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
Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.
• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your ta...
The Social Security Fairness Act eliminates the unfair Windfall Elimination Provision that prevented public service workers from receiving their full Social Security benefits despite paying into the system.
• Nearly 2 million Americans including teachers, firefighters, and public sector employees can now receive previously reduced or denied benefits
• Workers who already receive some benefits will automat...
Dr. Amanda Thompson shares her experience with the monthly accounting membership program and how it has transformed her business finance management from chaotic Excel spreadsheets to organized QuickBooks mastery.
• Starting a business without business education background creates financial management challenges
• Excel spreadsheets work initially but become problematic as businesses grow
• Computer cr...
We created our monthly accounting plan to solve the recurring problem of clients coming to us at tax time with messy books and missing tax-saving opportunities, and after nine months with our beta group, we're sharing how it's working and opening up a few more spots.
• Our monthly accounting plan provides accountability and real-time bookkeeping support, like having a personal trainer for your finan...
We celebrate our 100th episode by giving listeners a behind-the-scenes look at our podcast journey, from inception to production challenges to our biggest wins.
• Started the podcast in January 2023 to help people we couldn't take on as clients
• Purchased a podcast course for $150 which provided crucial guidance on equipment, hosting, and editing
• Recording during tax season was challenging but...
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...
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