Episode 103: Bookkeeping Strategies and Business with Greg Higdon

Episode 103: Bookkeeping Strategies and Business with Greg Higdon

Work Your Wealth
Episode 103: Bookkeeping Strategies and Business with Greg Higdon
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This week I sat down with bookkeeper, Greg Higdon to discuss the importance of having a bookkeeper and what working with one can do for your business.

Greg Higdon is the Founder of Grow the Books, a bookkeeping company for small businesses. With over 13 years of experience in education, he teaches his clients so they are empowered and armed with a clearer understanding of what their numbers mean for their business decisions. When he isn’t balancing books and helping clients you can find him roasting coffee, drinking coffee, and reading about coffee.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • The importance of understanding your profit and loss statement
  • What a bookkeeper can do for you
  • The difference between gross and net income
  • How bookkeeping plays a part in your taxes
  • The tax challenges you’ll face if you don’t keep up with your books
  • Bookkeeping issues Greg tends to see when they come to him for help
  • Some of the terms on your income statement and what they mean for your business
  • The benefits of giving your business income and expenses subcategories
  • How to know how much your business should be spending in marketing, personnel, sales, etc.
  • How often you should be reviewing your profit and loss reports
  • Comparing hiring out versus doing your own books
  • What to look for when hiring a bookkeeper
  • If you want to do your books on your own, do this to make things easier on you

LINKS WE MENTIONED ON THE SHOW

GET SOCIAL WITH GREG AND LET HIM KNOW YOU HEARD ABOUT HIM HERE

ENJOY THE SHOW?

Episode 58: Analyze Your Paycheck Like a Financial Planner

Episode 58: Analyze Your Paycheck Like a Financial Planner

Work Your Wealth
Episode 58: Analyze Your Paycheck Like a Financial Planner
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HOW DO I BETTER UNDERSTAND MY PAYCHECK?

One of the fun parts of being a financial planner is getting to field and answer questions from clients and readers all around the country. In these Work Your Wealth episodes I’ll be taking time to address and answer questions I’ve come across from readers and clients throughout my career. Today I’m answering the above question.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • What I see when looking at your pay stub and how I use it to leverage and understand what’s happening with your money.
  • What to look at first when analyzing your paycheck to avoid confusion.
  • The difference between your gross pay and your net pay.
  • The importance of knowing if you’re paid monthly, biweekly or twice a month and how it impacts your budgeting.
  • What exemptions are on your pay stub and how it saves you taxes.
  • How your withholdings impact your paycheck and your annual tax refund (or amount owed).
  • What to aim for when electing your withholdings.
  • How (and when) to adjust your W-4.
  • The importance of knowing what state and local taxes are being withheld.
  • Who FICA is and why they take so much of your money.
  • What you pay in taxes as a sole proprietor and the impact on your cash flow.
  • Where to find employee benefits that you may be missing out on.
  • How to determine what you’re contributing to your employer sponsored retirement plan.
  • The tax advantages of a Flexible Spending or Health Savings Account.
  • Other employee benefits that can help you improve your financial situation.
  • Which deductions you can and can’t change.

LINKS WE MENTIONED ON THE SHOW:

LET’S CONNECT!

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Episode 50: How the New Tax Reform Will Impact Your Finances with Josh Bauerle

Episode 50: How the New Tax Reform Will Impact Your Finances with Josh Bauerle

Work Your Wealth
Episode 50: How the New Tax Reform Will Impact Your Finances with Josh Bauerle
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This week I sat down with CPA, Josh Bauerle.

Josh is a CPA an the founder of CPA on Fire, a tax and accounting firm that specializes in working with online based entrepreneurs.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • An overview of some of the big changes with the new tax reform.
  • Updates to the Standard and Itemized deductions along with the Personal Exemption and how they impact you.
  • The changes made to how local and state income and property taxes are deducted and how this could be less than ideal depending on the state you live in.
  • Are you a homeowner or anticipating become one? There’s a change to mortgage interest deductions as well.
  • If your business is a pass-through entity, there are some beneficial changes you’ll want to be aware of for your income.
  • How the 529 plan can now benefit your children’s education beyond college.
  • How to identify some of the myths that have been going around about the tax reform.
  • What entrepreneurs should be doing in order to better prepare for the changes from the new tax reform.
  • The biggest action item an entrepreneur can do to better understand the success of their business.
  • When to establish a payroll for yourself and when to take distributions.
  • If you do switch to payroll, what to consider when deciding the amount to pay yourself.
  • Retirement savings tips for entrepreneurs.
  • A good rule of thumb to follow when taking deductions for your business.

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH JOSH AND LET HIM KNOW YOU HEARD ABOUT HIM HERE!

ENJOY THE SHOW?

 

Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy

Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy

Work Your Wealth
Episode 45: Tax Planning Hacks and Getting On Track with John McCarthy
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This week I sat down with CPA and Tax Professional, John McCarthy.

John is a CPA and founder of McCarthy Tax Preparation and Advisor Facing Tax where he has helped families and small businesses with income taxes and planning for the past 15+ years. He is also a past member of XY Planning Network, a leading organization of fee-only financial advisors who specialize in helping members of Gen X and Gen Y. John graduated from Purdue University with a Bachelors in Science in Accounting. John left his salaried corporate tax job to provide tax preparation and planning services to financial advisors and their clients as a full time entrepreneur.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • Why you’re not alone if you’re afraid of your taxes
  • How to know if the IRS is actually trying to contact you versus being stuck in a scam
  • Errors you should be looking out for in your personal tax situation
  • Why it’s important to work with a tax professional each year (no matter your situation)
  • How to determine if you are withholding the proper amount for taxes
  • Whether you should aim to have a large refund versus owe at the end of the year
  • How to be best prepared when working with a CPA to get your taxes done
  • What questions to ask a CPA, a Financial Planner and a Bookkeeper
  • Why it’s important to talk to a tax professional during life transitions
  • Areas people tend to make mistakes when it comes to taxes
  • What happens if you owe on your tax return but don’t have the funds on hand to pay
  • The best way to get current with your taxes through the quarterly installments
  • How business owners can stay on top of their taxes
  • Standard versus Itemized deductions

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH JOHN AND LET HIM KNOW YOU HEARD ABOUT HIM HERE!

ENJOY THE SHOW?

Episode 28: Tackling Your Business Taxes with Amy Northard

Episode 28: Tackling Your Business Taxes with Amy Northard

Work Your Wealth
Episode 28: Tackling Your Business Taxes with Amy Northard
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This week I sat down with CPA for Creatives, Amy Northard.

Amy Northard, CPA provides tax preparation and bookkeeping services to creative small business owners. After graduation from Indiana University, and then passing the Certified Public Accountant’s exam, Amy began working at a small/mid-sized accounting firm, primarily with small businesses and personal taxes.

Although she learned a great deal during her time at the firm, she had always felt the pull of entrepreneurship since her days of childhood lemonade stands. Her life-long dream finally came true when she opened Amy Northard, CPA LLC, where she passionately works with creative small business owners all over the US to take the stress out of their creative business taxes.

HERE’S WHAT YOU’LL LEARN FROM THIS EPISODE:

  • Why ignoring your taxes results in a lack of clarity around what’s going on with your finances and your business
  • When it could be okay to have a loss in your business and the view you should have if there’s a recurring annual loss in your business
  • Where to start with getting organized with your taxes
  • What paying taxes actually means
  • Strategies to look at in reducing what you own in taxes – this doesn’t mean spending more money in your business.
  • When it makes sense to do your own taxes versus working with a tax professional
  • What to keep in mind when it comes to keeping track of your business write-offs
  • How to stop the catch up cycle with your tax
  • Amy’s rule of thumb for what to set aside for taxes
  • Business bank accounts you need

LINKS WE MENTIONED ON THE SHOW:

GET SOCIAL WITH AMY AND LET HER KNOW YOU HEARD ABOUT HER HERE!

ENJOY THE SHOW?