ready to step intothat confident wealthy woman
version of yourself, meet me inCharlotte this October.

(15:10):
Go to terra cpa firm.com/makemoney Moves live, or click the
link in the show notes to grabyour ticket.
This is the room where that veryshift begins.
This is where you belong and youdeserve to be.
As a successful business owner,this is where you get to start
ruling over your money.
like the wealthy woman you arealready becoming.

(15:30):
I hope you enjoyed this episode,and I'll see you next week when
we're going to take it this astep further, talking about the
number one reason you'reoverpaying in taxes.
I'll chat with you then.
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