Cosmic Coin Drop

One of the most powerful money mindset shifts you need to get on board with is how you think & feel about spending money…

There are 2 perspectives available to you – one rooted in scarcity & one rooted in abundance – when it comes to money leaving your bank account.

🥀 SCARCITY says: “When I spend money, I am depleting my bank account.”

🌹 ABUNDANCE says: “When I spend money, I am investing in the return of more abundance.”

Scarcity sees spending as reducing your cash flow.

Abundance sees spending as increasing your cash flow.

How is this possible?

It comes from the mindset shift that each expense you spend money on is an investment to a particular part of your life & business that will yield a return (known as ROI – or “return on investment”).

Consider the example of the write-off category Professional Development (also known as Continuing Education). You could be bummed you have to spend money learning something new, or you could choose the perspective:

“My work maintains my quest for knowledge and what I learn grounds me deeper into my purpose so I can serve better.”

It feels awesome to know you’re feeding things that matter to you with your money.

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

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The tax world can be more than a little confusing, but empowering yourself with the basic lingo of how it all works goes a long way to feeling confident as a biz owner.

One of the biggies I often explained to clients when I was a tax preparer that may be helpful for you is understanding the difference between credits & write-offs…

But first, let’s set the context for this understanding…

Revenue (minus) Expenses (equals) Profit.
Profit (also known as net income) is the amount you are taxed on.
Based on your tax bracket, you owe a portion of your Profit in taxes.

Ok, now that we got that out of the way, let’s look at the difference between write-offs & credits…

🧮 A Write-off is an Expense that gets subtracted from your Revenue to figure your Profit. In other words, it reduces the amount you will be taxed on.

💵 A Credit is an amount that gets subtracted from the actually tax amount you owe. In other words, it makes a much bigger dent in the amount you owe.

Your tax preparer knows about fancy credits you may be eligible for, so leave those to them.

But YOU know what you spent money on during the year that may be used as a write-off.

All you need is the list of eligible expenses so you don’t miss a thing.

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

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You’re missing out on an important line of support if you’re doing your own taxes. Here are the 4 main reasons why you should let someone else prepare your taxes…

1️⃣ It’s smart to get a 2nd eye on things.

When it comes to something as important as getting your taxes right, 4 eyes are better than 2. Doing your taxes is one of those things that can start to blur when you stare at it for too long. Even if you’re super on top of your business books, enlisting someone to take a look at everything during the filing process is key to avoiding any errors that could cost you money.

2️⃣ They will catch write-offs you may have missed.

Through conversations with your tax professional, it is common to discover write-offs you are eligible for you didn’t know about or that may have slipped your mind. The more write-offs, the less you have to pay in taxes. You want a pro to ensure you’re taking advantage of all of them.

3️⃣ They know about loopholes & credits you don’t.

If you are not a tax professional, you don’t know about all the things that could benefit you. Your tax preparer does because it’s their job to know about all the things. The money you pay your tax preparer is nothing compared to the money you will have to pay because you missed out on legal loopholes & credits you don’t know about.

4️⃣ The tax world is a changing maze of complexity.

The tax rules are many, and confusing AF. Honestly, it was my gig for a long time & it even makes my head spin. On top of that, it’s always changing. It’s a big undertaking to keep up with it all – one that doesn’t make sense unless it is your profession to do so. Now that I’m not a tax preparer anymore, I won’t be doing my own taxes anymore either. 

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

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There are legal ways to get crafty with your tax returns to meet your goals. Here’s what I mean…

When you’re self-employed, your “proof of income” is your net income (aka profit after write-offs) as it appears on your tax return. And there are ways your tax preparer can legally make that number more or less.

📈 An example of when you would want to show more is when you’re preparing to buy a house. You’ll want that number to be big to increase the loan amount you can qualify to receive.

📉 An example of when you would want to show less is when you’re near the threshold of qualifying for free health insurance or other benefits. You’ll want to be able to reduce that number to qualify.

It’s also important to know how many years of tax returns you will need to show. Home loans typically require 2 years. Most other things – like car loans, rental leases, an benefits – will only need to see the most recent year.

So how is this done?

It’s definitely beyond the scope of a social media post, but suffice it to say tax preparers have many strategic tricks up their sleeves to play within the rules to move things around to make that number change to meet your needs.

Your job is to keep track of your income & expenses. Your tax preparer’s job is to work their magic to translate your situation into a version of your tax return that can hopefully help you achieve your goals.

Or if not, they can advise you on specific changes you need to make to meet your goals as soon as possible.

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
Align with your Currency Codes: https://cosmicb.link/currency-consult
Leave a review of the show: https://cosmicb.link/review

Connect with Lauren on Instagram: @laurenpoppinsraye

You may not know I used to do taxes because my Dad was a CPA. One of the things he always used to say in response to client concerns is “every year stands on its own.”

Let’s look at what this means & why it matters…

Many new clients that came to me to file expressed concern that if they suddenly filed now after having neglected doing so for years, they would get on the IRS’ radar & raise red flags about their past.

This isn’t actually a concern because “every year stands on its own.”

You should stay current with your tax filings. That said, if you’re behind and you catch up by filing for the most recent year, they’re not going to come knocking on your door for missing years.

There are other reasons they may follow up with you about missing years, but filing one year is not a cause to ask about another.

The IRS is a business. As a business, they decide what to use manpower for to pursue. They decide based on what will get them paid. And so, they may reach out to collect if they received an income form for a year without a tax return.

You can always go back and file missing years after getting caught up now with the recent one.

I offer this reassurance because if this is you – someone who has neglected to stay current with your tax filings to date – DO NOT let this be a reason to continue avoiding them.

Don’t let past neglect decide what’s possible for you NOW.

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
Align with your Currency Codes: https://cosmicb.link/currency-consult
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Connect with Lauren on Instagram: @laurenpoppinsraye

One of the myths I debunked often as a tax preparer is the idea that you need an LLC to have a legit business. It was all too common to advise clients to dissolve them.

Here are 4 things you may not know about it…

1️⃣ Sole Proprietorships are the best place to start.

At the federal level, an LLC & Sole Prop are one & the same. Both put your biz on a Schedule C on your tax return. Both calculate what you will owe in taxes the same way. But Sole Props are simpler. And they do just fine until you get to a point where you’re profiting $60-100k.

2️⃣ LLCs don’t necessarily protect you.

The C stands for Company (not Corporation) & LLCs don’t offer the guaranteed protection of your personal assets people think they do. Only corporations can do that. As a business owner, you should get business insurance. That will protect you if sh*t hits the fan.

3️⃣ LLCs can be more complicated & expensive.

This is especially the case in California – where I live – where we have to pay $800 a year just to have one. We also have to file a separate state return. Not every state is the same – and CA is the most expensive I’ve come across – but this is a good reason not to jump the gun on an LLC.

4️⃣ Let opening an LLC be a rite of passage.

There are many steps to take on your business journey to continue to legitimize your business entity as you grow. I recommend waiting to form an LLC when your budding business really becomes something, as a way to honor its growth into a new stage of maturity when the time feels right. I do not recommend forming an LLC as a way to start a new business venture (in most cases).

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
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Connect with Lauren on Instagram: @laurenpoppinsraye

As a former tax preparer, one of my major roles was helping dissolve the fears new clients showed up with – and the biggest was fear of the IRS.

Here are 3 things you need to know to delete that once & for all…

1️⃣ You’re not going to jail.

The fear of getting in trouble for doing something wrong with the IRS is common. It’s also vague and daunting for many.

The truth is whether you’re behind or you haven’t been keeping great records so you may have made mistakes – honestly almost whatever the case may be – the consequences you may face are monetary (not criminal). AKA, you may end up paying them more money. That’s it.

I say almost because there are rare exceptions. But to put you at ease, I like to use the example of Al Capone – a big deal criminal that they couldn’t get on criminal charges, so they got him on tax evasion instead. If you are not Al Capone criminal status, you should be fine.

2️⃣ The IRS is disorganized AF.

Holy wow are they disorganized. The left hand doesn’t know what the right hand is doing, they are tragically behind the times, and they make mistakes ALL THE TIME. The point is they are not the scary well-oiled machine you may imagine them to be. If you knew the extent of their incompetence, your fear would turn to pity. Just imagine them barely holding it together, because that’s much closer to the truth than anything scary you can imagine.

3️⃣ They won’t put you on the spot.

The IRS would never call you. If that happens, it’s a scam. Any issue they have will be addressed via snail mail. You will have plenty of time to consult your tax professional, sleep on it, and prepare a response. In most cases if you ask nicely, you can even have more time. So know any interaction you have with them will come with the spaciousness to chill.

🪄 Save this post to come back to if the fear comes back.

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
Align with your Currency Codes: https://cosmicb.link/currency-consult
Leave a review of the show: https://cosmicb.link/review

Connect with Lauren on Instagram: @laurenpoppinsraye

If witches ruled the world, seasons and quarters of the year would be one and the same. And tho they’re not, we can work with them well together by giving each their right purpose.

Let’s look at the roles of natural and calendar time in a well-crafted yearly flow…

☸️ The natural wheel of the year is a trip around the Sun, broken up by the 4 seasons. And the seasons are broken up by the zodiac-themed phases the Sun moves through.

This natural (astrological) flow mirrors your flow of energy. It’s a great way to understand how your energy ebbs & flows throughout the year, to know yourself from the inside out.

Anything you do in your business needs to support the flow of your optimal inner world, so this is the timing to use to ground your boundaries & availability for sustainability.

Example: Winter for most is a time of feeling more inward, as well as a time when the holiday season demands a lot of us. Knowing this is helpful when planning your business year.

🗓️ The calendar year is the man-made version, broken up by 4 quarters of 3 months each.

For most this is also your fiscal year – aka, the calendar years you report on your tax return – so it’s a great way to map your business tasks and goals.

Your business maintenance and planning needs to align with your inner world & home needs, and the traditional calendar is the perfect timing to use to plan your outer world biz schedule.

Example: If winter is a time you feel more inward & less available, contrary to the world’s New Year blast off, you may want to plan for Q1 to be a time of backend shifts to prepare for a big launch in Q2.

The idea is to begin with the seasons to track where you’re at so you can plan a quarterly flow for your business that aligns with your needs.

🪄 Please share: Do you gravitate more toward natural or calendar timing when thinking ahead?

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

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Stories are best when they can come to a climax, so if you’re not satisfied with where you are right now with your money story…

Remember that the climax isn’t possible without somewhere to rise from to reach it.

Your future self knows the full story well. And you can connect with that knowing now.

You can do this by tuning into the narrative that places your current situation in a past that perfectly prepared you to rise.

Think it, imagine yourself telling it to a friend, and most importantly… feel it as if you are your future self sitting with it in the present moment.

It goes something like this:

🎭 “There was a time I didn’t even have enough to pay my rent, but I kept at it knowing I would inevitably reach success, and here I am buying my 2nd home!”

🎭 “The times I used to feel frustrated that I was putting so much effort into my business and seeing little in return, I never could have imagined I’d be here now working half the time and consistently profiting 6 figures!”

🎭 “Without the once upon a times of struggle, I couldn’t feel the sincere gratitude and appreciation for being in this place now where all my needs are met and my biggest challenge is deciding which investment opportunity to channel my overflow into!”

You hear others tell these parts of their story you’re living now.

You can start preparing yours right now.

Stay tethered to the knowing that where you are now is all part of the epic unfolding of your future breakthrough story in the making…

And your climax is coming soon. ❤️‍🔥

🪄 Does this resonate with you? LMK!

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
Align with your Currency Codes: https://cosmicb.link/currency-consult
Leave a review of the show: https://cosmicb.link/review

Connect with Lauren on Instagram: @laurenpoppinsraye

One of our evolutionary superpowers as human beings is our ability to track – through time & space – to see patterns, stories, and ways we can influence our future. 🐾

Astrology & record-keeping are both ways you can leverage the skill of tracking to step into the creator role of your life.

💫 Astrology is the best tool I know of to track the storylines of growth that weave through our time here. Dimensions of our being are reflected by the planets that make their way around the wheel… just as our respective paths progress through cycles of birth, death, and everything in between.

Key transits coincide with life events & internal shifts to connect dots of your experience that reveal epic stories of growth, climax, and transformation.

And because we are able to string stories together across linear time, we can know them. And to know them is to influence their unfolding.

🧮 Record-keeping of your business income, expenses, and expansion does something similar.

It reveals a storyline – through cycles of ups and downs – that you can follow into the future, projecting your desired aim, and make choices that will get you there.

Through tracking the unfolding of your money story, you can influence it’s direction – both energetically and materially – to grow into the earning level you fantasize about.

And when you get there, you get to envision a new level… again & again.

It all begins with tracking where you’ve been to get where you are now so you can influence where you’re heading.

🪄 Please share: What use case of tracking has leveled you up the most?

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🎙️ Brought to you by Lauren Poppins Raye – your money system strategist

Find out your Money Attachment Style: https://cosmicb.link/quiz
Align with your Currency Codes: https://cosmicb.link/currency-consult
Leave a review of the show: https://cosmicb.link/review

Connect with Lauren on Instagram: @laurenpoppinsraye