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The Augusta Rule offers a legal way to transfer money from your business to yourself tax-free by renting your home to your business for up to 14 days per year. This often-overlooked tax strategy allows business owners to deduct the rental expense from their business while receiving tax-free personal income.

• Rent your personal residence to your business for up to 14 days annually without paying personal tax on that income
• Your business can deduct the rental payment as a legitimate business expense
• Determine fair market rent by researching comparable event spaces in your area
• Create and maintain a formal rental agreement between yourself and your business
• Document each use with invoices and calendar entries
• Pay yourself from your business account using traceable methods (transfers, checks, digital payments)
• Monthly strategy sessions are ideal for implementing this strategy while staying under the 14-day limit
• Take photos and keep notes from meetings as supporting documentation
• Rental payments of approximately $1,000 per day are typical, depending on your location

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Paying your children through your business is a legitimate and powerful tax strategy that can save you thousands every year!

• Reduce taxes by converting business income into deductible expenses with zero tax impact
• Children earning under $15,000 (2025 standard deduction) pay no income tax and don't need to file returns
• Sole proprietors (Schedule C) and farms (Schedule F) don't pay payroll taxes on wages to children
• S-corporations must pay payroll taxes, but strategy remains beneficial for 22%+ tax brackets

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Working with a CPA effectively requires understanding both what to do and what to avoid to create a productive professional relationship that benefits your business.

• Be organized when providing documents rather than dropping off unsorted boxes
• Avoid piece-mailing documents and instead provide complete packages when ready
• Consolidate questions and communications to respect your CPA's time
• Ask questions to understand your tax situation and learn from your CPA
• Plan ahead for taxes and save a portion of profits throughout the year
• Set clear expectations about which specific services you need from your CPA
• Respect their time as a professional service provider who bills for consultations
• Don't wait until the last minute to submit documents during busy season
• Never ignore tax deadlines or expect your CPA to care more about your business than you do
• Understand that CPAs cannot eliminate all taxes, only help minimize them legally
• Keep business and personal finances completely separate
• Budget for CPA fees as a regular business expense
• Don't assume your CPA handles everything without specific agreements
• Feel comfortable switching CPAs if the relationship isn't working well

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We tackle the critical but often overlooked task of proper bookkeeping for business owners and share how avoiding common mistakes can save you thousands of dollars and countless headaches.

• Bad bookkeeping comes in many forms—from procrastination to incorrect QuickBooks entries
• Cleaning up messy books often costs more than starting from scratch
• Hiring an inexperienced bookkeeper can be more costly than doing it yourself or contracting an external accountant
• Monthly bookkeeping creates visibility into your finances and helps avoid tax surprises
• Regular review of financial reports is essential to catch errors before tax filing
• Separate business bank accounts are crucial even for simple businesses using spreadsheet accounting
• Setting regular calendar appointments for bookkeeping helps maintain financial clarity year-round

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We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments.

• Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund
• Parents can still claim college students as dependents if providing over half their support
• 1099-NEC income has a much lower threshold - children must file if they earned over $400
• Self-employment taxes (15.3%) apply to 1099 income even when income tax doesn't
• Always track and deduct business expenses to reduce taxable profit on 1099 income
• Common deductions for teen workers include certification costs, mileage, and equipment

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This episode highlights significant upcoming tax changes for 2025 that every business owner should be aware of!

• Discussion of the BOI report saga
• Overview of major tax changes impacting 2025
• Depreciation Changes business owners should plan for.
• Estimated Tax Payments and the new penalties!

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The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today!

• Introduction of the BOI report and its purpose
• Current status, with no legal obligations to file now
• Importance of monitoring updates closely
• Recommendations for proactive filing and seeking clarity
• Encouragement to share the episode for awareness

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Ever felt like you're sacrificing your family life for business growth? It’s a dilemma many of us face, especially as we navigate the complex demands of 2025. This episode is a reflection on the art of setting boundaries to ensure that our professional ambitions don’t overshadow the important moments with our loved ones. With three active kids, the conversation is about making intentional business choices that align with family values. It's about saying "no" when necessary, adjusting work hours, and hiring help to avoid the burnout that comes from trying to do it all.

This episode is your reminder that a business should serve your life, not consume it. With insights on goal setting and productivity, we encourage you to create a balanced lifestyle that supports your overall well-being!

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