March 13, 2025 • 39 mins
Got a question? Send me a text.
Do you feel overwhelmed when it comes to your taxes?
In this episode, I sit down with Tanya Akimenko, founder of Golden Apple Agency, to discuss the essentials of taxes, bookkeeping, and how entrepreneurs can develop a healthier relationship with their finances. Tanya, along with her team of finance experts, helps business owners understand taxes, gain financial clarity, and stay audit-ready through smart tax strategies and best practice bookkeeping-empowering them to make better financial decisions for their businesses
Key topics mentioned in this episode:
- CPA vs. Enrolled Agent: What's the Difference?
- Top Questions to Ask Before You Hire an Accountant
- How to Find the Right Accountant When You "Don’t Know What You Don’t Know"
- Business Entity Structures and Tax Implications
Resources Mentioned:
- Golden Apple Agency: (https://www.goldenappleagencyinc.com)
- Tanya's Tax Deduction Cheat Sheet (https://www.goldenappleagencyinc.com/cheatsheet)
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➡️ Join here: https://www.facebook.com/groups/941450038160915
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Curious what your Human Design chart reveals about how you're uniquely designed to make aligned financial decisions?
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Step 3: Ready to transform your relationship with money and build true financial confidence?
Let’s create a plan that feels aligned, intentional, and empowering—just for you.
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From my soul to yours,
Erin
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Erin Gray (00:00):
Do you feel overwhelmed when it comes to
taxes?
Are you tired of avoiding yourbooks like the plague?
I want to say that you aren'tthe only one.
This week on the podcast, Iinvited Tanya Akimenko, founder
of Golden Apple Agency, to sharewhat she experiences with her
clients and their businesses.
Tanya leads a team of businessfinance experts dedicated to
(00:24):
helping entrepreneurs understandtaxes, achieve financial
clarity and stay audit readythrough smart tax strategies and
best practice bookkeeping,empowering them to make better
financial decisions for theirbusinesses.
Can I get a yes, please?
We need more of her in theworld.
We discuss what's the differencebetween a CPA and an enrolled
(00:45):
agent the top three things.
You need to be asking anaccountant before you hire them
how to make taxes andbookkeeping more fun, because
you know me, I believe thatmoney and taxes and business
could be more fun.
Do you want to create a systemto stop avoiding your money?
Maybe you're feeling guilt andshame when it comes to finances.
(01:07):
Welcome to your Money, yourRules.
I'm Erin, a former certifiedfinancial planner and CFO, and
yet I used to avoid my money andhad fear, no matter how much we
had.
I can't wait to teach you how Iovercame my money avoidance and
started consistently managingmy finances in a really simple
way.
It's time to get comfortablewith money Before we get started
(01:29):
.
If you're ready to go deeperinto transforming your
relationship with money, to stopavoiding it, to start managing
it and really create a financialplan that actually feels
aligned for you and your family,with your values, let's work
together one-on-one.
You can schedule a call with meat generatealifewelllivedcom.
(01:50):
Click on the link work with meand then support and mentoring.
Schedule a call and we can makemoney work for you versus
feeling like it's workingagainst you.
Thank you everyone for beinghere and, tanya, thank you for
coming on and sharing yourknowledge with us.
Tanya Akimenko (02:06):
Thanks for having me Okay.
Erin Gray (02:08):
So let's talk a little bit about what is the
difference between a CPA and anenrolled agent.
Tanya Akimenko (02:17):
Well, a CPA was what everyone knows.
It's the more traditional.
The CPAs are licensed at thestate level, so the state that
they're in is the one whomonitors their education,
monitors their licensing andthings like that.
But an enrolled agent islicensed on the federal level,
so the IRS actually monitorstheir education, makes sure all
(02:40):
of their education is abouttaxes and basically a CPA most
likely works within just thatstate.
They could be working in likenext door states, but they work
within their state, versus anenrolled agent works with any
state because every staterecognizes the enrolled agent
(03:01):
but not each other as a CPA.
Erin Gray (03:04):
So with a CPA they typically go to school like four
years and then they sit fortheir CPA exam and maybe they
have to have time in motion.
What is it like for an enrolledagent?
Tanya Akimenko (03:14):
So pretty much the same thing.
You just sit in for a differenttest.
Erin Gray (03:18):
Okay.
Tanya Akimenko (03:18):
And then you don't have to have working under
another CPA, so that's out.
But you pretty much sit in forthe same test, the CPAs test.
They'll have like two or threequestions about taxes.
Most of their tests focuses onthe general accounting accepted
principles versus the EA.
(03:40):
All of their questions is taxbasis and about taxes.
Erin Gray (03:45):
Okay.
So if you're looking for anaccountant because this has been
so many women have said this tome is that they either have not
been pleased with theiraccountant that's probably been
the or they can't find one thatthey really like and enjoy
working with.
And so what would you suggest?
(04:07):
If you're going to look for anaccountant, what are some
questions to ask them?
And, like what you have seenworking with clients that have
come to you, what would be someof your suggestions to ask them?
Ask the accountant that you'reworking with and you know to
support you in your business.
Tanya Akimenko (04:26):
Yeah.
So I think even with me, likewhen new accountant, when new
clients come in, I do ask themwhat they liked and what they
didn't like about working withtheir previous account and
honestly, the number onecomplaint I get is the
communication part is and Iunderstand from the accountant's
perspective, because we have somany taxes, especially during
(04:48):
tax season, it is hard for us tocall back everybody.
You know in one day like wewould literally not do get any
work done.
But I think the most importantpart is set up the know, the
expectations of how youcommunicate.
Is it through their clientportal, is it by emails Like
what's the best way to reachyour accountant and what's the
(05:10):
expectancy Like?
For example, during the non-taxseason time we usually get back
to you within one or twobusiness days.
However, during the taxes it'smore like three to five, and
that's just.
You know just because of taxes.
So know what the expectancy isand based on what services
you're getting a lot of times.
(05:30):
So this is the second one.
So the first time iscommunication expectation.
The second one is what servicesam I actually receiving?
Because you go in there youdon't even know what you need or
you assume your accountant isdoing it.
But unless you have like anengagement letter which is
really just a contract betweenthe two of you, you need to know
(05:51):
what services you're receiving,because a lot of times people
are like, oh, I thought myaccountant did it, but they
didn't do this.
Well, that wasn't part of theagreement.
And a lot of times people justsign up with an accountant most
of the time because it's taxseason and they need to get
their taxes done, so they're notreally looking into what all
the services are actually beingprovided.
And I think as long as theaccountant has some general
(06:16):
knowledge of your industrybecause each industry works a
little different and if someonedoes not know your industry,
it's kind of it's going to beharder for you to work with
them- yeah.
Erin Gray (06:28):
Okay, I want to go back to the second point of,
because a lot of women have alsotold me like I don't know what
I don't know, so how do you evenknow the questions?
I mean, I think business is alot of learning by doing and
messing up, or you know,learning from from our
experience.
But like how can we, if wedon't know what are the
(06:51):
questions that we would even askyour potential accountant that
they do or don't do, because youdon't even know what is
required or what your previous,if you're not aware of what your
previous accountant is doing,how do you, how do you start
there and ask like I don't evenknow what I don't know?
Tanya Akimenko (07:09):
Yeah.
So that's actually reallysimple, because you don't know
what to even ask for.
You just say what are the 10most important things that a
business owner needs to be doing?
What?
do I need to be doing and that'sactually I'm going gonna say
99% of my initial consultationsis the is the business owner.
They're like what do I need todo?
(07:30):
Give me, give it to me inlayman's terms so I know step
one, step two, step three andyou know all the way to step 10
or 20, whatever.
So that's really the questionthat you need to ask what is it
that I need to do as a businessowner and a good tax account or
a good accountant in general whoworks with business owners,
because a lot of people focus onpersonal.
(07:51):
You also want, if you own abusiness, find someone who
focuses on business clients,because those are two different
aspects of each one.
So a good accountant will beeasily able to tell you all the
steps in one second.
You have to research them.
Erin Gray (08:08):
Um, and then with the um, you and I talked about this
before, about how we make moneyemotional, and so you made the
comment like, okay, well, a lotof people look for accountant
during tax season, which, ladies, if you're doing this, no shame
.
And also like, let's back it upa bit, like you want to be
looking for an accountant, likein July or something like that,
(08:31):
to give yourself time tointerview several people, to
really I call it like ride yourway to like, feel into like who
do you actually jive with andthen that way you can get
started.
Versus taxes are due dependingon what class you're in, you
know, either March 15th or youknow, but you know having that,
(08:55):
having that relationship withyour, your business, your books,
your money and a lot of timeswomen avoid that and also
understanding, is your person atax prep person or do they
actually help you plan?
So can you dive into that alittle bit as well?
Tanya Akimenko (09:16):
Yes.
So a lot of people and like alot of our education is so
focused on compliance that whenwe start our own businesses and
this goes for everyone EAs, cpas, just a regular account without
any letters behind their name.
They were so trained andfocused on being compliant and
that's like recording thehistory that not very many
(09:38):
people are like hey, what can wedo different to save taxes, to
save money on taxes, to makesure the business is actually
profitable and things like that.
So when you're hiring anaccountant and you're right, you
do need to make sure you haveenough time at least have a
conversation, maybe notspecifically the accountant, but
(09:59):
at least an admin that doestheir communication, so you get
a sense of what it's like towork with that office.
Because a lot of times to talkto an accountant you do need to
pay a consultation fee, so justwhich might be worth it.
Erin Gray (10:11):
I say I vote for paying the consultation fee for
everyone listening.
It's worth it, you know,because it's you are right, I do
think, if you're okay with mechiming in here, I do think it's
super important is like paythat, because number one working
with like you're building yourbusiness or growing your
business and you want to grow itwith someone that you enjoy and
I truly believe in paying forpeople.
(10:33):
When I say smarter than us, Idon't I just mean that they've
got more um years of wisdom intheir expertise, and taxes is
one of those things.
So surround yourself withpeople that are wise in their
industries.
I think it will like reward you10, a hundred fold.
Tanya Akimenko (10:54):
Yeah.
But also you get to discover alot of things in the
consultation like this you know,get your, first of all, get
your questions answered, butalso really see if the
accountant is able to answerthem on the spot for you.
And this comes into play ifthey know your industry and they
don't have to say, well, I'mnot sure I need to check, and
(11:15):
tax laws change.
Sometimes we do need to say I'mnot sure I need to double check
because literally tax lawschange every year, so we do have
to keep up to date.
But, like what I do forconsultations is I give them
credit on their next invoice, sothe consultation comes out to
be free.
But you're right, I would agreewith you A consultation is
(11:36):
important.
Erin Gray (11:38):
Yeah, it really is there.
There was when I used to, youknow, work in my family's
construction business, our CPA.
She ended up leaving and goingworking for like a major
electrical contractor, so we hadto get another one,
no-transcript.
One of the things that I had toask was are you going to be the
(11:59):
person that's actually workingwith our taxes or are you going
to have someone that's, when Isay, younger, newer in the
business doing the taxes, whichis fine, and also, like I think
those are questions to know andunderstand, because if I'm
paying the rate and you'rehaving someone else do it and
I'm having to teach them, Idon't know if I necessarily
(12:22):
agree with that.
So, really, you know, askingsome of those questions like
who's going to be looking at mytax return?
Who's going to be doing it?
Who's my point of contactperson, just deep diving some of
those asking some of thosequestions because I mean,
ideally you would want to workwith someone for an extended
period of time in your businessand grow with them and knowing
(12:44):
how they run their practice, howthey are, and, like Tanya
saying, you know, like, can theyanswer the questions?
Because an accountant, justbecause they've passed the exam
doesn't mean they have hadexperience in your industry and
that also can cost you I guessis a way to say it right If they
aren't aware.
That's true, yeah.
Tanya Akimenko (13:05):
And actually it's a good thing that you
brought that up is to ask am Iactually going to be working
with you?
Because a lot of times like,for example, I'm just going to
talk about me, like I obviouslyown my own tax agency but I have
10 accountants who work underme and then I review their work
constantly, so I don'tcommunicate with clients.
(13:26):
They're not my point of contactbecause I'm overseeing my 10
accountants who are doing, buteach accountant I focus on
specializing in a particularindustry.
So when we get a new client,the initial consultation is
always with me, so I know who tobest fit them with.
As far as, like, the dailycommunication, because in
(13:47):
reality it can't be just oneperson you know, so their direct
accountant is the one that'sreviewing.
That's constant communicationand things like that.
But then if I need to step in,I'm always available and I'm
reviewing overall their work.
Erin Gray (14:01):
Yeah.
Tanya Akimenko (14:02):
So ask the question am I going to be
working with you?
Or the other question is likewhere are you outsourcing this
to India?
Erin Gray (14:10):
That is very, that's a very good one too, because my
previous CPA I got a letter.
This was in 2024.
I got a letter and he said itwasn't even a phone call, which,
okay, I don't expect you tocall and also like here we go
back to like where's therelationship, you know?
And yeah, it was basically signthis form, we're outsourcing
and I was like I am not signingthis form and I am not working
(14:30):
with you anymore.
Thank you very much.
Tanya Akimenko (14:32):
You know, um and I'm against outsourcing because
that's like your personalinformation, that's like social
security.
Birthdays, I mean bank accounts, everything.
So for me everything's in house.
Yeah.
Erin Gray (14:47):
Yes, I think.
Also too, do you think thatthere are accountants that are
and I know we're speculating,but just to allow the listener
to understand the reason whythey're so busy is because
they're just doing taxes, whichis almost kind of like a I don't
want to say a churn and burn,but it is.
I mean, you have to do so manytaxes to create a certain amount
(15:10):
of income versus having more.
Like, what you do is thatholistic planning that yes,
you're doing taxes, but you'realso providing financial advice
throughout the year.
So you're maybe not having andyou have obviously 10 other
people to help, but you're nothaving them to have that
pressure of doing so many taxreturns because you actually
(15:32):
have more of a differentbusiness model.
Tanya Akimenko (15:35):
That's actually true because we do focus more on
a relationship with thecustomer versus people who just
do tax prep and they'll hirelike part time assistants and
things like that through youknow per tax year, where your
file might be done by just anassistant, you know, but the tax
account reviews it with you orwhatever.
So yes, I think most taxpreparation businesses just
(16:00):
focus on taxes.
A lot of times they say theydon't do the bookkeeping, you
have to find someone else.
But we do both bookkeeping andtaxes because they kind of go
hand in hand.
And back to the planning likeour bookkeeping clients, we
actually sit down and reviewwhat their plan is for taxes
coming in the upcoming year.
Erin Gray (16:20):
So like that's our summer.
We do tax planning during oursummer.
I love that and I love that yousaid bookkeeping because I I am
consider myself self-taught inQuickBooks, like I learned by
fire hose, um, and diving intofranchise tax and just so many
things, and there were timeswhere I had questions around
(16:41):
book, specific QuickBooksquestions, and I would ask our
accountant and she wouldn't.
She's like I don't, I don'tknow, and so that I think that's
another fallacy that peoplethink that your accountant knows
bookkeeping and that's notnecessarily the case, right?
Tanya Akimenko (16:56):
That is correct.
That's not necessarily the caseright, that is correct.
Erin Gray (17:02):
That's not necessarily the case.
And so you know, finding eitherhaving, like what Tanya does,
finding someone that does thebookkeeping for you and also
your taxes and planning, taxplanning, or finding a really
good bookkeeper and then finding, you know, someone that does
the tax planning, because Ithink QuickBooks is an entirely
different language and I thinkwhen you're starting out,
(17:25):
sometimes, I mean sometimes I'mjust like, keep it simple.
As you grow, yes, do theQuickBooks and depending on what
grow equals right, but, like,for some people, it's just like,
just get your Excel spreadsheetset up and just do that on a
consistent basis.
And Tanya's laughing at me forthose of you listening.
But Tanya's laughing because Ithink we, what we're trying to
(17:46):
really do is build the habit.
Right, we're building, we'rebuilding the habit of and and
I've heard this from so manyCPAs and I'm like what are you
joking with me?
But they're not.
They're like my clients willcome in with a shoe box of like
receipts or like, and I'm like,no, you're kidding.
And they're like, no, we're not.
And so I would rather someonejust have an Excel sheet.
Even though it's not fancy, atleast you've got income expenses
(18:08):
, where stuff went, so that youcan actually sit down and do
this, versus try to doQuickBooks and then you don't
stay with it and you, you'restill where you are when you got
started you don't stay with itand you, you're still where you
are when you got started.
Tanya Akimenko (18:23):
yeah, and I'm gonna just add to that
quickbooks, um, you know peoplestart with good intentions, yes,
but it can get hard and thenyou pull a report and nothing
matches because yourtransactions are not categorized
correctly and then they give up.
But quickbooks is also,especially when you're starting
out.
It could be an expensiveexpense that you don't really
need.
I was laughing at spreadsheetsbecause I love spreadsheets and
(18:46):
I honestly think that everyoneshould start out with a
spreadsheet.
Erin Gray (18:49):
It's, you know, the easiest to use and it helps you
build habits of, you know, doingyour books, designating some
time to get it done, and yeah, Ilove that you said I love
spreadsheets, because one of thethings that I told Tanya before
we hit record I was like howcan we make this more fun for
people?
Because obviously the work I dois with women and like how they
(19:10):
feel about money and one of thethings that they will say is
like I just need a system.
And I'm like, yes, and there'splenty of systems already out
there.
The reason why you're not usingthe system is because how you
feel when you either look atyour numbers or just around
money or what taxes mean, and sohow, how do you suggest we make
(19:32):
taxes more fun?
I mean, it's obviously how wethink and feel, but like what
are some suggestions that youmight have?
Tanya Akimenko (19:39):
I said, I'm going to have to agree with you
on the whole emotional part.
I've seen like I've been doingthis for 20 years and I've got
to say that every financialdecision is an emotional
decision.
So, no matter what the logic isbehind it, everything is back
to that emotional state.
And how do you make it fun?
(19:59):
I think it really depends onlike more of your personality.
But what I've noticed, that is,if you set a ridiculous goal
for yourself, like way out there, so unattainable, so ridiculous
, you know, and then you're like, well, how much can I actually
achieve of it?
You know, not necessarilyknowing that you'll achieve it,
but more of like, well, what if?
(20:21):
Well, it's not going to work ifI don't try it, but what?
Erin Gray (20:23):
if yeah, it's like the releasing the pressure I
think there's already so muchpressure that we put on
ourselves when we start abusiness.
And versus like, let's justlike, I always just say like
fuck it, let's just see whathappens Right.
Versus it has to like I have tomake this, this amount.
(20:47):
I mean I like the way Tanya'sthinking of like what if it?
If it shuts you down and itreally like rattles your nervous
system?
Okay, well then check back inwith your body.
But like what if it could belike that?
Like what, what would I try?
I think that's where the lidgets to come off and the
creativity can be like well,what would I try if that's what
(21:09):
I was going to do?
In terms of like taxes, do yousee people avoiding doing taxes
because of their relationshipwith money and I guess the word
tat like we've.
I think as a society we've madetaxes not a fun thing.
Versus like look at how farI've come.
Like it's just numbers, it'sliterally math and we get to be
like look at how far I've come,look at how I've grown, look
(21:30):
what I've learned.
Tanya Akimenko (21:34):
Yeah.
So the whole thing about taxesis, I always say taxes, no
matter where you live.
It's a subscription you paidfor the country you live in.
It's a privilege?
Yeah, it is a privilege, andyou know, of course every
country has its issues, but Istill think the US is still the
best, you know.
Still, with all of our issues,it's still the best.
Yeah, so if I think the most,the reason why most people are
(21:59):
scared of taxes is because,simply, they don't know.
They don't know how much moneythey made, they don't know how
much taxes they owe.
They're not prepared and a lotof times they'll file an
extension just because theydon't want to deal with it.
And I have so many customerswho are calling after the
extension is up.
Can I get a second extension?
No, there's no extension.
(22:20):
So a lot of people just don'twant to deal with it, and I
think it's because we make itcomplicated for ourselves.
Hence the spreadsheet.
What's my income and expenses?
You know, use two differentspreadsheets, so you're only
using two columns instead of.
You know, multiple columns,multiple calculations, use
(22:44):
multiple spreadsheets, if that'swhat makes it easier for you To
actually want to do it, whetherthat be setting up a time once
a week, once a month.
You know the you do it once aweek, it's going to take shorter
amount of time.
If you're doing once a monthlonger, you're doing it once a
year, it's going to take days.
(23:05):
And that's where the anxietycomes in.
The emotional draining comes inis because you're like, oh my
gosh, I have to sit down and domath for the next three days to
see where I'm at.
Erin Gray (23:19):
Yeah, I always say like money dates, and I and I
mean this goes back to like youmay not get, you may not go from
avoiding your money, to be likelet me grab my favorite latte
and sit down and do my numbers,okay, so that it doesn't happen
overnight like that.
But I do recommend more oftenin the beginning because of a
(23:39):
couple reasons.
One, you're building up thehabit of like you're the CEO
that sits down and looks at hernumbers and numbers are
important to her and running herbusiness.
And two, like what Tanya issaying, the more you do it, it
takes 30 minutes to look at yournumbers every week, as opposed
to I'm three months behind and Ihave to.
It's like the dread, right.
(23:59):
It's like and I would alwaysget curious of like the
procrastination is resistanceand it's like showing you like
what am I, what am I afraid oflooking at.
So if we could look at it froma compassionate and curiosity
lens versus a judgment of like,here I am again.
I'm not doing it, which a lotof women do, I think, right,
like so much shame and guilt oflike, here we are again.
(24:21):
Why didn't you?
You know, you said you weren'tgoing to do this and here you
are.
It's like you know what.
That's what happens until webecome the person that just sits
down and looks at our books.
I wanted to ask do you have alot of clients that wait till
the very end?
Because I think this is reallyimportant, because there's a lot
of women that don't share thisand I think there's a lot of
(24:42):
women that experience this.
Tanya Akimenko (24:44):
You know what Actually I do and they do feel
guilty.
You know they would come overand they're like sometimes I
have.
So I deal with IRS issues too.
So we do a lot of IRSresolution cases, meaning like
they own money or they haven'tfiled their taxes and I've had
like grown adults cry becausethey haven't.
They couldn't force themselvesto sit down and do their taxes
(25:06):
and it's been like 10 years.
You know.
Now they can't buy a house,they can't really put their kids
through college, nothingbecause of all those unfiled
taxes.
And what I think the emotionalpart comes in is like we really
should just be nice to ourselves.
Yeah, imagine the stuff we sayto ourselves.
We say to somebody else, likethat'd be ridiculous.
(25:27):
So we really should just benice to ourselves and give
ourselves that grace and like,hey, it's okay.
Well, we're here now and let'sfocus on the now and let's get
it done.
And that's what I tell mycustomers who haven't filed
their taxes or like super late,or calling you know 10 days or a
day before the extension is due, asking for a second extension.
Guys, it's okay, what do youhave now?
(25:49):
Let's focus on the now.
Let's get it done as much as wecan now you know.
But yeah, definitely be nice toyourself.
No shame.
Erin Gray (25:59):
There's a lot of women that do that and I mean, I
used to my story with money wasdifferent, in the sense of like
I I mean I think also to ourrelationship with money is just
a mirror of our relationshipwith ourselves.
Um, you know, I used to alwaysthink like whatever we were
saving and having, it wasn'tenough.
It was always needed to be more.
(26:19):
It was, it was all around thislike not good enough, um, and so
I would avoid our money andlooking at stuff because I was
like it's not, it's never.
You know, it would be stressfulto me because I would think
it's not enough, you know.
And so we have a lot of,there's a lot of women that have
shame and guilt.
Like that is probably thenumber one.
Two, and then fear is probablythe third emotion that they feel
(26:42):
when it comes to money.
Tanya Akimenko (26:45):
And fear comes from not knowing.
Yes, because you're not, you'renot wanting to look, you know.
And then then you have the fearlike, oh well, I don't know.
Erin Gray (26:54):
Yeah.
So I mean without givinginformation about your clients.
I mean, is this, is thissomething that happens with
women in their business who arejust starting out, and they've
been in business for 10 plusyears?
Do you see, like it it?
It doesn't have a an age ofbusiness that does not?
Tanya Akimenko (27:13):
right, yeah, yeah, it happens like at any
time and sometimes you mighthave a good year and you're okay
, but then you know we can'tkeep our business separate from
our personal life and somethingcould happen on the personal
side that will affect you onyour business and how you deal
with money and things like that.
And again you just have to, youreally have to just be nice to
(27:33):
yourself and allow yourselfspace, so like, if something
personally does happen, we'llallow yourself, you know, the
space to not do it because youcan't.
And then you know, come back towhen you can schedule it.
I always schedule things andI'm like, okay, I'll think about
this later.
And then when all thesethoughts creep in, I'm like, no,
no, no, I have it on myschedule to think about it later
(27:55):
.
Erin Gray (27:55):
I love that because that's for me.
That's like my mind constantlygoes, and so I've just started
to put things on my calendar andwhen my mind like goes crazy,
I'm like, no, no, like exactlywhat you're saying.
It's on the calendar, we'regoing to look at it when it's
you know when the bell rings forit to come up there.
I love that trick.
Yeah so, and I also say puttingputting your book, sitting down
(28:21):
with yourself as the CEO, onyour calendar, because then you
get to get curious what did yourbrain tell you was more
important than sitting down withyour numbers, or what were you
feeling that you were avoidingsitting down and looking at your
numbers?
And then that's, that's likewhat Tanya saying, like being
nice to yourself, like we canmake change.
I used to be like beat myselfup to make change, but now I'm
(28:43):
like, okay, be compassionate tomake change, and it just there's
no right way, right, it's justit feels better in the body when
I'm like, hey Aaron, what'sgoing on here?
Versus why didn't you do this?
You said you were going to, andjust you know, berate myself.
Tanya Akimenko (29:03):
Yeah, but this way you can also learn your own
patterns.
You know, yeah, so like one ofmy things I do more work, better
work, faster work in themorning, so in the evening I'm
just done.
Like you can't convince me todo anything.
You know so, and then, if youput it on your calendar, you
will recognize the pattern.
Erin Gray (29:18):
Yes, absolutely yeah, and when you like to work,
that's really good Cause I liketo do it either Mondays or
Fridays.
It typically is it's always onMondays, but sometimes I do it
on Fridays and that's just whenI like to do it and it feels
good.
And I grabbed my favorite teaand I sit down and I take a look
, see and um.
And I wanted to ask you too,because a lot of women say I
don't know what I don't knowwhich we already talked about
(29:39):
and also, what can I write off?
And by write off, what I thinkthey mean is what can I expense,
or what expense can I use tolessen my income?
Tanya Akimenko (29:50):
Yeah.
So that's actually a very, veryquestion that gets brought up
all the time, especially peoplewho just start a business.
Like I can't tell you how manypeople sat across from me and
they're like, oh yeah, I startedmy business and I got this much
income.
I'm like, okay, what are yourexpenses?
And they're like, oh, I didn'thave any business expenses.
And I'm like, no, no, no, youhad a business, you have
(30:12):
business expenses.
And a lot of times people justfocus so much or they're scared
of the IRS.
Oh, IRS is going to come afterme.
That's the other fear.
But in reality that's not thecase.
You know, you do havelegitimate business expenses,
even though you might thinkthat's not really a business
expense, and actually put a listtogether and kind of like
(30:35):
included in out of the box,thinking there's just 10 of them
, although that's not all thebusiness expenses, but it kind
of gives you an idea of what canbe tax deductible and kind of
opens your mind to it.
Erin Gray (30:47):
Okay, we'll put that in the show notes.
And that is a fear for a lot ofwomen as well, and I think that
that is done on purpose withour government.
I think a lot of I'm so outsidethe box, like the way I think
you know with like, why are theyactually doing this?
And I think you know people,people will make change because,
(31:09):
like fear is a bigger motivatorthan you know desire and
expansion, and there's been alot of women that have said that
to me, like I'm like what, whatare you afraid of?
And it's like I'm afraid ofbeing audited by the IRS and and
it's almost like this big,scary monster.
That's like you know, like whenyou were little and we thought
(31:32):
that something lived underneathour bed or in our closet and we
just didn't ever look at it andso it just kept getting bigger
and bigger and bigger, and thenfinally we were like, okay, you
know, mom or dad come in herewith me and like, okay, there's
nothing underneath there.
I think that that's the waythat we think about money.
I think that's the way we thinkabout taxes, the IRS, until
it's like, oh, okay, going backto what Tanya said is like the
knowledge part understanding andalso I always think like we can
(31:56):
always find someone to help uswith whatever we're working
through Right.
Like so, let's say, you do getaudited, okay, we can find
someone that can help us.
Tanya Akimenko (32:06):
Like there's always a solution for something
because audits are so emotionaland because you're such an
emotional state, you become anoversharer.
So that's really important.
People think they're like oh no, I don't want to hire because
(32:28):
it's so expensive.
But because you're so emotionalduring an audit, you know like
I literally coach my clientsbefore an audit and that's just
because they don't know.
You know not to like, avoid orwhatever, but just because they
don't know and they're going toovershare, they're going to tell
them about their mother andtheir grandmother and everybody
else and you're like no, stickto the facts.
Erin Gray (32:49):
It's like the law system.
It's like you know, when you goin and you're like my husband's
a big like I would never sayanything, I would just lawyer up
immediately and I'm like,really, he's like, yes, I'm not
saying anything without someonetelling me what I need to say.
Tanya Akimenko (33:03):
Yeah, I mean it is.
Yeah, we become emotional, weovershare.
Erin Gray (33:07):
Yeah, totally.
Is there anything else that youwant to share or talk about
that maybe we haven't discussed?
Tanya Akimenko (33:15):
I think before we talked, we were talking about
the single most effective taxstrategy.
Okay, yeah, I did want to touchbase on that, and what I've
noticed is, no matter where yourbusiness is at, no matter what
tax strategies you're using, butthe most important, the most
effective, is to make sure thatyou are being taxed in the
(33:35):
correct entity.
So a lot of people will justget an LLC, and what people
don't understand the LLC is onthe state level, so just think
of it as a business name.
It has nothing to do with yourtaxes.
The LLC picks how it's going toget taxed.
And that's the most commonmistake is the LLC.
You set up an LLC initially andyou become a Schedule C so sole
(34:00):
proprietor tax and you justcontinue and you're making more
money and you need to switchentities, but you just continue
because that's how it was set up.
Oh my gosh.
Erin Gray (34:10):
I'm so glad you said this, because I was just
thinking about can you pleaseclarify for everyone, because
I've even seen on YouTube thatthey say they're CPAs and
they're like LLC or S corp.
I'm like that's not an option,it's LLC.
And then how do you want to betaxed?
And I'm like how are the CPAsgetting away with this?
So Tanya is saying and what Ihave said before is I look at
(34:34):
the LLC like an umbrella, likeit.
It can help you if you set itup and structure it correctly,
like keeping your personal fromyour business expenses and
income and things of that sortand a couple of other things.
It's like that is yourprotection against should you
get sued.
Is that a fair way to say?
(34:55):
Yeah, that's more of attorney'squestion but yeah, but yeah, and
then you have underneath, likewhat Tanya said is then you have
do you want to be taxed as,like a sole proprietor or an S
corp or a C corp or apartnership, and that is your
taxable entity and it even saysit on your uh, is it W nine?
I'm like not 10, 99.
(35:16):
What is it?
W nine?
Yeah, so on your W nine it'll,it says that.
So I just want to clarify,because there's a lot of people
that's like oh, I'm just an LLC.
I'm like you're not at well,you are an LLC, but like, how
are you taxed?
Yeah, and I've heard different.
I actually sat down with anaccountant and we actually like
(35:37):
did actual numbers, cause a lotof times CPAs will be like oh,
if you're at 50,000, is there?
And I think a lot of CPAs saythat.
But I think it just depends on,like, a lot of other factors.
But there is a, there is abreak point where it makes sense
to go from a sole proprietor toan S-corp.
Would you agree with thatstatement?
Tanya Akimenko (35:56):
Oh yeah, there's definitely, because with an
S-corp you have to be on payroll.
Also, your kids will get socialsecurity taxed if you put them
on payroll with an S-corp.
Also, your kids will get socialsecurity taxed if you put them
on payroll with an S-Corp.
So there is no one particularnumber.
But if you're just by yourself,I would say do not switch to an
(36:19):
S-Corp unless you're makingover $150,000 in gross income.
Erin Gray (36:22):
That's good You're probably the first accountant
that's ever said that orenrolled agent or however we say
it.
But yeah, because I I havequestioned other accountants and
then I'm like 50 000 and thenwhen you break it down, I'm like
it doesn't really make muchsense to go through all of that
work every single week or twoweeks.
However, you want to do payrolland the extra compliance and
(36:42):
the whatever um here you go backto like it's why it makes sense
to sit down with either Tanyaor someone else to like do the
math to see what makes sense.
Tanya Akimenko (36:52):
Yeah, there's a lot of accountants out there who
actually and I've had to switchthem back because there's like
a customer who made $50,000gross income and then their net
is like $10,000.
And they're on an S corp andI'm like what, why?
No, we're going to switch youback.
And that's why the LLC is goodis because you can't switch back
(37:13):
and forth without changing yourbusiness and stuff.
Erin Gray (37:16):
Yeah, and can you do that and these?
And when I ask Tonya thesequestions, this isn't like
advice, for for you guyslistening, it's more so just
general advice.
Obviously, speak with somebody,but with the LLC you can I know
you can switch back.
Can you switch?
Also, you can also switchduring the year as like a look
(37:37):
back, so like if you went yourentire year and you're like,
whoa, I'm way over 150.
I can, you could.
Tanya Akimenko (37:43):
So you can't go backward, you can't go backward,
you can't go backward.
That's why you have to tax plan.
You can only move forward andyou can switch the LLC structure
every five years if you want to.
Okay, so you can't be switchingit every year either.
Erin Gray (37:57):
When I say switching it, I'm referring to if you're
an S Corp and, sorry, if you'rea sole proprietor and you wanted
to go to an S Corp, could youdo that during the year?
Tanya Akimenko (38:06):
so you initially have 75 days in the beginning
of every year to actuallyrequest that request.
Got it.
If you do it in July, it'sgoing to get effective the
following year.
Erin Gray (38:17):
Got it Okay.
Anything else that you want tosay?
Tanya Akimenko (38:21):
I think we pretty much covered a lot of
things.
Yeah, If people want to knowthe tax deduction.
Much covered a lot of things.
Yeah, If people want to knowthe tax deduction.
I also did create a do yourselfbusiness success, which just
focuses on training Like evenhow to do a spreadsheet.
Simplifies accounting.
We use everyday languageinstead of the accounting I will
.
Erin Gray (38:42):
Where can people find you?
I'll put this in the show notes, but where can people reach out
to you and learn more about you?
Tanya Akimenko (38:46):
Yeah, it's just on our website golden apple
agency Inccom.
Erin Gray (38:50):
Okay perfect and I'll put that.
I'm going to go and downloadthat.
Um, what would you call itGuide?
Um, yeah, the cheat sheet.
Yeah, and I love that you saidlayman's terms, because that's
sometimes I'm like whoa, stoptalking, break it down.
Even you know more simpler umfor us to understand it.
So thank you, tanya, for beinghere.
Tanya Akimenko (39:12):
Thank, you for having me.
Erin Gray (39:14):
Did you learn something today?
Do you know another femaleentrepreneur who might be
avoiding her money?
Will you send this episode overto her for me and, if you have
it in you, please leave me areview for this podcast.
It helps the show grow and Ilove hearing from you.
See you next week.
Do you feel overwhelmed when it comes to
taxes?
Are you tired of avoiding yourbooks like the plague?
I want to say that you aren'tthe only one.
This week on the podcast, Iinvited Tanya Akimenko, founder
of Golden Apple Agency, to sharewhat she experiences with her
clients and their businesses.
Tanya leads a team of businessfinance experts dedicated to
(00:24):
helping entrepreneurs understandtaxes, achieve financial
clarity and stay audit readythrough smart tax strategies and
best practice bookkeeping,empowering them to make better
financial decisions for theirbusinesses.
Can I get a yes, please?
We need more of her in theworld.
We discuss what's the differencebetween a CPA and an enrolled
(00:45):
agent the top three things.
You need to be asking anaccountant before you hire them
how to make taxes andbookkeeping more fun, because
you know me, I believe thatmoney and taxes and business
could be more fun.
Do you want to create a systemto stop avoiding your money?
Maybe you're feeling guilt andshame when it comes to finances.
(01:07):
Welcome to your Money, yourRules.
I'm Erin, a former certifiedfinancial planner and CFO, and
yet I used to avoid my money andhad fear, no matter how much we
had.
I can't wait to teach you how Iovercame my money avoidance and
started consistently managingmy finances in a really simple
way.
It's time to get comfortablewith money Before we get started
(01:29):
.
If you're ready to go deeperinto transforming your
relationship with money, to stopavoiding it, to start managing
it and really create a financialplan that actually feels
aligned for you and your family,with your values, let's work
together one-on-one.
You can schedule a call with meat generatealifewelllivedcom.
(01:50):
Click on the link work with meand then support and mentoring.
Schedule a call and we can makemoney work for you versus
feeling like it's workingagainst you.
Thank you everyone for beinghere and, tanya, thank you for
coming on and sharing yourknowledge with us.
Tanya Akimenko (02:06):
Thanks for having me Okay.
Erin Gray (02:08):
So let's talk a little bit about what is the
difference between a CPA and anenrolled agent.
Tanya Akimenko (02:17):
Well, a CPA was what everyone knows.
It's the more traditional.
The CPAs are licensed at thestate level, so the state that
they're in is the one whomonitors their education,
monitors their licensing andthings like that.
But an enrolled agent islicensed on the federal level,
so the IRS actually monitorstheir education, makes sure all
(02:40):
of their education is abouttaxes and basically a CPA most
likely works within just thatstate.
They could be working in likenext door states, but they work
within their state, versus anenrolled agent works with any
state because every staterecognizes the enrolled agent
(03:01):
but not each other as a CPA.
Erin Gray (03:04):
So with a CPA they typically go to school like four
years and then they sit fortheir CPA exam and maybe they
have to have time in motion.
What is it like for an enrolledagent?
Tanya Akimenko (03:14):
So pretty much the same thing.
You just sit in for a differenttest.
Erin Gray (03:18):
Okay.
Tanya Akimenko (03:18):
And then you don't have to have working under
another CPA, so that's out.
But you pretty much sit in forthe same test, the CPAs test.
They'll have like two or threequestions about taxes.
Most of their tests focuses onthe general accounting accepted
principles versus the EA.
(03:40):
All of their questions is taxbasis and about taxes.
Erin Gray (03:45):
Okay.
So if you're looking for anaccountant because this has been
so many women have said this tome is that they either have not
been pleased with theiraccountant that's probably been
the or they can't find one thatthey really like and enjoy
working with.
And so what would you suggest?
(04:07):
If you're going to look for anaccountant, what are some
questions to ask them?
And, like what you have seenworking with clients that have
come to you, what would be someof your suggestions to ask them?
Ask the accountant that you'reworking with and you know to
support you in your business.
Tanya Akimenko (04:26):
Yeah.
So I think even with me, likewhen new accountant, when new
clients come in, I do ask themwhat they liked and what they
didn't like about working withtheir previous account and
honestly, the number onecomplaint I get is the
communication part is and Iunderstand from the accountant's
perspective, because we have somany taxes, especially during
(04:48):
tax season, it is hard for us tocall back everybody.
You know in one day like wewould literally not do get any
work done.
But I think the most importantpart is set up the know, the
expectations of how youcommunicate.
Is it through their clientportal, is it by emails Like
what's the best way to reachyour accountant and what's the
(05:10):
expectancy Like?
For example, during the non-taxseason time we usually get back
to you within one or twobusiness days.
However, during the taxes it'smore like three to five, and
that's just.
You know just because of taxes.
So know what the expectancy isand based on what services
you're getting a lot of times.
(05:30):
So this is the second one.
So the first time iscommunication expectation.
The second one is what servicesam I actually receiving?
Because you go in there youdon't even know what you need or
you assume your accountant isdoing it.
But unless you have like anengagement letter which is
really just a contract betweenthe two of you, you need to know
(05:51):
what services you're receiving,because a lot of times people
are like, oh, I thought myaccountant did it, but they
didn't do this.
Well, that wasn't part of theagreement.
And a lot of times people justsign up with an accountant most
of the time because it's taxseason and they need to get
their taxes done, so they're notreally looking into what all
the services are actually beingprovided.
And I think as long as theaccountant has some general
(06:16):
knowledge of your industrybecause each industry works a
little different and if someonedoes not know your industry,
it's kind of it's going to beharder for you to work with
them- yeah.
Erin Gray (06:28):
Okay, I want to go back to the second point of,
because a lot of women have alsotold me like I don't know what
I don't know, so how do you evenknow the questions?
I mean, I think business is alot of learning by doing and
messing up, or you know,learning from from our
experience.
But like how can we, if wedon't know what are the
(06:51):
questions that we would even askyour potential accountant that
they do or don't do, because youdon't even know what is
required or what your previous,if you're not aware of what your
previous accountant is doing,how do you, how do you start
there and ask like I don't evenknow what I don't know?
Tanya Akimenko (07:09):
Yeah.
So that's actually reallysimple, because you don't know
what to even ask for.
You just say what are the 10most important things that a
business owner needs to be doing?
What?
do I need to be doing and that'sactually I'm going gonna say
99% of my initial consultationsis the is the business owner.
They're like what do I need todo?
(07:30):
Give me, give it to me inlayman's terms so I know step
one, step two, step three andyou know all the way to step 10
or 20, whatever.
So that's really the questionthat you need to ask what is it
that I need to do as a businessowner and a good tax account or
a good accountant in general whoworks with business owners,
because a lot of people focus onpersonal.
(07:51):
You also want, if you own abusiness, find someone who
focuses on business clients,because those are two different
aspects of each one.
So a good accountant will beeasily able to tell you all the
steps in one second.
You have to research them.
Erin Gray (08:08):
Um, and then with the um, you and I talked about this
before, about how we make moneyemotional, and so you made the
comment like, okay, well, a lotof people look for accountant
during tax season, which, ladies, if you're doing this, no shame
.
And also like, let's back it upa bit, like you want to be
looking for an accountant, likein July or something like that,
(08:31):
to give yourself time tointerview several people, to
really I call it like ride yourway to like, feel into like who
do you actually jive with andthen that way you can get
started.
Versus taxes are due dependingon what class you're in, you
know, either March 15th or youknow, but you know having that,
(08:55):
having that relationship withyour, your business, your books,
your money and a lot of timeswomen avoid that and also
understanding, is your person atax prep person or do they
actually help you plan?
So can you dive into that alittle bit as well?
Tanya Akimenko (09:16):
Yes.
So a lot of people and like alot of our education is so
focused on compliance that whenwe start our own businesses and
this goes for everyone EAs, cpas, just a regular account without
any letters behind their name.
They were so trained andfocused on being compliant and
that's like recording thehistory that not very many
(09:38):
people are like hey, what can wedo different to save taxes, to
save money on taxes, to makesure the business is actually
profitable and things like that.
So when you're hiring anaccountant and you're right, you
do need to make sure you haveenough time at least have a
conversation, maybe notspecifically the accountant, but
(09:59):
at least an admin that doestheir communication, so you get
a sense of what it's like towork with that office.
Because a lot of times to talkto an accountant you do need to
pay a consultation fee, so justwhich might be worth it.
Erin Gray (10:11):
I say I vote for paying the consultation fee for
everyone listening.
It's worth it, you know,because it's you are right, I do
think, if you're okay with mechiming in here, I do think it's
super important is like paythat, because number one working
with like you're building yourbusiness or growing your
business and you want to grow itwith someone that you enjoy and
I truly believe in paying forpeople.
(10:33):
When I say smarter than us, Idon't I just mean that they've
got more um years of wisdom intheir expertise, and taxes is
one of those things.
So surround yourself withpeople that are wise in their
industries.
I think it will like reward you10, a hundred fold.
Tanya Akimenko (10:54):
Yeah.
But also you get to discover alot of things in the
consultation like this you know,get your, first of all, get
your questions answered, butalso really see if the
accountant is able to answerthem on the spot for you.
And this comes into play ifthey know your industry and they
don't have to say, well, I'mnot sure I need to check, and
(11:15):
tax laws change.
Sometimes we do need to say I'mnot sure I need to double check
because literally tax lawschange every year, so we do have
to keep up to date.
But, like what I do forconsultations is I give them
credit on their next invoice, sothe consultation comes out to
be free.
But you're right, I would agreewith you A consultation is
(11:36):
important.
Erin Gray (11:38):
Yeah, it really is there.
There was when I used to, youknow, work in my family's
construction business, our CPA.
She ended up leaving and goingworking for like a major
electrical contractor, so we hadto get another one,
no-transcript.
One of the things that I had toask was are you going to be the
(11:59):
person that's actually workingwith our taxes or are you going
to have someone that's, when Isay, younger, newer in the
business doing the taxes, whichis fine, and also, like I think
those are questions to know andunderstand, because if I'm
paying the rate and you'rehaving someone else do it and
I'm having to teach them, Idon't know if I necessarily
(12:22):
agree with that.
So, really, you know, askingsome of those questions like
who's going to be looking at mytax return?
Who's going to be doing it?
Who's my point of contactperson, just deep diving some of
those asking some of thosequestions because I mean,
ideally you would want to workwith someone for an extended
period of time in your businessand grow with them and knowing
(12:44):
how they run their practice, howthey are, and, like Tanya
saying, you know, like, can theyanswer the questions?
Because an accountant, justbecause they've passed the exam
doesn't mean they have hadexperience in your industry and
that also can cost you I guessis a way to say it right If they
aren't aware.
That's true, yeah.
Tanya Akimenko (13:05):
And actually it's a good thing that you
brought that up is to ask am Iactually going to be working
with you?
Because a lot of times like,for example, I'm just going to
talk about me, like I obviouslyown my own tax agency but I have
10 accountants who work underme and then I review their work
constantly, so I don'tcommunicate with clients.
(13:26):
They're not my point of contactbecause I'm overseeing my 10
accountants who are doing, buteach accountant I focus on
specializing in a particularindustry.
So when we get a new client,the initial consultation is
always with me, so I know who tobest fit them with.
As far as, like, the dailycommunication, because in
(13:47):
reality it can't be just oneperson you know, so their direct
accountant is the one that'sreviewing.
That's constant communicationand things like that.
But then if I need to step in,I'm always available and I'm
reviewing overall their work.
Erin Gray (14:01):
Yeah.
Tanya Akimenko (14:02):
So ask the question am I going to be
working with you?
Or the other question is likewhere are you outsourcing this
to India?
Erin Gray (14:10):
That is very, that's a very good one too, because my
previous CPA I got a letter.
This was in 2024.
I got a letter and he said itwasn't even a phone call, which,
okay, I don't expect you tocall and also like here we go
back to like where's therelationship, you know?
And yeah, it was basically signthis form, we're outsourcing
and I was like I am not signingthis form and I am not working
(14:30):
with you anymore.
Thank you very much.
Tanya Akimenko (14:32):
You know, um and I'm against outsourcing because
that's like your personalinformation, that's like social
security.
Birthdays, I mean bank accounts, everything.
So for me everything's in house.
Yeah.
Erin Gray (14:47):
Yes, I think.
Also too, do you think thatthere are accountants that are
and I know we're speculating,but just to allow the listener
to understand the reason whythey're so busy is because
they're just doing taxes, whichis almost kind of like a I don't
want to say a churn and burn,but it is.
I mean, you have to do so manytaxes to create a certain amount
(15:10):
of income versus having more.
Like, what you do is thatholistic planning that yes,
you're doing taxes, but you'realso providing financial advice
throughout the year.
So you're maybe not having andyou have obviously 10 other
people to help, but you're nothaving them to have that
pressure of doing so many taxreturns because you actually
(15:32):
have more of a differentbusiness model.
Tanya Akimenko (15:35):
That's actually true because we do focus more on
a relationship with thecustomer versus people who just
do tax prep and they'll hirelike part time assistants and
things like that through youknow per tax year, where your
file might be done by just anassistant, you know, but the tax
account reviews it with you orwhatever.
So yes, I think most taxpreparation businesses just
(16:00):
focus on taxes.
A lot of times they say theydon't do the bookkeeping, you
have to find someone else.
But we do both bookkeeping andtaxes because they kind of go
hand in hand.
And back to the planning likeour bookkeeping clients, we
actually sit down and reviewwhat their plan is for taxes
coming in the upcoming year.
Erin Gray (16:20):
So like that's our summer.
We do tax planning during oursummer.
I love that and I love that yousaid bookkeeping because I I am
consider myself self-taught inQuickBooks, like I learned by
fire hose, um, and diving intofranchise tax and just so many
things, and there were timeswhere I had questions around
(16:41):
book, specific QuickBooksquestions, and I would ask our
accountant and she wouldn't.
She's like I don't, I don'tknow, and so that I think that's
another fallacy that peoplethink that your accountant knows
bookkeeping and that's notnecessarily the case, right?
Tanya Akimenko (16:56):
That is correct.
That's not necessarily the caseright, that is correct.
Erin Gray (17:02):
That's not necessarily the case.
And so you know, finding eitherhaving, like what Tanya does,
finding someone that does thebookkeeping for you and also
your taxes and planning, taxplanning, or finding a really
good bookkeeper and then finding, you know, someone that does
the tax planning, because Ithink QuickBooks is an entirely
different language and I thinkwhen you're starting out,
(17:25):
sometimes, I mean sometimes I'mjust like, keep it simple.
As you grow, yes, do theQuickBooks and depending on what
grow equals right, but, like,for some people, it's just like,
just get your Excel spreadsheetset up and just do that on a
consistent basis.
And Tanya's laughing at me forthose of you listening.
But Tanya's laughing because Ithink we, what we're trying to
(17:46):
really do is build the habit.
Right, we're building, we'rebuilding the habit of and and
I've heard this from so manyCPAs and I'm like what are you
joking with me?
But they're not.
They're like my clients willcome in with a shoe box of like
receipts or like, and I'm like,no, you're kidding.
And they're like, no, we're not.
And so I would rather someonejust have an Excel sheet.
Even though it's not fancy, atleast you've got income expenses
(18:08):
, where stuff went, so that youcan actually sit down and do
this, versus try to doQuickBooks and then you don't
stay with it and you, you'restill where you are when you got
started you don't stay with itand you, you're still where you
are when you got started.
Tanya Akimenko (18:23):
yeah, and I'm gonna just add to that
quickbooks, um, you know peoplestart with good intentions, yes,
but it can get hard and thenyou pull a report and nothing
matches because yourtransactions are not categorized
correctly and then they give up.
But quickbooks is also,especially when you're starting
out.
It could be an expensiveexpense that you don't really
need.
I was laughing at spreadsheetsbecause I love spreadsheets and
(18:46):
I honestly think that everyoneshould start out with a
spreadsheet.
Erin Gray (18:49):
It's, you know, the easiest to use and it helps you
build habits of, you know, doingyour books, designating some
time to get it done, and yeah, Ilove that you said I love
spreadsheets, because one of thethings that I told Tanya before
we hit record I was like howcan we make this more fun for
people?
Because obviously the work I dois with women and like how they
(19:10):
feel about money and one of thethings that they will say is
like I just need a system.
And I'm like, yes, and there'splenty of systems already out
there.
The reason why you're not usingthe system is because how you
feel when you either look atyour numbers or just around
money or what taxes mean, and sohow, how do you suggest we make
(19:32):
taxes more fun?
I mean, it's obviously how wethink and feel, but like what
are some suggestions that youmight have?
Tanya Akimenko (19:39):
I said, I'm going to have to agree with you
on the whole emotional part.
I've seen like I've been doingthis for 20 years and I've got
to say that every financialdecision is an emotional
decision.
So, no matter what the logic isbehind it, everything is back
to that emotional state.
And how do you make it fun?
(19:59):
I think it really depends onlike more of your personality.
But what I've noticed, that is,if you set a ridiculous goal
for yourself, like way out there, so unattainable, so ridiculous
, you know, and then you're like, well, how much can I actually
achieve of it?
You know, not necessarilyknowing that you'll achieve it,
but more of like, well, what if?
(20:21):
Well, it's not going to work ifI don't try it, but what?
Erin Gray (20:23):
if yeah, it's like the releasing the pressure I
think there's already so muchpressure that we put on
ourselves when we start abusiness.
And versus like, let's justlike, I always just say like
fuck it, let's just see whathappens Right.
Versus it has to like I have tomake this, this amount.
(20:47):
I mean I like the way Tanya'sthinking of like what if it?
If it shuts you down and itreally like rattles your nervous
system?
Okay, well then check back inwith your body.
But like what if it could belike that?
Like what, what would I try?
I think that's where the lidgets to come off and the
creativity can be like well,what would I try if that's what
(21:09):
I was going to do?
In terms of like taxes, do yousee people avoiding doing taxes
because of their relationshipwith money and I guess the word
tat like we've.
I think as a society we've madetaxes not a fun thing.
Versus like look at how farI've come.
Like it's just numbers, it'sliterally math and we get to be
like look at how far I've come,look at how I've grown, look
(21:30):
what I've learned.
Tanya Akimenko (21:34):
Yeah.
So the whole thing about taxesis, I always say taxes, no
matter where you live.
It's a subscription you paidfor the country you live in.
It's a privilege?
Yeah, it is a privilege, andyou know, of course every
country has its issues, but Istill think the US is still the
best, you know.
Still, with all of our issues,it's still the best.
Yeah, so if I think the most,the reason why most people are
(21:59):
scared of taxes is because,simply, they don't know.
They don't know how much moneythey made, they don't know how
much taxes they owe.
They're not prepared and a lotof times they'll file an
extension just because theydon't want to deal with it.
And I have so many customerswho are calling after the
extension is up.
Can I get a second extension?
No, there's no extension.
(22:20):
So a lot of people just don'twant to deal with it, and I
think it's because we make itcomplicated for ourselves.
Hence the spreadsheet.
What's my income and expenses?
You know, use two differentspreadsheets, so you're only
using two columns instead of.
You know, multiple columns,multiple calculations, use
(22:44):
multiple spreadsheets, if that'swhat makes it easier for you To
actually want to do it, whetherthat be setting up a time once
a week, once a month.
You know the you do it once aweek, it's going to take shorter
amount of time.
If you're doing once a monthlonger, you're doing it once a
year, it's going to take days.
(23:05):
And that's where the anxietycomes in.
The emotional draining comes inis because you're like, oh my
gosh, I have to sit down and domath for the next three days to
see where I'm at.
Erin Gray (23:19):
Yeah, I always say like money dates, and I and I
mean this goes back to like youmay not get, you may not go from
avoiding your money, to be likelet me grab my favorite latte
and sit down and do my numbers,okay, so that it doesn't happen
overnight like that.
But I do recommend more oftenin the beginning because of a
(23:39):
couple reasons.
One, you're building up thehabit of like you're the CEO
that sits down and looks at hernumbers and numbers are
important to her and running herbusiness.
And two, like what Tanya issaying, the more you do it, it
takes 30 minutes to look at yournumbers every week, as opposed
to I'm three months behind and Ihave to.
It's like the dread, right.
(23:59):
It's like and I would alwaysget curious of like the
procrastination is resistanceand it's like showing you like
what am I, what am I afraid oflooking at.
So if we could look at it froma compassionate and curiosity
lens versus a judgment of like,here I am again.
I'm not doing it, which a lotof women do, I think, right,
like so much shame and guilt oflike, here we are again.
(24:21):
Why didn't you?
You know, you said you weren'tgoing to do this and here you
are.
It's like you know what.
That's what happens until webecome the person that just sits
down and looks at our books.
I wanted to ask do you have alot of clients that wait till
the very end?
Because I think this is reallyimportant, because there's a lot
of women that don't share thisand I think there's a lot of
(24:42):
women that experience this.
Tanya Akimenko (24:44):
You know what Actually I do and they do feel
guilty.
You know they would come overand they're like sometimes I
have.
So I deal with IRS issues too.
So we do a lot of IRSresolution cases, meaning like
they own money or they haven'tfiled their taxes and I've had
like grown adults cry becausethey haven't.
They couldn't force themselvesto sit down and do their taxes
(25:06):
and it's been like 10 years.
You know.
Now they can't buy a house,they can't really put their kids
through college, nothingbecause of all those unfiled
taxes.
And what I think the emotionalpart comes in is like we really
should just be nice to ourselves.
Yeah, imagine the stuff we sayto ourselves.
We say to somebody else, likethat'd be ridiculous.
(25:27):
So we really should just benice to ourselves and give
ourselves that grace and like,hey, it's okay.
Well, we're here now and let'sfocus on the now and let's get
it done.
And that's what I tell mycustomers who haven't filed
their taxes or like super late,or calling you know 10 days or a
day before the extension is due, asking for a second extension.
Guys, it's okay, what do youhave now?
(25:49):
Let's focus on the now.
Let's get it done as much as wecan now you know.
But yeah, definitely be nice toyourself.
No shame.
Erin Gray (25:59):
There's a lot of women that do that and I mean, I
used to my story with money wasdifferent, in the sense of like
I I mean I think also to ourrelationship with money is just
a mirror of our relationshipwith ourselves.
Um, you know, I used to alwaysthink like whatever we were
saving and having, it wasn'tenough.
It was always needed to be more.
(26:19):
It was, it was all around thislike not good enough, um, and so
I would avoid our money andlooking at stuff because I was
like it's not, it's never.
You know, it would be stressfulto me because I would think
it's not enough, you know.
And so we have a lot of,there's a lot of women that have
shame and guilt.
Like that is probably thenumber one.
Two, and then fear is probablythe third emotion that they feel
(26:42):
when it comes to money.
Tanya Akimenko (26:45):
And fear comes from not knowing.
Yes, because you're not, you'renot wanting to look, you know.
And then then you have the fearlike, oh well, I don't know.
Erin Gray (26:54):
Yeah.
So I mean without givinginformation about your clients.
I mean, is this, is thissomething that happens with
women in their business who arejust starting out, and they've
been in business for 10 plusyears?
Do you see, like it it?
It doesn't have a an age ofbusiness that does not?
Tanya Akimenko (27:13):
right, yeah, yeah, it happens like at any
time and sometimes you mighthave a good year and you're okay
, but then you know we can'tkeep our business separate from
our personal life and somethingcould happen on the personal
side that will affect you onyour business and how you deal
with money and things like that.
And again you just have to, youreally have to just be nice to
(27:33):
yourself and allow yourselfspace, so like, if something
personally does happen, we'llallow yourself, you know, the
space to not do it because youcan't.
And then you know, come back towhen you can schedule it.
I always schedule things andI'm like, okay, I'll think about
this later.
And then when all thesethoughts creep in, I'm like, no,
no, no, I have it on myschedule to think about it later
(27:55):
.
Erin Gray (27:55):
I love that because that's for me.
That's like my mind constantlygoes, and so I've just started
to put things on my calendar andwhen my mind like goes crazy,
I'm like, no, no, like exactlywhat you're saying.
It's on the calendar, we'regoing to look at it when it's
you know when the bell rings forit to come up there.
I love that trick.
Yeah so, and I also say puttingputting your book, sitting down
(28:21):
with yourself as the CEO, onyour calendar, because then you
get to get curious what did yourbrain tell you was more
important than sitting down withyour numbers, or what were you
feeling that you were avoidingsitting down and looking at your
numbers?
And then that's, that's likewhat Tanya saying, like being
nice to yourself, like we canmake change.
I used to be like beat myselfup to make change, but now I'm
(28:43):
like, okay, be compassionate tomake change, and it just there's
no right way, right, it's justit feels better in the body when
I'm like, hey Aaron, what'sgoing on here?
Versus why didn't you do this?
You said you were going to, andjust you know, berate myself.
Tanya Akimenko (29:03):
Yeah, but this way you can also learn your own
patterns.
You know, yeah, so like one ofmy things I do more work, better
work, faster work in themorning, so in the evening I'm
just done.
Like you can't convince me todo anything.
You know so, and then, if youput it on your calendar, you
will recognize the pattern.
Erin Gray (29:18):
Yes, absolutely yeah, and when you like to work,
that's really good Cause I liketo do it either Mondays or
Fridays.
It typically is it's always onMondays, but sometimes I do it
on Fridays and that's just whenI like to do it and it feels
good.
And I grabbed my favorite teaand I sit down and I take a look
, see and um.
And I wanted to ask you too,because a lot of women say I
don't know what I don't knowwhich we already talked about
(29:39):
and also, what can I write off?
And by write off, what I thinkthey mean is what can I expense,
or what expense can I use tolessen my income?
Tanya Akimenko (29:50):
Yeah.
So that's actually a very, veryquestion that gets brought up
all the time, especially peoplewho just start a business.
Like I can't tell you how manypeople sat across from me and
they're like, oh yeah, I startedmy business and I got this much
income.
I'm like, okay, what are yourexpenses?
And they're like, oh, I didn'thave any business expenses.
And I'm like, no, no, no, youhad a business, you have
(30:12):
business expenses.
And a lot of times people justfocus so much or they're scared
of the IRS.
Oh, IRS is going to come afterme.
That's the other fear.
But in reality that's not thecase.
You know, you do havelegitimate business expenses,
even though you might thinkthat's not really a business
expense, and actually put a listtogether and kind of like
(30:35):
included in out of the box,thinking there's just 10 of them
, although that's not all thebusiness expenses, but it kind
of gives you an idea of what canbe tax deductible and kind of
opens your mind to it.
Erin Gray (30:47):
Okay, we'll put that in the show notes.
And that is a fear for a lot ofwomen as well, and I think that
that is done on purpose withour government.
I think a lot of I'm so outsidethe box, like the way I think
you know with like, why are theyactually doing this?
And I think you know people,people will make change because,
(31:09):
like fear is a bigger motivatorthan you know desire and
expansion, and there's been alot of women that have said that
to me, like I'm like what, whatare you afraid of?
And it's like I'm afraid ofbeing audited by the IRS and and
it's almost like this big,scary monster.
That's like you know, like whenyou were little and we thought
(31:32):
that something lived underneathour bed or in our closet and we
just didn't ever look at it andso it just kept getting bigger
and bigger and bigger, and thenfinally we were like, okay, you
know, mom or dad come in herewith me and like, okay, there's
nothing underneath there.
I think that that's the waythat we think about money.
I think that's the way we thinkabout taxes, the IRS, until
it's like, oh, okay, going backto what Tanya said is like the
knowledge part understanding andalso I always think like we can
(31:56):
always find someone to help uswith whatever we're working
through Right.
Like so, let's say, you do getaudited, okay, we can find
someone that can help us.
Tanya Akimenko (32:06):
Like there's always a solution for something
because audits are so emotionaland because you're such an
emotional state, you become anoversharer.
So that's really important.
People think they're like oh no, I don't want to hire because
(32:28):
it's so expensive.
But because you're so emotionalduring an audit, you know like
I literally coach my clientsbefore an audit and that's just
because they don't know.
You know not to like, avoid orwhatever, but just because they
don't know and they're going toovershare, they're going to tell
them about their mother andtheir grandmother and everybody
else and you're like no, stickto the facts.
Erin Gray (32:49):
It's like the law system.
It's like you know, when you goin and you're like my husband's
a big like I would never sayanything, I would just lawyer up
immediately and I'm like,really, he's like, yes, I'm not
saying anything without someonetelling me what I need to say.
Tanya Akimenko (33:03):
Yeah, I mean it is.
Yeah, we become emotional, weovershare.
Erin Gray (33:07):
Yeah, totally.
Is there anything else that youwant to share or talk about
that maybe we haven't discussed?
Tanya Akimenko (33:15):
I think before we talked, we were talking about
the single most effective taxstrategy.
Okay, yeah, I did want to touchbase on that, and what I've
noticed is, no matter where yourbusiness is at, no matter what
tax strategies you're using, butthe most important, the most
effective, is to make sure thatyou are being taxed in the
(33:35):
correct entity.
So a lot of people will justget an LLC, and what people
don't understand the LLC is onthe state level, so just think
of it as a business name.
It has nothing to do with yourtaxes.
The LLC picks how it's going toget taxed.
And that's the most commonmistake is the LLC.
You set up an LLC initially andyou become a Schedule C so sole
(34:00):
proprietor tax and you justcontinue and you're making more
money and you need to switchentities, but you just continue
because that's how it was set up.
Oh my gosh.
Erin Gray (34:10):
I'm so glad you said this, because I was just
thinking about can you pleaseclarify for everyone, because
I've even seen on YouTube thatthey say they're CPAs and
they're like LLC or S corp.
I'm like that's not an option,it's LLC.
And then how do you want to betaxed?
And I'm like how are the CPAsgetting away with this?
So Tanya is saying and what Ihave said before is I look at
(34:34):
the LLC like an umbrella, likeit.
It can help you if you set itup and structure it correctly,
like keeping your personal fromyour business expenses and
income and things of that sortand a couple of other things.
It's like that is yourprotection against should you
get sued.
Is that a fair way to say?
(34:55):
Yeah, that's more of attorney'squestion but yeah, but yeah, and
then you have underneath, likewhat Tanya said is then you have
do you want to be taxed as,like a sole proprietor or an S
corp or a C corp or apartnership, and that is your
taxable entity and it even saysit on your uh, is it W nine?
I'm like not 10, 99.
(35:16):
What is it?
W nine?
Yeah, so on your W nine it'll,it says that.
So I just want to clarify,because there's a lot of people
that's like oh, I'm just an LLC.
I'm like you're not at well,you are an LLC, but like, how
are you taxed?
Yeah, and I've heard different.
I actually sat down with anaccountant and we actually like
(35:37):
did actual numbers, cause a lotof times CPAs will be like oh,
if you're at 50,000, is there?
And I think a lot of CPAs saythat.
But I think it just depends on,like, a lot of other factors.
But there is a, there is abreak point where it makes sense
to go from a sole proprietor toan S-corp.
Would you agree with thatstatement?
Tanya Akimenko (35:56):
Oh yeah, there's definitely, because with an
S-corp you have to be on payroll.
Also, your kids will get socialsecurity taxed if you put them
on payroll with an S-corp.
Also, your kids will get socialsecurity taxed if you put them
on payroll with an S-Corp.
So there is no one particularnumber.
But if you're just by yourself,I would say do not switch to an
(36:19):
S-Corp unless you're makingover $150,000 in gross income.
Erin Gray (36:22):
That's good You're probably the first accountant
that's ever said that orenrolled agent or however we say
it.
But yeah, because I I havequestioned other accountants and
then I'm like 50 000 and thenwhen you break it down, I'm like
it doesn't really make muchsense to go through all of that
work every single week or twoweeks.
However, you want to do payrolland the extra compliance and
(36:42):
the whatever um here you go backto like it's why it makes sense
to sit down with either Tanyaor someone else to like do the
math to see what makes sense.
Tanya Akimenko (36:52):
Yeah, there's a lot of accountants out there who
actually and I've had to switchthem back because there's like
a customer who made $50,000gross income and then their net
is like $10,000.
And they're on an S corp andI'm like what, why?
No, we're going to switch youback.
And that's why the LLC is goodis because you can't switch back
(37:13):
and forth without changing yourbusiness and stuff.
Erin Gray (37:16):
Yeah, and can you do that and these?
And when I ask Tonya thesequestions, this isn't like
advice, for for you guyslistening, it's more so just
general advice.
Obviously, speak with somebody,but with the LLC you can I know
you can switch back.
Can you switch?
Also, you can also switchduring the year as like a look
(37:37):
back, so like if you went yourentire year and you're like,
whoa, I'm way over 150.
I can, you could.
Tanya Akimenko (37:43):
So you can't go backward, you can't go backward,
you can't go backward.
That's why you have to tax plan.
You can only move forward andyou can switch the LLC structure
every five years if you want to.
Okay, so you can't be switchingit every year either.
Erin Gray (37:57):
When I say switching it, I'm referring to if you're
an S Corp and, sorry, if you'rea sole proprietor and you wanted
to go to an S Corp, could youdo that during the year?
Tanya Akimenko (38:06):
so you initially have 75 days in the beginning
of every year to actuallyrequest that request.
Got it.
If you do it in July, it'sgoing to get effective the
following year.
Erin Gray (38:17):
Got it Okay.
Anything else that you want tosay?
Tanya Akimenko (38:21):
I think we pretty much covered a lot of
things.
Yeah, If people want to knowthe tax deduction.
Much covered a lot of things.
Yeah, If people want to knowthe tax deduction.
I also did create a do yourselfbusiness success, which just
focuses on training Like evenhow to do a spreadsheet.
Simplifies accounting.
We use everyday languageinstead of the accounting I will
.
Erin Gray (38:42):
Where can people find you?
I'll put this in the show notes, but where can people reach out
to you and learn more about you?
Tanya Akimenko (38:46):
Yeah, it's just on our website golden apple
agency Inccom.
Erin Gray (38:50):
Okay perfect and I'll put that.
I'm going to go and downloadthat.
Um, what would you call itGuide?
Um, yeah, the cheat sheet.
Yeah, and I love that you saidlayman's terms, because that's
sometimes I'm like whoa, stoptalking, break it down.
Even you know more simpler umfor us to understand it.
So thank you, tanya, for beinghere.
Tanya Akimenko (39:12):
Thank, you for having me.
Erin Gray (39:14):
Did you learn something today?
Do you know another femaleentrepreneur who might be
avoiding her money?
Will you send this episode overto her for me and, if you have
it in you, please leave me areview for this podcast.
It helps the show grow and Ilove hearing from you.
See you next week.
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If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.