Episode Transcript
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Speaker 1 (00:00):
Also in in 2025 is
putting your vacation on your
calendar, just like you would doif you worked for someone else.
You need to look at the yearand say this is when I'm taking
time off Time off for myself,time off for my family and make
it happen.
Speaker 2 (00:23):
Welcome to what your
CPA Wants you To Know.
Speaker 1 (00:26):
Tax and accounting
help can be expensive, so we've
created this podcast to helpguide you through it all and
make you feel like you have aCPA in your back pocket.
Speaker 2 (00:37):
I'm Carson Sands.
Speaker 1 (00:38):
And I'm Taryn Sands.
Speaker 2 (00:40):
I'm a CPA with over
10 years of experience helping
people start and grow theirbusinesses.
Speaker 1 (00:46):
And I'm an MBA with a
specialization in marketing and
entrepreneurship.
Taxes suck and we want to makesure you don't pay more than
your fair share.
Speaker 2 (00:55):
We're here to share
everything your CPA wants you to
know.
Speaker 1 (00:59):
In a fun and easy to
understand way.
Speaker 2 (01:03):
Let's get started.
Speaker 1 (01:04):
Let's do it.
Hi everyone, I'm back foranother solo episode, which
actually I'm not very excitedabout.
It's still hard for me to dothese solo episodes because it's
just I don't know.
It's just one of those thingsthat is very hard to do.
(01:25):
It sounds a lot easier than itis, trust me, but, as we
mentioned in the previousepisode, it's getting a lot
harder and harder for us tocommit to this podcast, and
that's what this episode is kindof all about today.
It's about not just the tax andbusiness side of running a
(01:45):
business, but the side of thebusiness that often doesn't get
talked about.
Whenever we're just glamorizingthe part of running a business,
like scheduling your own hoursand being your own boss, and
while all of those things arereally great, sometimes the part
of being a business owner thatis really hard doesn't get
(02:08):
talked about.
So that's what this episode isabout.
Today.
I did a little post onInstagram about the ins and outs
for us in 2025 as businessowners, and I think this is
something really great to do.
Even if you're not so keen onsetting like big goals for
yourself or starting the yearwith a new year, new me, there
(02:32):
are still things that you candefinitely talk about and try to
fix in your business, and Ithink that you definitely should
.
Now for us, this needs to be ayear of no.
Now for us, this needs to be ayear of no, and I think we've
brought it up, you know, hereand there on the podcast.
But not only do we own a CPAfirm together, we also have
(02:53):
three little kids and right nowthose kids are busy.
We have multiple sports andbusy nights and all of that, and
that's the season of life thatwe're in and for that reason we
have to make some hard changesin our business and we have to
slow down.
And we've said this for thelast couple of years of.
(03:14):
We've kind of ramped up intothis season, but just being here
with the crazy amount of thingsthat three kids can be going to
or doing, with birthday partiesand sports events and school
events and field trips and funruns and spelling bees and
talent shows, and you get thegist of your parent, there's so
(03:36):
much and we want to be there forthose things.
So we can't do both.
We can't grow this giantbusiness where we're adding
employees all the time andmanaging people, and be there
for all of those things for ourkids.
So our business, that we'vespent a lot of time and energy
and blood, sweat and tearsbuilding for the last few years,
(03:58):
has to be put on the backburner.
And that doesn't mean that we'renot working in our business.
It just means that we're notdoing those big things that we
were doing initially because wehave to carve out so much time
for our family.
Now, time is one thing andwe're all low on time, but
another thing that comes up forus is just energy.
So there's a lot of nights,especially when the kids were
(04:20):
younger, that we would come backto the office after they went
to bed and do more work.
Now we totally could still dothat, but it left us not having
enough energy for the thingsthat really mattered most to us.
And maybe you're thinking thatthat applies to you too.
Maybe you are spending too muchtime and energy on one thing in
(04:43):
your life and you need toswitch to the other.
So for us, we were just findingourselves more grumpy with the
kids because we weren't gettingenough sleep or just enough
downtime, and that's not what weneed for this season of life.
We need to be ready to go andputting our best foot forward
whenever we're spending timewith our kids.
So when we make decisions forthis business, we have to make
(05:04):
sure that we are putting ourfamily values in there too.
So if you have a small business,you know exactly what I'm
talking about.
So I guess this episode is togive you permission to have a no
year too, because if you arealways drowning in your business
, then you need to make somechanges, and there can be a
(05:25):
million things that could fixthat.
But whenever we talk tobusiness owners that are just
I'm always drowning, I'm stilldrowning, and then you talk to
them six months later they'redrowning.
Something has to change.
What is that in your businessthat you can change?
Can you change that by eitherhiring more help?
Can you change that by fixingyour hours?
(05:47):
Can you change that by takingon less work?
What needs to give?
Because, unlike a traditionaljob, you're in charge and you
can dictate change.
So if your hours aren't workingfor you, change them.
If you have a job where you'retrying to work at a specific
time but really you do better inthe mornings, change that.
(06:10):
I've even learned that aboutmyself I do much better and my
stress is much lower if I focuson the work and the emails, like
earlier in the day, as opposedto waiting and getting some
stuff off my plate with, like,the kids and school and all of
that and then getting to work.
It's way less stressful if I doit earlier.
(06:31):
So for me that means getting upat six in the morning.
Sometimes I know personally I'mnot going to do good work and
it's not going to feel good forme if I do that later in the day
or if I stay up late, put thekids to bed and then work.
That just doesn't work for me.
So in for 2025 is getting rid ofthings that are not working in
(06:54):
your business.
Make a list right now.
What is that?
What is not working?
What are you doing?
Time and time again, you'recomplaining about it.
You're are you doing time andtime again, you're complaining
about it.
You're stressing about it timeand time again.
What is that and how can youfix it?
Also in 2025, setting smartgoals.
So make sure when you'resetting those big business goals
, that you're actuallyincorporating your other
(07:16):
priorities.
If it's family, like for us,those business goals need to
reflect your personal goals aswell.
I often have to tell myselfthat the entire reason we
started this business was thatwe wanted to be very active
parents.
We wanted to be there in ourkids' lives.
We didn't want to miss all ofthese years.
(07:38):
We didn't want to miss all ofthe important things in our
lives.
We wanted to pick them up fromschool and be at the field trips
, and if I can't arrange thingsin my business to make that
happen, then what was the pointof even starting this in the
first place?
Also in in 2025 is putting yourvacation on your calendar, just
(08:01):
like you would do if you workedfor someone else.
You need to look at the yearand say this is when I'm taking
time off Time off for myself,time off for my family and make
it happen.
If you don't do it now, it willnever happen.
You have to put it on thecalendar.
We have learned that the hardway and we do this at the
beginning of every single year.
(08:22):
So do that now.
Figure out when you need totake the time off, block off
your schedule, block off yourcalendar and make it happen.
Also in for 2025 is getting upfrom your desk and taking breaks
.
Now, this is something that Itruly struggle with, because
when I get sitting down and getin the zone.
It's hard for me to get up andstretch my legs for a bit, but
(08:44):
you can do it with me.
This year I'm getting up frommy desk and I'm going to go on a
midday walk because, ifanything, I know that's going to
help my stress and I can see iton my aura ring.
That I got for Christmas thatwhen I do not do that, that I
got for Christmas, that when Ido not do that, my stress is
much higher.
(09:05):
So this year it doesn't matter.
I can respond to that emailafter I get back from my walk.
It doesn't have to be for anhour or two 30 minutes getting
outside and stretching my legs.
In 2025, we are going to stressa little bit less about the work
emails and what needs to bedone and take that time in your
day to stretch your legs andhave a little bit of self-care
(09:27):
for you in the middle of the day.
Also, in for 2025 is workingsmarter, not harder.
So limit your distractionswhile you're at work.
I promise you you can get somuch done in a short amount of
time if you're actually focusedon what you're doing and I'm
talking to myself too, not justeveryone else.
So put your phone away and ifthat means you only have four
(09:51):
hours of work, make a list andget it done.
Limit all of your distractions.
Don't be trying to watch TV orlisten to a podcast or do all of
these things when you're tryingto work.
I promise you you can get a lotmore done if you're focused.
So for me, and I'm sure foreveryone, we need to focus on
(10:14):
being productive in the hoursthat we have available and
limiting all distractions.
So all of those things are infor 2025.
But what is out for 2025?
What no longer works for us in2025 and we're not bringing with
us this year.
So number one is setting goalsand forgetting about them.
So we just talked about all ofthose things that we're going to
(10:35):
do.
You do have to have a way toremember and focus on the things
that you're trying to changeand the positive actions you're
taking.
Focus on the things that you'retrying to change and the
positive actions you're taking.
So if you didn't listen, a fewepisodes ago we went over like
how we do our goals and how westick to them through the year.
So if that's you and you havesome goals, or you're listening
to this and you're making some.
(10:55):
Now write those on the calendarso that you can go and look at
them quarterly.
That way, if you fall off thehorse, you can get back on and
over and over again.
Sometimes I think that is oneof the best superpowers you
could have is starting over,because it's fine, if you mess
up, you're likely going to andjust get back up and do it again
(11:17):
.
It doesn't have to be nextMonday.
If you can learn the superpowerof starting over time and time
again when things pop up a kidgets sick, you get sick, or
things just pop up out of theblue If you can learn to just
start over, no matter what haspopped up, that is a huge
superpower.
(11:37):
Now, this is a little bit abouttaxes, as episode two even
though I said it wasn't, butalso out for 2025 is not setting
aside a portion of profits fortaxes.
So if you keep getting yourselfinto this predicament every
year where your CPA says, okay,you owe $25,000 and you're
surprised, let's change thatthis year, because you should be
(12:02):
setting aside profits eitherweekly or monthly or whatever
works best for you, so that youknow you have enough set aside
to pay your taxes.
So many business owners getinto this really, really bad
rhythm and after a few years,it's not surprising.
After the first, second year,we get it.
(12:24):
We understand it is a bigadjustment, but after that it's
on you.
Make sure that you're puttingit in your calendar.
However, you need to do it tomake sure you're setting aside
money to pay your taxes ifyou're self-employed.
Also, in 2025, what is out isworking absolute crazy hours.
Now, there's a time and placefor that and it can't be every
(12:48):
single year of your life.
You started a business, yes,but it doesn't have to dictate
your life.
If it is taking more time thana traditional job that you would
have, why are you even doing it?
You are the boss, you are incontrol of your schedule.
So, in 2025, working crazyhours is out, and I speak from
(13:09):
experience.
I know that's hard to changebecause we were in the grind
schedule for years, workingevery single minute that was
available to us.
If Carson had the kids, I wasworking.
If I woke up early, I wasworking.
If the kids went to bed IfCarson had the kids, I was
working.
If I woke up early, I wasworking.
If the kids went to bed, I wasworking.
If the kids were playing, I wasworking, and that's okay for a
while, but you cannot sustainthat for a very long time.
(13:32):
So if you found yourself in arut like that in your business,
this is your sign to change it,your year to change it and turn
over a new leaf.
Business ownership does nothave to be a pair of handcuffs,
and you are the one that canchange that.
Change can be hard, but you'rethe one that's in control of the
(13:53):
amount of work you take on andthe number of hours you're
putting in each day.
If you are no longer in thosehustle years the first years of
your business and you're workingthese crazy hours and this
resonates with you here is alittle reminder that it's time
to change, that.
It's time to make some harddecisions and make sure that
(14:14):
you're not only working for yourbusiness, but your business is
working for you.
So that's what's in for 2025.
And that's what's out for 2025.
So that's what's in for 2025.
And that's what's out for 2025.
I know this was a little bit ofa different episode, but I
thought this would be helpful tosome new business owners.
I know it's helpful to givemyself some of these pep talks,
(14:35):
sometimes too.
So if you liked this episode, Iwould really appreciate you
share it with someone else, orif you haven't already.
We love some reviews and wehaven't had any in a while.
So come on, guys, we need somemore reviews.
Hopefully you will be hearingsome more from us this tax
season.
We're still trying to figureout how to say yes or no to this
(14:56):
podcast and where our time isbest spent.
So until next time.
Thank you so much for listeningto what your CPA Wants you To
Know.
Podcast.
Speaker 2 (15:13):
This podcast is
intended to provide accounting
and tax information foreducational purposes only.
All tax situations are uniqueand should be handled with the
assistance of a tax professional.