What’s Kenner French Thinking!

Too many times do people completely disregard taxes and simply pay the tax bill on April 15th. An entrepreneur should start planning for their cash flow, tax situation, well before Tax Day. May you be on Bainbridge Island, WA, SoCal, NYC, to Palm Beach, FL, just take at least an hour a quarter to take a look at your financial situation - well before it is too late. In this brief episode, we go over this concept and also a plea - look at your taxes quarterly, you will be glad you did!

It's Money Monday! We're thrilled to kick off season 3 of the Vast Voice Podcast with a premiere episode focused on financial freedom. Stay tuned as we delve into the world of wealth-building secrets!

Hey, have you heard the interview with Loral Langemeier? She's known as the Millionaire Maker and is everywhere talking about how to get rich.

Loral has a whole 'Millionaire Maker' program and is sharing all her secrets. She emphasizes the importance of mindset when it comes to money and challenges everything you thought you knew. She has become a millionaire in more than one industry, so she must be doing something right. We discuss some interesting topics, like how to leverage taxes and how to structure your business to keep more money in your pocket. Loral is big on the idea of building a team and surrounding yourself with people who can handle tasks you're not skilled at. That sounds smart, as it allows you to focus on the big picture.

She also stresses the importance of continuous learning in the business world and even promotes her 'Millionaire Intensive' event, which teaches wealth-building strategies. There is mention of becoming an affiliate and selling her products, though I'm not entirely sure about that part.
Loral suggests involving your kids in the family business, which isn't something you hear every day.

Don't miss a single episode! Dive deeper into wealth-building throughout the week with Vast Voice Podcast Season 3. We're airing fresh content Monday through Friday!

We're not just tweaking things - we're blowing the roof off and revolutionizing the entire Vast Voice show. This season is all about embracing the future and equipping entrepreneurs with the cutting-edge tools and insights they need to conquer the ever-evolving business landscape.

Struggling to keep your head above water? We've got you covered more than ever. From slashing your business's biggest expense (taxes) to unlocking game-changing strategies, season 3 is a masterclass in navigating the entrepreneurial journey with finesse.

And wait until you hear our lineup of guests! We're talking heavy hitters like JD Gibson, the doctor-turned-entrepreneurial-maverick. Imagine tapping into the mind of someone who traded scrubs for a spreadsheet and emerged victorious.

Then there's Rob Flick, the pied piper of real estate agents. This guy has a way of hypnotizing audiences with his real estate wizardry. If you're in the game, his insights are worth their weight in commissions.

And let's not forget the one, the only, JCron of Kajabi.com fame. This online course guru will shed light on how to transform your knowledge into a revenue-generating powerhouse.

But that's just the tip of the iceberg! We'll also dive deep into securing financing for commercial real estate ventures, protecting your hard-earned assets when you finally strike gold, and so much more.

This season of Vast Voices is an entrepreneurial buffet that you can't afford to miss. Get ready to feast on wisdom, strategies, and real-world insights that will propel your business to unprecedented heights.

So buckle up, grab your notebook, and get ready to embrace the Vast Voices revolution!

Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner).

But this arrangement can backfire if you don’t do it the right way. Here are five key things to know about employing your spouse.

1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages

2. Establish a Medical Reimbursement Arrangement

3. Take Advantage of Certain Other Fringe Benefits

4. Beware of Certain Tax-Free Benefits

5. Make Sure Your Spouse Is Your Bona Fide Employee

Hiring your spouse can result in substantial tax savings, but only if you pay your spouse solely, or mainly, with tax-free employee fringe benefits instead of taxable wages. The IRS doesn’t require you to pay your spouse any W-2 wages.

The most valuable fringe benefit you can provide your spouse-employee is reimbursement for health insurance and uninsured medical expenses. You can accomplish this through a 105-HRA plan if your spouse is your sole employee, or through an ICHRA if you have multiple employees.

Tax-free employee fringe benefits are not limited to health benefits — for example, you can provide certain education, life insurance, and working condition fringe benefits.

For your spouse-employee deductions to withstand attack by the IRS, you must be able to show that your spouse is a bona fide employee. To do so, your spouse should

use a time sheet to keep track of the work performed and submit that time sheet to you on a regular basis;

be regularly paid a reasonable amount;

work under your direction and control; and

not be a co-owner of your business.

Few people realize that employing a spouse can save a ton of tax dough — but it can. Doing so is complicated, as you can see, but in most instances it can be quite beneficial to an entrepreneur. A few resources can be found at VastSolutionsGroup.com or at the IRS website. Either way, good luck and have fun saving some money as a result of this article.

Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs.

Here a few more interesting tidbits you might not know about:

1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.

Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.

2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.

3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.

4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.

5. It can outlast you. If you or your spouse happens to die, the two accounts can be combined without any penalty. Whoever ever said the government never did anything nice for you didn’t know everything there was to know about IRAs.

6. It’s inheritable. Your IRA can be passed to your heirs without any penalty. With some planning, it’s a great way to pass money along after your death. Roth IRAs are very probate friendly, but see your attorney for more details.

7. Even if your spouse doesn’t work, they can still have a Roth IRA. Many people believe that you have to be working to contribute to a Roth IRA, but that simply isn’t true. Contribute to your spouse’s retirement, as well as your own. It’s beneficial to you both.

Here a few more interesting tidbits you might not know about:

1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.

Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.

2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.

3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.

4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.

Accounting fees

Want to do a smart thing? Max out your retirement account. Yep. It’s smart and very beneficial to strive to put the maximum amount into your retirement account(s) every year. When you do so, you can greatly reduce your taxable income and tax burden as well as boost your retirement income. Even if you find yourself behind schedule late into the calendar year, all is not lost; there are still things you can do.

Take advantage of these strategies to make the most of your retirement accounts:

1.“Catch Up” contributions. If you’re age 50 or older, you can make additional contributions to your IRA or other qualified plan. You can contribute an additional $6,500 on top of the current maximum of $20,500 to qualifying plans. For IRAs, you can contribute an additional $1,000.

2. Roth conversion. In many situations, it can benefit you to convert a portion of your traditional IRA or other plan to a Roth IRA before December 31st.

3. Start a Self-Employed Retirement Plan. If you’re self-employed and currently are not utilizing a retirement plan, you potentially can contribute almost $61,000 towards your retirement each year (in what is called a defined contribution plan). Not only are you planning for your retirement, but also you’re reducing your taxable income by a considerable amount.

4. Play the calendar game. If you find yourself nearing the end of the year and can see that you’re not going to reach the contribution limits for your 401(k), do what you can to increase your payroll deductions, even if it’s just for a few months. The same goes for any IRA contributions; do what you can to reach the limits.