The Empire Tax Advisors Podcast

Are you a fitness consultant who needs to file taxes?

Did you know that there are special tax tips for fitness consultants? If not, don't worry. We have made the list of the top 7 tax tips that every fitness consultant should know. Keep listening and learn how to save money on your taxes this year!

You can get all of these great tax tips in just one place. Press the play button and listen to our list of the top 7 most important things every fitness consultant should know about their taxes! And if you want even more information, check out our podcast on other topics like "Helping an S-Corp Client and Entrepreneurial Advice" or "What are the Most Common Mistakes Business Owners Make?" There are tons of podcasts we have for you with helpful advice —go ahead and browse our playlist!

Click this link now to find out more about filing your taxes today!

Are you one of the many business owners who are confused about how much you need to be paying yourself what is considered reasonable compensation from your S-Corp? This episode will help you understand the fundamentals of paying yourself as an S Corp owner that most accountants don't talk about.  KEY TAKEAWAYS:  ✔️ Ensure that you are not paying yourself if you are a single-member LLC or a multi-member LLC. Many payroll companies don't understand, and they don't give you guidance based on your entity.  ✔️  If you don't pay yourself a reasonable compensation, you have a huge risk of getting audited. And if you do get audited, you're going to spend so much money on penalties, interests, plus aggravation and stress proving to the IRS that you need to pay yourself a reasonable amount of compensation if you are an S Corp.  ✔️ Don't just come up with the numbers off the top of your head without any background information. Determine what's reasonable by researching salary.com, indeed.com, monster.com to compare pay rates applicable to your role. ✔️ It's vital to have the proper guidance from an accountant who asks you specific questions and lets you know how much your salary should be based on the state or the industry you're in. Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

Are you making about less than 10-15K dollars monthly, or at least one 100K on an annual basis and not yet ready to hire accounting firms? In this new episode, learn these valuable tips to get out of the dark and extract IMPORTANT and wise advice to help you go forward on what to do and watch out for after selecting your business entity. KEY TAKEAWAYS:  ✔️ Do not assume that you automatically become an S-CORP when filing FORM 2553. Get confirmation after you faxed your documentation over to the IRS within seventy-five days, or else you will end up overpaying your taxes because you are the wrong entity.   ✔️ Open a bank book to your new entity ASAP.  This can be pretty common sense, but many business owners do not know. Inform your vendors to start paying you to that account Also all of the income would be reported under your entity name. ✔️ Excel versus QuickBooks for your small business. If you're not making that much money yet, Excel may be better where you report your income and expenses, and you're good as you start growing. You want to delegate and outsource this piece later on, to not waste a lot of time on software that you don't need to learn because you're not an accountant.  ✔️ Business owners should not decide how much the payroll should be. Your accountant should tell you how much your payroll is based on your living expenses to look at accurate financials to make proper decisions. The problem is, a lot of these bookkeeping software companies do incorrect bookkeeping.  ✔️ Ensure that you are legally protected and can save the most money in taxes. So many attorneys don't understand tax rules because they only understand legal protection. It would be best to speak to a tax expert who would tell you to reduce tax liability by making sure you are the correct entity. Did you ever imagine spending this much time on your financials IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

One of the fastest and easiest ways most business owners can save money on taxes is choosing the correct entity, but hundreds of clients come to me who have wasted their hard-earned dollars on taxes just because they are in the wrong entity. In this new episode of the Wealthy CEO Accelerator podcast, glean lessons learned by other business owners the hard way and be able to ask pertinent questions to ensure you are not making a mistake with your chosen entity. KEY TAKEAWAYS:  ✔️ NEVER rely on Google for entity selection and tax advice. What industry are you in, in which state are you, how much money will you be making, and what are your goals? These are a few crucial questions that professionals need to ask a person or a business owner to be given the proper advice. You would never want to take the chance on Googling things on your own. ✔️ Understand why Sole Proprietorship may not be the best entity for legal reasons and tax purposes.  Many business owners start by default as sole proprietors but don't have any protection moving forward and overpay by 15.3 percent in taxes.  ✔️ Single-member LLCs, Sole Proprietors, and Multi-Member LLCs usually overpay in taxes. Learn legal ways for you to reduce tax liability by making sure you are the right entity. ✔️ Ensure that you are legally protected and can save the most money in taxes. So many attorneys don't understand tax rules because they only understand legal protection. It would be best to speak to a tax expert who would tell you to reduce tax liability by making sure you are the right entity.  ✔️ Proper entity bookkeeping is crucial to ensure that you have a lesser chance of getting audited.  Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

Deciding the structure of your business is the crucial stage for every entrepreneur. In this new episode of the Wealthy CEO Accelerator podcast, let's go over entity selection and how you can adequately save the most money in taxes with the specific entity you decided to choose. There are several types of entities, and I want you to understand all the kinds of entities that there are because there are so many, and every single entity has its pros and cons. KEY TAKEAWAYS:  ✔️ A sole proprietorship may not be the best entity if you're making 50-70K dollars annually because you will be reporting all of your income and expenses on your individual return. If you want to grow and have a huge business, usually being the sole proprietor is not the best entity.  ✔️ The single-member LLC gives you protection from getting sued and from anybody who decides to go after your assets, such as your home, savings, car, and other things you achieved. Know more about these legalities and speak to an attorney to properly advise you what entity makes sense from a legal aspect and what entity makes sense to make sure that you are 100 percent protected in your business.  ✔️ Remember that a single-member LLC or any entity does not replace insurance agents, make sure and think about what type of insurance you need to be protected.  ✔️ But you need to remember, if you're a corporation, you always need to file two returns. If you're a C-Corp, S-Corp, or a multi-member LLC, you need to file two returns. And those are you need to know your dates, too.  ✔️ If you're going to go to a software company where they're not going to look at your entire picture, they will not give you sound advice specific to your situation. We help clients save at least 10 -15K dollars yearly with our virtual CFO package!  We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.  PM us for a free consultation with our tax experts.

We have many Amazon sellers working with us and hire their children to unpack their packages, putting labels, and making sure codes match in the inventory. Their kids also do the marketing materials and post them on social media. They're able to do research, shred documents, sweep the floors in a warehouse or storage, or help out in shipping products to particular people. There's so many things that children can do for you and you can legally pay them.  In this Wealthy CEO Accelerator podcast, learn how hiring kids is an overlooked  genius tax planning strategy that helps you save money and cut back thousands of dollars from taxes.  KEY TAKEAWAYS:  ✔️Hiring your kids is a perfect  legal and ethical system that also allows you to teach them to be smart about money and acquire work ethics at an early age. ✔️First assess what your child can do. From ages seven to 17 years old, hire you little humans and establish work that is appropriate for their age and put that into writing. Because if the IRS ever asks you, you want to make sure that you have that on file. ✔️Learn every step required to ensure you get accurate deductions and get protected from potential IRS audits. Getting workers comp insurance, Department of Labor registration, filing payroll returns, and other additional requirements will command huge penalties if not done properly. ✔️It would be best to pay them a thousand dollars monthly and not exceed more than $12K for the entire year.  ✔️Pay your child to a separate bank account. Many business owners and entrepreneurs don't have a different bank account for their kids. You would need to go to the bank, open a custodial account and pay them there weekly. ✔️There's much paperwork and filing required; therefore, you need to ensure that you hire the proper accountants to help you get documented adequately that your child worked for you in your company because the IRS may not believe you. ✔️ When hiring your kids, you need to file your payroll returns every three months according to the specific dates of your state and IRS.  We help clients save at least 10 -15K dollars yearly with our virtual CFO package!  We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.  PM us for a free consultation with our tax experts.

Fifteen years ago, I was an accountant clocking in 60 to 70 hours for work, especially during tax season. Every night when I arrive home, the babysitter already tucks my two kids in bed, always sleeping by the time I come. Making 50K annually was no longer worth it; after paying for daycare and all my other expenses, I am left with nothing. On top of that, I was experiencing failing health. I reached the point that I had to be on IV every single day. I begged the doctor to put the IV on my left hand as I wrote my goals and to-dos, making the crucial decision of starting my own business.  In this Wealthy CEO Accelerator podcast episode, I will let you in on personal details and share valuable lessons I learned of starting from scratch to building a seven-figure accounting firm.  KEY TAKEAWAYS:  ✔️ When I first started my business 15 years ago, nobody was able to help me. I couldn't even find coaches or mentors and was going through it, figuring things out by speaking to other business owners, reading books, and failing and learning on my own.  ✔️ Tapping people in the community telling everybody that I started preparing tax returns was the first best step of marketing my strengths and my business. ✔️ My primary motivation is drawn from my father's experience. He was detained for not paying a huge tax bill due to a piece of bad accountant advice. He was deported from the country because of that. I pursued this kind of service because I am passionate about helping every business owner make sure that they understand exactly what they need to do and not go through what my father did. ✔️ Accountants must take to heart that they are business consultants. They want to make sure that clients are given guidance and informed on what they need to do overall to make sure that they're compliant with their specific tax and financial situation. ✔️ My goal is to help business owners be the smartest person in their own craft and field even if they don’t understand the legalities and the technicalities of their financials. ✔️ It's terrible to start a company just because of money. You need to love what you're doing, so every single day, it doesn't feel like you're working, you're enjoying what you're doing, and then you people pay you because you're so good at it. So just to let you know, like many business owners start their companies because of money, they lose their passion and end up closing their company. ✔️ Hiring is one of the most complex parts because you want to make sure that your hiring person matches your vision, culture, and attitude. People out there are just like coming in, and they lie about their experience or say they know a few things and then don't show up.  ✔️ Not getting a coach and mentor in my early years as I start my business is what stalled my growth. Developing the mind and achieving personal development earlier on would have saved me on costly mistakes and increased results faster. We help clients save at least 10 -15K dollars yearly with our virtual CFO package!  We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.  PM us for a free consultation with our tax experts.

Many of the self-employed and small business owners I speak to are often confused about qualifying for home office tax deductions.   In this Wealthy CEO Accelerator podcast episode, we will go over what you need to know and claim accurate deductions without needing an IRS auditor coming to visit your home.  KEY TAKEAWAYS:  ✔️  To claim the home office tax deduction, ensure that your space is 100 percent used for your business. The IRS requires that such a portion of your home serves as the primary place where you do administrative or management activities. ✔️ The IRS says that for a home office to be deductible, it is used a few hours a day and at least at a minimum once a week - used "exclusively" and "consistently" for your business.  ✔️You could have a TV there if you're using it for coaching or marketing purposes. But if you're having your kids watch TV and things like that, the IRS will surely disallow your expenses.  ✔️Calculate the business percentage of your house by measuring the square footage intended for your home office space as a percentage of the total area. ✔️Home Office deduction rules vary based on your specific entity. There are different rules based on the entity that you are. ✔️ Expenses for a second location are also deductible. For example, e-commerce sellers have a warehouse where they do ordering, inventory, and recordkeeping or doctors and lawyers that meet clients and patients in a separate office/clinic. ✔️ Look up online IRS Publication 587 (Business Use of Your Home) to check specific rules and requirements.  ✔️ Make sure that you're doing what you can to legally deduct everything possible. So many clients are overpaying taxes and giving a free donation to the government. Only because they don't have proper accountants and raise red flags with the IRS. We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.  PM us for a free consultation with our tax experts.

There are just many business owners that I speak to on a consistent daily basis and think that they don't have any issues. Everyone feels like they don't have any accounting problems until I ask them specific questions. Who does your payroll? Who does your sales tax? Who does your bookkeeping? Like a doctor, I get to diagnose and find out issues that the business owner never even knew about. In this Wealthy CEO Accelerator podcast episode, tune in to learn tax and accounting issues you need to be aware of! KEY TAKEAWAYS:  ✔️ It makes no sense how seven-figure business owners allocate their bookkeeping and accounting needs and hire people from other countries when many accountants, CPAs, and licensed enrolled agents based in the United States don't even know how to help and resolve client issues.  ✔️ We ask you specific questions to help you make sure that you're getting everything DONE RIGHT. Remember, you need a brain behind the software. You can't just process payroll. You can't just process an entity. It would be best if you had a human mind which anticipates what's next and has the heart that cares to help you with every little thing in your business.  ✔️Our focus is giving guidance and strategies to help business owners save money on taxes, reduce the risks of audits, helping them be compliant, and  have peace of mind. ✔️A lot of business owners are asking us, how are we different? Our most significant edge is doing bookkeeping in-house. Not because it's more profitable, it takes a lot of time, energy, and we always need to find experienced accountants who know what they're doing. This is how we provide clients the best guidance on deducting every single expense strategically.  ✔️Nobody is thinking about the entire picture. We help so many business owners with what they don't even know they need with bookkeeping, payroll, estimated tax payments every quarter, filing sales tax returns, and everything from A to Z.  To build the best system for your business, you need to hire the best accounting team!  We at Empire Tax Professionals look at things at a whole different level. We bring no-nonsense and straightforward money-saving strategies to help you grow your business like it's ours.  PM us for a free consultation with our tax experts.

This year, we've been helping so many business owners with emergency Economic Injury Disaster Loan (EIDL) grant funding and Paycheck Protection Program (PPP) loans. While reviewing tax returns that their accountants were preparing, it was frightening and scary to see the number of mistakes we've seen and how clients were unknowingly paying MORE money on taxes. This new Wealthy CEO Accelerator podcast episode talks about what business owners, e-commerce sellers, digital marketers, real estate agents, doctors, medical professionals, and people in other industries should look for in their people. Check the following steps HOW tax planning strategy should be and ensure that your team gets this done for you. KEY TAKEAWAYS:  ✔️ They "diagnose" your finances. We act as doctors in the accounting field, asking specific questions to make sure that we can help our clients in every way. What entity are you? Do you have a payroll? Do you have sales tax? We ask a long list of questions to make sure that we're helping the client save the most money in taxes, reduce the risks of any audits, and make sure that they can get any Covid relief funding options that they qualify for.  ✔️ They are experienced and knowledgeable about everything tax-deductible.  I have a client overpaying in taxes 20K dollars a year just because his business entity was incorrect. He was a single member, LLC, and he was supposed to be an S-Corp all this time. He never deducted his office rent because he thought it was a red flag. Office rent is one hundred percent deductible! He never deducted his car expenses, and he would travel for work all the time, and he would, you know, keep track of his mileage.  ✔️ Accountants don't act as historians.  I met an Amazon seller making $1.2M, and I'll never forget how he told me how he loved his CPA and his bookkeeper. He said that they're perfect. Suddenly, he got hit with one $100K tax bill three days before the tax deadline. What's the point of having a bookkeeper and an accountant if they're not going to tell you exactly how much you owe every single quarter?  You can't go to an accountant a year later and pray for them to help you fix your mistakes. It's crucial. Get an accountant to help you every single month and help you with your bookkeeping, your payroll, and make sure that your entity structure is correct and everything that you need so you can pay the least amount of taxes legally. Before you hire an accountant, you want to make sure that that person can help you with tax planning specifically, and you want to have it documented in writing, and you want to make sure that that person can help you with your bookkeeping-related questions.  Did you ever imagine spending this much time on your financials?  IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.