Get registered for the ASTA Expo 2025 at the Raleigh Convention Center: https://geni.us/ASTA2025

Don't get to the end of this year wishing you had taken action to change your business and your life.
Click here to schedule a free discovery call for your business: https://geni.us/IFORABE

Don't miss an upcoming event with The Institute: https://geni.us/InstituteEvents2025

Shop-Ware gives you the tools to provide your shop with everything needed to become optimally profitable.
Click here to schedule a free demo: https://info.shop-ware.com/profitability

Make sure you mention: CTISUMMER to get FREE data migration!

If you're ready to make a real change in your shop's success, join Shop Marketing Pros' Plan With the Pros workshop this October to connect with them and other shop owners. You'll leave with your entire year for 2026 planned out.

Click here to register: https://geni.us/PlanWithThePros

Shop owners, are you ready to simplify your business operations? Meet 360 Payments, your one-stop solution for effortless payment processing.

Imagine this—no more juggling receipts, staplers, or endless paperwork. With 360 Payments, you get everything integrated into one sleek, digital platform.

Simplify payments. Streamline operations. Check out 360payments.com today!

In this episode, Lucas and David are joined by Derick Van Ness from Big Life Financial. Derick discusses the impact of state tax deductions on federal taxes, with a focus on high-income earners in states like California and New York. David shares his relaxed attitude towards financial management, explaining how he balances cash flow despite economic struggles. Derick also highlights the importance of having a reliable team and establishing a financial operating system for business owners. 

00:00 Considering hiring a forensic accountant for business review.

05:15 Evaluate current advisors; start with taxes.

07:39 R&D entails credits for system upgrades efforts.

12:01 Limiting state taxes as federal write-offs.

14:52 Conference and event travel cause financial strain.

16:31 Bank crisis caused financial ruin, power loss.

23:02 Shop owners often overlook tax seriousness.

24:00 CPAs busy auditing, rarely offer proactive advice.

28:32 Automate savings early for financial security.

31:46 Recommended savings percentage and retirement amount?

34:07 Aggressively save; build income streams beyond business.

36:10 Budget for two months' shop expenses buffer.

41:50 Real estate improves over time with depreciation.

44:54 Pursue passion freely, enjoy life without constraints.

47:45 Alternative investments offer consistent income for retirees.

50:21 Intangible capitals determine your EBITDA multiplier.

52:27 Prepare for unexpected events despite profitability.

55:57 Send info to stream on Facebook page.