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Working with a CPA effectively requires understanding both what to do and what to avoid to create a productive professional relationship that benefits your business.

• Be organized when providing documents rather than dropping off unsorted boxes
• Avoid piece-mailing documents and instead provide complete packages when ready
• Consolidate questions and communications to respect your CPA's time
• Ask questions to understand your tax situation and learn from your CPA
• Plan ahead for taxes and save a portion of profits throughout the year
• Set clear expectations about which specific services you need from your CPA
• Respect their time as a professional service provider who bills for consultations
• Don't wait until the last minute to submit documents during busy season
• Never ignore tax deadlines or expect your CPA to care more about your business than you do
• Understand that CPAs cannot eliminate all taxes, only help minimize them legally
• Keep business and personal finances completely separate
• Budget for CPA fees as a regular business expense
• Don't assume your CPA handles everything without specific agreements
• Feel comfortable switching CPAs if the relationship isn't working well

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We tackle the critical but often overlooked task of proper bookkeeping for business owners and share how avoiding common mistakes can save you thousands of dollars and countless headaches. 

• Bad bookkeeping comes in many forms—from procrastination to incorrect QuickBooks entries
• Cleaning up messy books often costs more than starting from scratch
• Hiring an inexperienced bookkeeper can be more costly than doing it yourself or contracting an external accountant
• Monthly bookkeeping creates visibility into your finances and helps avoid tax surprises
• Regular review of financial reports is essential to catch errors before tax filing
• Separate business bank accounts are crucial even for simple businesses using spreadsheet accounting
• Setting regular calendar appointments for bookkeeping helps maintain financial clarity year-round

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We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments.

• Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund
• Parents can still claim college students as dependents if providing over half their support
• 1099-NEC income has a much lower threshold - children must file if they earned over $400
• Self-employment taxes (15.3%) apply to 1099 income even when income tax doesn't
• Always track and deduct business expenses to reduce taxable profit on 1099 income
• Common deductions for teen workers include certification costs, mileage, and equipment

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This episode highlights significant upcoming tax changes for 2025 that every business owner should be aware of!

• Discussion of the BOI report saga
• Overview of major tax changes impacting 2025 
• Depreciation Changes business owners should plan for.
• Estimated Tax Payments and the new penalties!

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The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!

• Introduction of the BOI report and its purpose 
• Current status, with no legal obligations to file now 
• Importance of monitoring updates closely 
• Recommendations for proactive filing and seeking clarity 
• Encouragement to share the episode for awareness

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Ever felt like you're sacrificing your family life for business growth? It’s a dilemma many of us face, especially as we navigate the complex demands of 2025. This episode is a reflection on the art of setting boundaries to ensure that our professional ambitions don’t overshadow the important moments with our loved ones. With three active kids, the conversation is about making intentional business choices that align with family values. It's about saying "no" when necessary, adjusting work hours, and hiring help to avoid the burnout that comes from trying to do it all. 

This episode is your reminder that a business should serve your life, not consume it. With insights on goal setting and productivity, we encourage you to create a balanced lifestyle that supports your overall well-being!

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Tax season is here and this episode delivers our help to navigate it successfully. We discuss critical deadlines, necessary filings, and how to prepare efficiently for your taxes while avoiding common mistakes. We cover all the questions that have been hitting our inbox this week to help you get 2024 wrapped up and organized to file your tax return!

• Importance of early preparation for tax season 
• Key deadlines for end-of-year filings like W-2s and 1099s
• 1099 requirements and deadlines 
• Using QuickBooks and digital tools for filing 
• What documents to submit to your CPA 
• Important tax due dates 
• Tax extensions and penalties

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Setting clear goals at the start of a new year is essential for any business's success. We encourage deliberate planning to review past performance, establish actionable goals, and stay aligned as a team throughout the year. 

• Reflecting on last year's successes and challenges 
• Setting realistic and actionable goals for 2025 
• Weekly meetings for team alignment 
• Updating and refining standard operating procedures 
• Proactive client communication and training strategies 
• Discussing budget and marketing efforts 
• Documenting meeting notes for accountability and progress tracking 
• Emphasizing work-life balance alongside business growth

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Please note: There is a temporary pause in enforcement of the BOI Report filing following a significant court ruling this month. Though we do think the BOI report will eventually need to be filed at some point.

This episode walks you through how to file your BOI report on the FINCEN website if you have not yet filed!

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THROWBACK EPISODE! OLDIE BUT GOODIE :)

If you started a business and didn't file any paperwork, what type of business are you??? Do you know???

The IRS will automatically classify your business as a sole proprietorship and that you  will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!

If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in. 

In this episode we discuss:

-Do you need an EIN for your sole proprietorship?
-What expenses can you deduct (i.e. save $$ in taxes)?
-How do you file your business taxes?
-What other filing requirements do sole proprietors have?
-Can you be an LLC and a sole proprietorship?

If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner! 

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