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Last week's episode was all about the importance of the S Corp strategy for businesses making over $50,000 in yearly profit. If you didn't listen to that episode, go back and check out episode 38! That episode explains HOW the S Corp saves you money in taxes.  

This episode is part two.  This episode explains how to make this change if you are ready to save some taxes!  So if you are ready to jump in, this episode is exactly what you need to move forward with this tax strategy. 

In this episode we explain: 

• The steps needed to convert your business to an S Corp
• What forms to file to make the conversion
• What responsibilities and due dates you need to know as an S Corp
• How to determine your salary and your distributions
• What options you have to run payroll and file payroll reports
• When you will file your first business tax return after the switch
• How much it costs for a CPA to set this all up for you if you don't want to DIY

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We want to share a common tax strategy that should be used by businesses making over $50,000 in profit. All too often we see business owners not taking advantage of this tax strategy! So we're here to spill the tea so everyone can use and understand this strategy and save some tax dollars!

In this episode we explain how and why switching your business tax entity to an S Corp will save you thousands of dollars every. single. year! Who doesn't want to save taxes?

This episode covers:

1. What is this tax strategy?
2. Why didn't my CPA tell me about it?
3. Is this strategy legal (yes)?
4. How does it work?
5. Why is this so beneficial?
6. Who should be doing this?
7. How much can I realistically save yearly using this strategy?

You should know and understand how this works before moving forward with a tax entity change, and this episode will explain everything in a way you can easily understand.  Next week's episode is all about the nitty gritty details of this tax entity if you are ready to make the switch so don't forget to SUBSCRIBE!

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If you are starting a new business, this question always pops up.  Will you file as an LLC? 

In this episode we answer all these questions and more!

What is an LLC and do you need one?  
What does that mean for your taxes and other filings? 
How does the LLC work?
Why do most businesses have them?
How do you make sure your LLC protects you?
What filing requirements do LLCs have?
How do you file an LLC?
What is the cost to file and maintain an LLC?
Does every business need an LLC?

In this episode we discuss all the LLC details you need to make the best decision for your business and give you the details you SHOULD know if you have an LLC!

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We have the wonderfully talented Sara Reynolds on the show today.  She and her husband expanded their business this year by opening a storefront for their bakery, Butter Bean Baking Co. In May of this year she officially went full-time in her business when she left her job as an educator to pursue her passion of baking and creating. 

Sara explains the hurdles they faced this year and what she thinks helped them take this big leap into full-time entrepreneurship.  She is a vastly creative person who is partnered with her practical down-to-earth business partner, her husband and best friend, Brandon. Sara shares {hilariously} how she is balancing this new venture and her role as Mom while having the time of her life amongst the chaos. 

She teaches every new business owner a very important lesson about saving for taxes and their hack for making SURE they set aside money for tax time!

If you're a new business owner or plan to be soon, don't miss this episode!

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This is the last episode in our very first personal finance series!

In this episode we dive further into saving for retirement.  If you listened to Episode 33, you know what it will take to retire WHEN you want to retire.  You also know that 15% of your income should be going to retirement savings (or more if you are behind).  Now the question is, where do you START?  Where should you put that 15%?

In this episode we discuss:

What type of retirement accounts there are to choose from
What accounts you should pick first and why
How to diversify your retirement savings account(s)
What to do if you aren't getting a good rate of return
What type of things WE choose to invest in
What account options are available for self-employed individuals
What retirement accounts reduce your taxes NOW
What is the difference between a traditional and ROTH IRA
What investing basics are good to know as you begin investing
What is a Backdoor Roth
Steps to get started investing today

As you can see, this episode is JAM PACKED with great information everyone needs to know about saving for retirement.  It's a quick and easy listen where you can learn a TON in 30 minutes on your commute to work!

More on the BACKDOOR ROTH: Episode 23 https://podcasts.apple.com/us/podcast/what-your-cpa-wants-you-to-know/id1662233902?i=1000615115411 

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This is the fourth episode in our personal finance series and it's all about life insurance!

It's one of four episodes in this series for a reason... it's important!!!

When creating your budget and organizing your finances, signing up for life insurance should be at the top of your to-do list!  In this very important episode we answer these questions so you can sign up for life insurance and get your family protected now!

• Do you need life insurance?
• What type of life insurance should you get?
• Why types are there?
• How much does it cost?
• How much coverage do you really need?
• How does it work?
• How much does it cost to have life insurance?

Not everyone needs life insurance and we explain who does NOT need life insurance in the episode.  If you do need life insurance and don't have it, you will have the information you need to get that taken care of today after listening to this episode!

Get a Quote Here: https://www.zanderins.com/term-life-insurance/instant-quotes

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This episode is all about how to calculate your retirement age and is SO beneficial for everyone! Do you know how to easily calculate this?  You will after you listen to this episode!

We explain how to calculate your retirement and answer some very important questions like:

• How much do you need in your account when you retire?
• How much should you be saving monthly?
• Can you have the same lifestyle in retirement?
• What age can you realistically retire?
• How do you factor in what you already have saved (if any)?
• How can you factor in inflation when you figure your retirement amount?

We walk you through using an easy tool that will help you make some VERY important decisions about your retirement whether you are 18, 35, or 55!  This episode is great for every age and every stage of retirement planning!


Find the calculator we use in this episode here: https://www.ramseysolutions.com/retirement/investment-calculator

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We had so many questions come in about personal finance that we decided to make it a series!

In this episode we answer the top listener questions we received on our Instagram page

We cover:

• Budgeting for big purchases
• How WE run our personal finances
• Where to start if you are in debt
• Family budgeting strategies that we use

Next week we will have another episode in this series all about personal finances, so make sure to subscribe!

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We often meet with clients to discuss personal finances and guide them through important tasks like retirement savings and budgeting.

In this episode we share the 5 things you can do NOW to improve your finances if you find yourself in the position we did a decade ago. We discuss how we climbed ourselves out of a big-hole-of-debt using Dave Ramsey's advice.  We also share the key takeaways we learned from that process.

We explain these important topics for every person:  budgeting, saving, retirement planning, and insurance.

In this episode you will get a checklist of items that you should be doing now to ensure financial wellness!

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If you own a small business or are starting one, chances are you have already asked yourself this question!

Do I NEED to purchase QuickBooks for my business? It seems like so many entrepreneurs use QuickBooks!  But why is that?

In this episode we answer that question and cover these important details:

- What is the cost to use QB?
- Who needs QB and who does not?
- What QB subscription should I use?
- if I choose not to use QB, what is another good option?
- Why do CPAs like QB?
- Why is QB so popular?

If you are just jumping into business ownership, or your business is taking off, this is a GREAT episode for you.  This episode is a quick QB crash course perfect for anyone asking themselves this question.

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