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Are you tired of the stress and confusion that accompanies tax season? We say, no more! In this episode we’re going to debunk some myths, like the unnecessary need for receipts, pinpoint potential audit red flags, and even share some insider tips on how to spend less on tax preparation fees.

Get ready for a deep dive into the world of tax returns. We'll navigate through the common questions like 'Do I really need a CPA?' We’ll also discuss about the different business due dates (Spoiler: It's April 15th for sole proprietorships and March 15th for partnerships/S corps). We’ll clarify what NOT to file on your tax return if you want to avoid an audit with the IRS.

Whether you're curious about the purpose of a K1 form, or are scratching your head about self-employment taxes, this episode explains it all. Don't forget about the discussion on filing tax extensions, and the importance of avoiding penalties by meeting those oh-so-crucial deadlines. So, if you're a business owner or an individual craving some tax guidance, sit back, relax and let us teach you everything your CPA wants you to know about tax time!

Find the Tax Prep Checklist HERE

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Have you heard about the new Venmo tax reporting changes? 

We've got your back in this latest episode where we dive into the implications linked to Venmo usage. We explain the differences in IRS regulations for personal and business Venmo accounts. We also discuss the game-changing 1099K form, its purpose, and the circumstances under which it is issued to businesses. 

If you've been wondering what the Venmo changes will look like for your business and your tax situation, this episode is for you!

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Brace yourselves for another tax law change!

This change will apply to any taxpayer who owes taxes when filing their tax return. That's a lot of people who need to know about this recent change!There is a new estimated tax penalty of 8%, which was only 3% in the past! Long story short, you're going to need to make those estimated tax payments and not wait to pay until when you file in April!

We untangle this change, due to hit in Q4 2023, and its potential impact on entrepreneurs, contract workers, and those with rental or royalty incomes. We explain the penalty calculation using examples for a clearer understanding.

Circling the dates on your calendars yet? Knowing your due dates is half the battle won, isn't it? And if you're a new business owner or planning to become one, this one's for you! We explain various methods to estimate your taxes and avoid this penalty. 

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Ready to conquer depreciation? 

Did you know that bonus depreciation is set to decrease from 80% to 60%? But what does this mean for you and your business? We'll break it down and walk you through real-life scenarios ranging from the purchase of a new copy machine to buying a bulldozer for your construction business. By the end of this episode, you'll have a clear understanding of how to deduct the wear and tear of assets from your tax return, giving you more financial control and potentially saving you significant tax dollars. 

So sit back, relax, and let us guide you through the ins and outs of depreciation. Let's get started.

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Imagine closing the gap between your aspirations and your accomplishments. That's exactly what you'll learn from Kristin Burke, a goal achievement coach and successful entrepreneur, in our discussion about the art of goal setting for business owners.

We'll also be sharing personal experiences, challenges, and strategies that have helped shape our businesses. One strategy is the power of community and connecting with like-minded entrepreneurs. We explain the benefits of external support and how it aids in keeping us accountable to our goals.

This episode is packed with strategies for growing your business and achieving your goals. Kristen's website is an incredible resource for anyone looking to elevate their business, offering tools and strategies for goal achievement. So, tune in to this enlightening episode, loaded with actionable insights that will surely give your business a boost.

Find Kristin Here:
Website: https://kristinburke.com
Elite Achievement Podcast: https://elite-achievement.captivate.fm
Instagram: https://www.instagram.com/meetkristinburke/
LinkedIn: https://www.linkedin.com/in/burkekristin/
Breakout Plan: https://kristinburke.com/breakout-plan
Course Waitlist:

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Are you feeling overwhelmed with the thought of saving for your child's college education? Fear not! 

In this episode we explain the various college savings options along with their tax benefits. We take an in-depth look at various plans weighing their pros and cons to help you make an informed decision. 

• Prepaid Tuition Plans
• 529 Plans
• UTMA
• ESAs
• Custodial Accounts

Whether you are just starting your journey towards building a college fund or reassessing your current plan, this episode is packed with actionable insights to guide you through this complex arena. 

So, tune in and let us help you craft a college savings plan that best suits your family's needs and goals.

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How about turning financial struggle into financial freedom? That's the journey we took over 10 years ago. We'll talk you through our once gloomy reality and how we rose from it all to own a thriving business and gained control of our finances.

Building a solid financial future doesn’t have to be a distant dream; it can be your reality. We'll share how creating a budget that fits your lifestyle can be the key to unlocking financial independence. We'll shed light on the importance of planning for the future with retirement and life insurance. We explain everything your CPA wants you to check off your list to win with personal finances!

And for those looking to kickstart your own journey? We’ve got you covered with our four-week workbook, designed to guide you towards financial success. When you purchase our new Personal Finance Workbook you also get 4 weeks of email support from us!

Are you ready to get your finances in order in 2024???

Check out the Personal Finance Workbook here - Click HERE

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Ready for one more thing to add to your business to-do list? Brace yourself! A new filing requirement is coming your way, and trust us, you don't want to miss the deadline. 

This episode is all about the Beneficial Ownership Information (BOI) report, enforced as part of Congress’s Corporate Transparency Act to discourage shell corporations and hidden funds. But do not stress, we unpack everything you need to know about this potentially intimidating obligation.

We explain the BOI report, its purpose, who must file it, and when. It's not just about understanding the report; it's about knowing how to handle this new obligation. We also talk about what this shift means for you as a business owner, whether you're planning to start or already running a business. 

Let’s navigate this together and make sure you’re on top of these changes to avoid any pitfalls. Tune in, and remember, knowledge is power!

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What could a pair of entrepreneurs with backgrounds in teaching and marketing teach you about running a successful business? 

Melissa and Katie from Everyday M&K, unravel their journey from a chance meeting to building a thriving online business. They talk about their past experiences & their passion for what they do.

This episode peels back the layers of running a successful business, emphasizing that it's more than just an idea; it's about tenacity, risk-taking, and treating your startup as a business from the get-go. 

Melissa and Katie discuss the challenges they faced when starting their new business.  Yet, they shine a light on the joy and fulfillment derived from passionately pursuing your dreams while prioritizing the things that matter most. 

Are you ready to embrace the entrepreneurial ride? Let Melissa and Katie guide you through their inspiring journey with Everyday M&K— where their motto is simple, "you just have to try.

https://www.everydaymandk.com/ M+K's Blog
 https://www.instagram.com/everydaymandk/ M+K Instagram

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Ever wondered how you can legally and ethically lower your tax bill and avoid? We explain how you can maximize your business expenditures, discussing everything from depreciation specifics to the lesser-known Augusta rule. If you're a new or established business owner, we've got you covered with tax deduction you need to know about!

We explain deductions such as paying your kids and the S Corp, and how you can utilize them to save on taxes. We will also take you back to our previous episodes for a deeper understanding of these topics. Remember, we hate taxes as much as you do, and our main goal is to make this process a bit less painful for you. So join us for this tax-saving  episode!

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