Keep What You Earn

11/12/2023

Here at we are embracing AI and all the fun that comes with it.

…and sometimes just having fun with it.

Do you want more episodes unpacking AI’s uses in your business?

01/12/2023

Our is in! Thanks to everyone listening on Spotify, especially the 68 of you who have us as a TOP podcast. Message me if you’re one of them so we can send you something special!

16/02/2023

Shannon Weinstein and Nick Loper discuss tactics to build a side business, how to find your first customers, when to quit your job, & mor.e

17/01/2023

Although we love them like our children, pets do not qualify as dependents no matter how you dress them up. To learn more about who qualifies as a dependent, check out: www.irs.gov/pub929

13/12/2022

Thank you to everyone who listened to Keep What You Earn this year. We crossed a major milestone of 100,000 downloads for the show.

Cheers to the next 100K 🥂

27/09/2022

How many times have you heard “I have to file for my LLC so I can get the tax benefits” 🤦🏻‍♀️

The thing is, your LLC doesn’t actually come with any tax benefits you wouldn’t have as a sole proprietor 🤷🏻‍♀️

If you want tax benefits as an LLC, you may want to look into filing for S Corp status.

We have some resources and information on and so check it out!

23/09/2022

Today’s blog post covers the details of when you should set up your business and how!

Visit keepwhatyouearn.com for more 💸

20/09/2022

Why you may not want to depreciate every asset your business purchases:

Anything under $2,500 is what we call ‘safe harbor’ . You can expense it entirely this year, no need to depreciate it.

You can depreciate it but if you want to maximize tax savings in the current year, expense it 💰

It all comes down to what your tax strategy looks like. If you don’t have a tax strategy and want to learn more about it, listen to the podcast!

16/09/2022

Alllll the estimated tax info you ever wanted and more 🤑

Visit keepwhatyouearn.com for information on how to make these payments easier throughout the year!

13/09/2022

A recession can be really scary when it comes to your personal and business finances…

But you can choose to take a recession to learn and strengthen your business skills.

2 things you can focus on:

💬 How to articulate your value - People are holding more tightly to their money. You have to be able to explain well how you can help them.
💵 How to increase sales - There are people out there spending money, you just have to figure out how to get them in the door and turn leads into paying customers.

If you found this helpful share it with a friend who may need the reminder too 🥰

09/09/2022

The Augusta Rule is a great opportunity for tax savings if you own your home and own a business!

It allows you to rent your home to your business, tax-free, for up to 14 days each year 💰

Read today’s blog post at keepwhatyouearn.com for more information!

06/09/2022

Your legal status and tax status aren’t necessarily the same so let’s break down what’s what ⬇️

👤 Sole Proprietors are considered a Sole Proprietor for tax purposes
👤 Single-member LLCs can be considered a Sole Proprietor, C Corporation OR S Corporation for tax purposes
👥 C Corporations can be considered a C Corporation OR S Corporation for tax purposes
👥 Multi-member LLCs can be considered a Partnership or S Corporation for tax purposes

Keep up with for all the tax updates and info 💸

06/09/2022

#2 is particularly overlooked often.

Business owners take on risks and put it all on the line, and many take home just pennies on the dollar of the income they bring in. Yet they are taxed on all of their profits that are still in the business bank account that they can’t access.

The tax code rewards this risk and tries to help lessen the burden.

Don’t be fooled by the headlines and rhetoric.

05/09/2022

Worried about your business finances during this recession?

Now’s your chance to ask me questions!

Comment down below or text me at (860) 609-6374 📲

02/09/2022

If you are taxed as an S Corp, you want to avoid taking distributions over basis.

Basis is essentially how much you own in the S Corporation. It carries over year to year and increases and decreases based on your activities.

This matters because if you take distributions that send you into a negative basis, you have to pay capital gains taxes on the excess 😯

Read today’s blog post at keepwhatyouearn.com for more!

30/08/2022

When I started this show, I would not have imagined crossing this milestone just one year later.

Thanks to everyone who listens to and uses the info we share to grow their small business.

We have so much more in store for you in year 2!

29/08/2022

IRS provides an automatic penalty relief to most people who file certain 2019 or 2020 tax returns late. 1.6 million taxpayers who already paid penalties automatically receiving refunds. More on this relief at: http://ow.ly/zNjL50Krvs7

29/08/2022

26/08/2022

Deducting self-employed health insurance premiums can be confusing but it doesn’t have to be!!

Check out today’s blog post which covers all the details at keepwhatyouearn.com!

25/08/2022

Let us set the ⏰ alarm for you. Text me TAXDATES to 860-609-6374 and receive reminders about key Federal filing deadlines and extensions.

23/08/2022

It can be hard to find the one 🥰

Looking out for these red flags can help

🚩 They’re unresponsive or too busy
🚩 They’re not transparent about who you’ll be working with
🚩 They don’t understand your business

You need a tax pro who will be able to provide the support and services that you are paying for!

18/08/2022

⚠️ Offering a product is COMPLICATED ⚠️

A service-based business is relatively self-sufficient. It relies on employees within the company to get things done on time using resources that are typically already available to them.

You do, however, have to consider many components when developing your product-based business.

💸 Sales tax - You need to analyze where you are selling and may be subject to sales tax nexus
Inventory - Because inventory is not an expense, it can eat up a lot of cash.

👔Supply Chain - Delays are happening every day and you have to be able to adapt.

📈Investment - With a product-based business, you have to invest a lot in prototyping, feedback and trials before your product ever hits the market.
If you want to start offering a product in a new or existing business, you have to rely on outside sources and keep up with rapidly changing scenarios!

The Keep What You Earn Community is a great place to get connected with other business owners and pros who have been through it all before! Visit the link our bio to get connected 🔗

15/08/2022

If you want to avoid an audit, you need to make sure you don’t look ‘SUS’ to the IRS 🧐

Audits CAN be random, but they tend to occur when your story doesn’t quite add up.

📄 Report your appropriate NAICS code - You want this code to properly reflect the main activity of your business so your story makes sense.

💰 Don’t take excessive deductions - Some common mistakes include deducting a lot of travel, car related expenses, or COGS that don’t make sense for your business.

✋ Keep distinct businesses separate - If you own a hair salon and a handyman service all under one title, your deductions will likely raise some eyebrows 🤨

11/08/2022

Most people think there is one tax season, beginning in January and ending on the tax deadline in April 🙅🏻‍♀️

The truth is that the most important tax season is the one we’re in the middle of right now! Do you know what it is❓

It’s tax planning season!! Starting in May and ending in December you have the power to change the outcome of your upcoming tax scenario. So this is your friendly reminder to make decisions today that will positively impact your taxes next year!

Need some tips on how to do that? Join the FREE Keep What You Earn Community to get advice and tips from pros and fellow business owners. 👨‍💼💼

09/08/2022

S-corp status is where it’s at!

Self-employment tax savings - Your shareholder distributions are not subject to self-employment tax

Accountable plans - The more favorable way to reimburse yourself for certain business expenses without adding it to your taxable income.

Maximum retirement savings - Contribute as the employer and the employee. You get the best of both worlds!

Have questions? Text me! (860) 609-6374 (there’s also a handy contact shortcut in my bio)

05/08/2022

Did you know you can ask me questions to be answered on the podcast??

Now you do! You can text your questions to (860) 609-6374 or comment below ⤵️

We can’t wait to hear from you!