Are you tired of hearing the same old myths about financial stability? As someone who prioritizes financial stability, have you ever been told that being rich is subjective or that avoiding status symbols will make you wealthy? Well, let me tell you, these are just a few of the many myths out there. But don't worry, I'm here to share the truth about what it really means to be financially stable.

In this episode, you will be able to:

• Grasp the critical aspects of financial management and tax comprehension to ensure long-lasting financial stability.
• Discover the intangible nature of wealth and learn to avoid the pitfalls of status symbol accumulation.
• Master the art of scrutinizing your spending habits to protect yourself from mounting financial burdens.
• Reassess your financial goals to identify areas that could potentially increase your income.
• Uncover essential write-off strategies for the self-employed to reduce tax liability.

"Happiness is letting go of what you think your life is supposed to look like and enjoying it for everything that it is." – Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/ 

Email: [email protected]   

Twitter: https://twitter.com/taxgamecoach 

Facebook:  https://www.facebook.com/hocketttaxandpayroll 

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax 

Instagram:  https://www.instagram.com/hocketttax/ 

In this episode, Jeff discusses:

• Is it a hobby or a business?
• Deciding whether your project is a business or a hobby
• Know the numbers and see the patterns.

Key Takeaways:

• The biggest difference between a hobby and a business is that a business operates for profit, whereas a hobby exists for pleasure and recreation.
• Keep complete and accurate records and keep a businesslike approach to your project to decide whether it's a hobby or business. Always keep in mind that the IRS will have a lot to ask you if you get audited.
• The people at the IRS are trained to understand patterns and numbers from your previous tax returns, so it's very important that you don't try and lie. To file your taxes as a true business owner, you just have to remember a couple of simple rules: tracking, keeping a P&L, and supporting documents.

“Sometimes the line between having a hobby and running a business can be confusing, so knowing the difference is important." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• The last set of tax write-off items
• Keeping your books in order

Key Takeaways:

• The last set of tax write-off items includes:
• Taxes and licenses
• Telephone
• Tools 
• Travel 
• Uniforms
• Waste removal
• Other

• Develop an understanding of income expenses and make it a daily habit. Tax time will be much less stressful and if you should receive an IRS audit letter, you will be less stressed and anxious knowing that your books are in order and everything has been accounted for.

“Choose your battles wisely. Because if you fight them all, you'll be too tired to win the really important ones." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• Another set of tax write-off items
• The more detailed your books, the better it is when it comes to an audit. 
• The secret to success

Key Takeaways:

• Keep in mind these another set of tax write-off items, which include:
• Payroll processing expenses
• Retirement plans
• Permits and fees
• Postage and shipping
• Printing
• Recruiting
• Rents
• Repairs and maintenance
• Salaries and wages
• Security
• Software
• Supplies 

• The more detailed your books, the better it is when it comes to an audit. If everything is grouped into different line items, the IRS is more likely to look at it instead of if it's spread out into more different categories. 
• You will never change your life until you change something that you do daily. Finding your daily routine and following it are crucial to success, along with tracking your income and expenses daily.

“You don't have to be great to start. What you do have to do is start changing to be great." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• Another list of what you can write off as a business owner
• The difference between successful and unsuccessful people

Key Takeaways:

• You can save money by taking advantage of these additional tax write-offs, which include:
• Laundry and cleaning
• Legal and professional
• Marketing
• Meals 
• Meetings
• Office expenses
• Outside services and contractors
• Parking fees and tolls
• Payroll processing expenses
• Retirement plans
• Permits and fees
• Postage and shipping
• Printing
• Recruiting
• Rents
• Repairs and maintenance
• Salaries and wages
• Security
• Software
• Supplies 

• Both successful and unsuccessful people deal with things they don't want to do and don't enjoy - the difference is that successful people embrace the suckiness and do it anyway, while unsuccessful people never will.

“Just because you spend money out of your business account doesn't mean that it's truly a business expense." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• The list of what you can write off as a business owner

Key Takeaways:

• You can save money by taking advantage of a number of tax write-offs, which include:
• Bad debts
• Bank charges
• Cash 
• Cell phone 
• Clean fuel vehicle deductions
• Commissions 
• Computer
• Consulting
• Delivery
• Depreciation 
• Discounts
• Dues and subscriptions
• Education and training expenses 
• Employee benefits
• Freight
• Gifts 
• Independent contractor
• Insurance
• Interest expense
• Internet
• Janitorial 

“There's not a right or wrong way, it's just a matter of getting it on your tax returns somewhere." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• The importance of having a good accounting system
• The biggest questions to ask yourself about business expenses
• What is the difference between advertising, marketing, and promotional?
• Good records is key.

Key Takeaways:

• It will take you less time if you utilize a good accounting system to go through your credit card statements every month, prepare your monthly P&L, and try to find all the expenses.
• The biggest question when it comes to business expenses is to ask yourself is this business related? Second question would be what would I pay for this if it was for my employee? These two questions will help you answer a lot of what you can and can't write off.
• Depending on what you do with your tax return, advertising, marketing, and promotional are all options. The key is to have all your expenses listed somewhere and the numbers are accurate.
• It is important to keep an odometer statement at the beginning of each year so that you can prove that you have put the miles on that particular vehicle, and you should keep a mileage log that shows all the miles you put on for the year.

“As a tax guy, we have what's called an organizer, and we need it completed. But most of the time people complain about it. But how do you expect us to get the information that we need to make sure that we have everything to complete your tax return?" —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• Taxes are very similar to going to the dentist.
• How to have a better outcome at tax time
• Consistency is key.

Key Takeaways:

• Whether you've been filing taxes for years, or own a business, you're still worried about tax time - just like going to the dentist and finding out you need work.
• Keeping your books in order will save you money and no longer dread the April deadline. Clean books lead to clean tax returns, which lead to clean audits, while neglected books lead to neglected tax returns, which means you pay more than what you should.
• Don't let the idea of bookkeeping make you a crawler. Get organized with your tax returns and be consistent.

“The only stupid questions are the ones that you're not asking." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• Make sure you file your taxes in February, or even March if you can.
• Being disorganized is not a winning strategy.
• Tax preparation is a choice you get to make.

Key Takeaways:

• You lose all those months of planning and getting ahead for next year when you put off doing your taxes. Putting off your taxes into March is one of the worst things that you can do for yourself, and as a small business owner, you do yourself a disservice when you do this.
• Taxes are always due on April 15. Ready or not the IRS wants their money, and they will charge you extra when you are late. It's not a winning strategy to pay interest and penalties because you're disorganized.
• There are many options when it comes to taxes: either have someone do them for you or do them yourself, or hire a professional who can help you save money and plan for the future. The choice is yours.

“I know people think taxes are hard. The taxes really aren't that hard for people who are organized." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/

In this episode, Jeff discusses:

• Living life with strategy
• The importance of profit and loss (P&L) statement
• Hire a professional tax planner.

Key Takeaways:

• Every time you went around go but never invested that money into anything, you wouldn't win and it probably wouldn't take very long until you were broke and bankrupt. 
• It only takes a few minutes to set up your P&L statement, so set it up yourself or get help from professionals as soon as possible. You can not only use a P&L statement to review your net income and make important financial decisions but also makes preparing your taxes a lot easier.
• You'd want a professional and someone who knew what they were doing when it came to your money and taxes. Tax planners can help you save so much more than you can on your own - they aren't cheap, but you'll save so much money and stay out of trouble.

“If you don't have a P&L and a balance sheet, you're never ever going to come out ahead." —  Jeff Hockett

Connect with Jeff:

Website: https://www.hocketttax.com/

Email: [email protected] 

Twitter: https://twitter.com/taxgamecoach

Facebook:  https://www.facebook.com/hocketttaxandpayroll

YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 

LinkedIn: www.linkedin.com/in/hocketttax

Instagram:  https://www.instagram.com/hocketttax/