What Your CPA Wants You to Know
A podcast for entrepreneurs! We are a husband and wife team running our CPA firm together. We know just how difficult it can be to take your business dream to a reality. Our mission for this podcast is to guide, empower, and educate entrepreneurs in an easy-to-understand way! We want business owners to have the information that they need when they need it, AND without the hefty accounting invoices from a CPA! Follow along for practical advice, tips, and tricks from a CPA who knows what it is like to run a business, and strategies to keep your business thriving from an MBA! We will also show you how to run a business while keeping your family and sanity intact along the way! What are you waiting for???
Episodes
The Augusta Rule offers a legal way to transfer money from your business to yourself tax-free by renting your home to your business for up to 14 days per year. This often-overlooked tax strategy allows business owners to deduct the rental expense from their business while receiving tax-free personal income.
• Rent your personal residence to your business for up to 14 days annually without paying personal tax ...
Paying your children through your business is a legitimate and powerful tax strategy that can save you thousands every year!
• Reduce taxes by converting business income into deductible expenses with zero tax impact
• Children earning under $15,000 (2025 standard deduction) pay no income tax and don't need to file returns
• Sole proprietors (Schedule C) and farms (Schedule F) don't pay payro...
Working with a CPA effectively requires understanding both what to do and what to avoid to create a productive professional relationship that benefits your business.
• Be organized when providing documents rather than dropping off unsorted boxes
• Avoid piece-mailing documents and instead provide complete packages when ready
• Consolidate questions and communications to respect your CPA's time
We tackle the critical but often overlooked task of proper bookkeeping for business owners and share how avoiding common mistakes can save you thousands of dollars and countless headaches.
• Bad bookkeeping comes in many forms—from procrastination to incorrect QuickBooks entries
• Cleaning up messy books often costs more than starting from scratch
• Hiring an inexperienced bookkeeper can be more cost...
We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments.
• Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund
• Parents can still claim college students as dependents if providing over half their support
• 1099-NEC income has a mu...
This episode highlights significant upcoming tax changes for 2025 that every business owner should be aware of!
• Discussion of the BOI report saga
• Overview of major tax changes impacting 2025
• Depreciation Changes business owners should plan for.
• Estimated Tax Payments and the new penalties!
Create a STAN Store - Click here to try it out!
Here's where you can find us! Foll...
The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!
• Introduction of the BOI report and its purpose
• Current status, with no legal obligations to file now
• Importance of monitoring updates closely
• Recommendations for proactive filing and seeking clarity
Ever felt like you're sacrificing your family life for business growth? It’s a dilemma many of us face, especially as we navigate the complex demands of 2025. This episode is a reflection on the art of setting boundaries to ensure that our professional ambitions don’t overshadow the important moments with our loved ones. With three active kids, the conversation is about making intentional business choices that al...
Tax season is here and this episode delivers our help to navigate it successfully. We discuss critical deadlines, necessary filings, and how to prepare efficiently for your taxes while avoiding common mistakes. We cover all the questions that have been hitting our inbox this week to help you get 2024 wrapped up and organized to file your tax return!
• Importance of early preparation for tax season
• Key ...
Setting clear goals at the start of a new year is essential for any business's success. We encourage deliberate planning to review past performance, establish actionable goals, and stay aligned as a team throughout the year.
• Reflecting on last year's successes and challenges
• Setting realistic and actionable goals for 2025
• Weekly meetings for team alignment
• Updating and refini...
Please note: There is a temporary pause in enforcement of the BOI Report filing following a significant court ruling this month. Though we do think the BOI report will eventually need to be filed at some point.
This episode walks you through how to file your BOI report on the FINCEN website if you have not yet filed!
Create a STAN Store - Click here to try it out!
Here's where you can find us! Fo...
THROWBACK EPISODE! OLDIE BUT GOODIE :)
If you started a business and didn't file any paperwork, what type of business are you??? Do you know???
The IRS will automatically classify your business as a sole proprietorship and that you will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!
If you filed an L...
Join us as we challenge common tax myths that we hear often from clients. We explain why your CPA doesn't need a collection of every single receipt, thanks to the magic of bank statements, and how the progressive tax system really works.
Listen to this quick 10 minute episode to learn what's true and what's false (& impress your CPA this tax season)!
Create a STAN Store - Click here to try ...
There are SO many things for business owners to do at the end of the year + the first month of the new year! It's a LOT!
This episodes guides you through what you should check off your list before the end of 2024. We help you get organized for tax time and explain what you can do before the year ends to reduce your taxes!
With these actionable insights, equip yourself to minimize tax liabilities...
Confused about transferring money from your business to personal accounts? Whether you run a partnership, S-corp, sole proprietorship, or partnership, we'll guide you through owner distributions and explain why these transfers aren't classified as expenses.
This episode is a must-listen for business owners confused on how to account for owner distributions and how they work! Tune in and empower you...
Are you using QuickBooks or another accounting software? Are you using it correctly?
In this episode we discuss the big issues we see with Quickbooks (mainly user errors) and the biggest bookkeeping mistakes we see often.
With QuickBooks subscription costs on the rise and many client complaints, we have a new tool in the works!
Get excited about our new bookkeeping tool set to launch in early 202...
New tax laws coming in hot. Have you wondered what an unrealized capital gains tax could mean for you? Discover how the proposed tax changes could impact investors, from high-net-worth individuals to everyday people, and why it's crucial to stay informed even if you're not a millionaire.
Join us as we discuss this proposed change and why its not as terrible as it sounds, for now! :)
Curious about the secrets to stress-free potty training and successful business partnerships? Join us as we chat with Sarah Mechling, the brilliant mind behind Tinkle and Toot, a potty training support business for parents.
We discuss the complexities of business partnerships and Sarah's previous experiences. She opens up about the importance of setting up proper legal agreements and the steps new entre...
Ever wondered how to equip your kids with the skills to manage money wisely? In this episode, we share things we do with our kids to teach them about money!
We discuss how guiding your children to save for big-ticket items, like their first car, can instill lasting lessons in planning and patience.
We share practical tips and strategies for integrating financial education into your parenting. This i...
What if you had a personal trainer for your business finances? In this episode, we introduce our Monthly Accounting Plan, designed to help business owners stay ahead of their accounting and tax duties, and budget for accounting services!
This monthly accounting plan is a proactive, year-round CPA service. With consistent monthly consulting calls and annual tax projections, this membership-based service is her...
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