WEBVTT

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And so welcome to each and every one of you, those of you that are here live, and those

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of you that will be listening to the recording later.

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This is what we have been calling office hours.

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It's just an extra bonus for Prosper Leader members.

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And it is my way of adding value of sharing resources.

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So people that I work with, or tools that I use, or strategies that I use, or resources

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that I have, bring them here, share them with you, so that we all can collectively benefit.

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And so today, I'm excited to introduce you to Teresa Technor.

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She's the founder of Lady Tech Consulting, isn't that a cool name?

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And I've been working with Teresa for quite a while, I don't know how many years now,

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and I've known her from the Tapestry Network before that.

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And she is fabulous for doing all the things that I don't like doing that she absolutely

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gets high on, you know, details, numbers, organizing stuff that I don't even want to

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think about.

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And, you know, she geeks out on it and loves it.

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So welcome, Teresa, so excited that you are here.

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And yeah, so we're gonna, I'm gonna ask some questions that I know that both Teresa and

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I are excited about talking about.

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But also, like I said, be sure to hit the reactions button, raise your hand if you have

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a question or put a comment or say you love it, whatever.

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So I'm going to start with a question, which I already know how you're going to answer

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and it's my favorite too, I'm going to talk about it fast.

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But let's talk about women in business, most of the people in PROSPER, PROSPER Leader membership,

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they're solopreneurs, they're coaches, they're healers, and authors, you know, speakers.

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So let's talk about as, you know, solopreneurs or, you know, small business entrepreneurs,

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which is your specialty, you're great with them.

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What are some of the vulnerabilities?

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What are like, what are the things we don't know that we don't know that come back and

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bite you later?

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Let's just jump right into the big stuff.

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So honestly, it's record keeping, because we are so busy at solopreneurs doing, we'll

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get to that later, we'll get to that later, we'll get to that later.

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How many of you actually keep a physical copy of a mileage report?

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Anybody in here?

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So if you claim mileage on your tax return, and you don't have a written record, then

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you could get into some big trouble with that.

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And how many of you are corporations or LLCs?

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Is that most of you?

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Okay, do you have do you have corporate books?

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Do you do minutes and resolutions and things like that?

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The answer to that is no, again, that's something that can get you into some serious trouble.

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Do you know as a solopreneur, that is a sole prop, your record keeping becomes a little

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less stringent than if you're a corporation or an LLC.

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The purpose of a corporation LLC is to protect your assets and to separate you personally

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from your business.

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As a sole proprietor, you and your business, the the IRS sees you as one unit.

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So your record keeping can be a little less stringent, but you still have to have records.

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And if you're not keeping records, the best practice is to have two separate accounts

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and keep your stuff separate.

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But I see all the time when people come to me for the first time that they're leaving

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tons of money on the table, because they don't know the difference between tax preparation

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and tax strategy.

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So a lot of people have the misconception that when they go to their tax preparer, that

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that person knows what the best tax strategies are for their business.

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Occasionally, you will run across some that will give you some advice.

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But if you're if you're like most solopreneurs,

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or getting your stuff together at the last minute

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because you've been busy launching something,

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a big coaching program at the beginning of the year,

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and then holy crud, it's tax time,

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I got to turn all this stuff in

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so that you're prepping all your stuff at the last minute.

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Well, that's when your preparer has no time to think.

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So they're not looking at your stuff at all

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with any kind of microscope

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to try and find out where your savings are.

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They're just trying to get the information

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into the computer and get you filed on time

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so you don't have penalties.

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So, and again, there are two different roles.

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There's the preparation and there's the strategy.

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And the strategy requires good preparation in your books

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because if it's not in your books,

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you can't expect your tax preparer

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to put it on your tax return.

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So they kind of all go hand in hand.

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One of the new tools that Brenda and I've been using

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that we love, love, love, it's called Profit First.

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It is awesome.

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It makes me dance, it makes me dance.

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It does.

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I got to jump in.

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I want to interject a couple of things.

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So talking about tax preparation

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and what was the other one you said, tax strategy.

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So the tax strategy is ongoing and knowing where you're at.

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Okay, so just, you know, full disclosure,

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I work with Teresa every month.

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She organizes my books,

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makes sure everything gives me ideas, et cetera.

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At the end of the year, I work with my CPA to do my taxes.

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But all of the years, I've been in business 30 years,

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10 with Prosper and All Things and 30 years totally.

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And all the years, my experience,

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maybe this has been yours, it's after the fact.

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You get your taxes done, nothing you can do about it.

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If you could have saved, it's too late.

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Maybe you can apply it next year if you do it.

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And so it is, you're leaving so much money on the table.

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And I always, my description to Teresa

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and the reason I hired Teresa,

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I said, I'm flying blind in my business.

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What I can tell you, just with Prosper alone,

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my business, praise God, I'm super grateful.

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It has grown every single year for 10 years.

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Stair step up, 10 years, praise God.

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But the interesting thing before Teresa is,

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no matter how much money I made,

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I never freaking had any money.

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I mean, I paid all the bills and stuff.

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And so one of the beautiful things

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working with Teresa right away,

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she says, we gotta get you on the profit first system.

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Ladies, I asked her today how long it's been.

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It's been about less than six months.

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I feel like it's been like the most glorious year,

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but it's been less than six months.

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And I've never had so much money in my bank.

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Like, I don't even know, like, it's just too fun.

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Like, where did all this come from?

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Like, pay taxes, no problem, write a check.

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There's a tax account.

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You wanna go on a vacation, no problem.

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There's a profit account.

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It's like, how did my business do that?

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Okay, so listen up.

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This is a big one.

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Again, you guys can ask questions, chat, ask comments,

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but Teresa, tell us about the profit.

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I'm so excited.

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Sorry to interrupt you, but I gotta put my two cents.

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I'm doing the happy dance about this one, okay?

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And the thing is, I feel exactly the same way

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she does about profit first.

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I actually had a client refer me to that system

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because she wanted to take her business on that path.

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And what's funny, she didn't take her business on that path,

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but I jumped on it.

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I love it.

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I'm like her.

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I've never, I don't have to worry about taxes this year

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because I have taxes set aside.

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I have profit.

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I can see my profit.

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Every single month, I can see my profit.

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And you see it growing, my goodness.

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We're actually in business to make money, ladies.

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It's growing every month.

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And it's not hard.

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It's not hard, which is what I like

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because I don't know about you.

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You get done, you get your taxes.

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It's like, oh, okay, well, you made $30,000 this year

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and your tax bill is blah, blah, blah.

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It's like, well, where's the $30,000?

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Because I don't see it in my bank account.

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I did not take $30,000 out of my account.

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Where is it, right?

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And so, I mean, I had one of my clients,

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he made over a million dollars and he's like,

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there's no way I made a million dollars.

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I'm like, you did.

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I can show you where it was.

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He goes, where'd it go?

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And I'm like, you spent it.

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Well, we do that because he talks about in his book,

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bank balance accounting.

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We look at our bank balancers,

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we look at our bank balance accounts,

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money in there. We spend it. It's kind of how it is. Some

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we look at our bank balance accounts,

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we look at our bank balance accounts,

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we look at our bank balance accounts,

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people have a budget.

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Yes. And I think that there's something, you know, having been

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in business for 30 years, and I've built multimillion dollar

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companies. So this has been true for multimillion dollar

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companies, you know, to the startup brand new companies, we

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always think that we'll all just invest in the business right now

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and and somehow magically one day, poof is going to explode.

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More likely, it's going to grow like mine has every year. And

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there's not an explosion, but I keep investing more and more in

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the business.

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Yeah, so we don't we don't ever pay ourselves. So we have this,

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this business, he talks about in his book, that it's your

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Frankenstein, and some monster that you don't control, it

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controls you, which is really interesting, because when you go

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to the profit first system, you actually feel like you're in

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control. There's some, I've had a couple of clients that it got

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a little scary, because they spent so much of their of their

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income, that they never had enough money to pay taxes and

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all that stuff at the end of the year. But that was always the

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end of the year problem. Well, now it's a month to month

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problem. And they've had to make some adjustments. But oh, my

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goodness, now that they've made the adjustments, they're,

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they're flying. Brenda was always really good and

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disciplined. So that transition for her wasn't as hard as it had

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been for a couple other people. But everybody that's on it, has

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money in account to pay taxes, gets quarterly payouts for

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profit for them to go play. I mean, I just distributed to one

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of my clients two days ago, her stuff and she's like, I'm going

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on vacation, I have money to go and play from my business. So

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she's gonna go take her profits.

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It's amazing. And you get to watch it grow. Ladies, I just

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put the link if you don't have the book profit first, you just

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put it in the chat for you. So so yeah, go on vacation. And I

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love Teresa, you said something to me. And at first, it was very

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shocking when I started the system. You said you've got

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profit, you need to spend it. And I'm like, spend profit? Like,

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no, can I just like, look at it? It's so pretty. It's like, so

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you said you could use it to pay off some credit card debt, and

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you've got to spend some for fun. Tell us about that.

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You have to spend some for fun. You have so so what happens is

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you accumulate profit quarterly, you get half of it. If you have

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credit card debt or, or debt, you can spend half of your share

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to pay off debt, but you have to play on half of it. Because we

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work really, really hard as entrepreneurs. There's, there's

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a lot of sacrifices, there's a lot of effort, there's a lot of

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blood, sweat and tears that go into it, you need to reward

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yourself so that you are controlling your monster instead

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of your monster controlling you. And I'm telling you, it is so

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much fun to like, I get to go play with this money, my

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business gave me money to go play. And I can go play.

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I think you want to grow up feel like a slave anymore. Okay, give

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us in a nutshell, how do you set up the profit first? How do you

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go about using it? I know they need to read the book, but give

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us a nutshell.

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So that the nutshell is, so again, it's that most on most

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entrepreneurs do, like I said, do bank balance accounting. So

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one of the one of the things, it's some law, I don't remember

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the what he calls it, but there's a law that you're going

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to spend what you have. So like she was talking about her

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business continues to grow. But she also adds more and more

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systems and perks and software and stuff as your business

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grows. So but when your business is lean, all of a

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sudden, you can cut down and you can live without all of those

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things. So the profit first caters to that natural

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tendency. So he recommends you set up seven bank accounts,

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which I know sounds incredibly overwhelming, but it really

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isn't as hard as it seems. So you have you have your five

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primary accounts, which is your income account, which is where

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all your income comes into. You have your operating expense

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account, which is where the money you get you use to pay

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your monthly bills. You have your owner's comp, which is what

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you get paid for being a investor into your business. You

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get profit, which is what you get because you work really,

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really hard. And then you have your tax. So those are the area

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the account you're going to, and then you have two other savings

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accounts at a different location for your profit and your taxes,

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so you're not tempted to spend them. But these two are holding

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accounts and these two are, he calls them the vault, because

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they go over here, you don't see them, you only pay attention to

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them quarterly. And all the rest of the time, they're, they're

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just they're collecting money. So money comes into your profit

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account. And there's, there's a process, he has it in his book.

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You know, I can certainly help you with that. It's, it's not,

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it's not hard, you take a quick assessment. Because I'll bet

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none of you take profit out of your account except for Brenda

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and I. So you start by when your income comes in. If you're not

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taking any profit right now, you immediately start putting 1% of

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your profit into your profit account. You just start with 1%.

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You put in, you know, into your tax account, then you put into

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your OPEX, and then your owner's comp. So you just put a

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percentage of whatever it is, every single quarter, you adjust

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that you're bringing your operating expenses down, your

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profit, tax and owner's comp up, because what they want, what the

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ideal thing, his goal is to eradicate entrepreneurial

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poverty. Because we all we all have businesses, we all work

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really hard. And we don't have a bunch of money in the bank to

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spend. I mean, I, I, I literally, only my profit first

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people have money in the bank. That's it only my

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three seconds, you're noticing all of us. It's like, look, I'm

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being transparent. Like I said, my business has grown every year

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for 10 years. And I can go back even to before that having

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companies, never end of the year, like you like you're just

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you know, I put off the taxes till October or whenever it is

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every year, and you struggle to pay that there's there's no

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money at the end of the year by Christmas, to actually finish

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the year with this balance in all of the areas is is really

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quite incredible. So for me, what I did, the account that I

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already had as a business account, I just left and that

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became the income account because you're already hooked up

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to a lot of things people are paying you if you're using apps,

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all of that. And then the operating expense and, and the

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owner's comp. So I opened two more checking accounts for

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those. And then I made the profit and the tax I made it as

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a savings account in the first place. Now what I'll say is go

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to your bank and talk before you open the accounts and negotiate

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fees so that you're not getting a fee on everyone. So I told

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them my reason I told them about the book, I told them my reason

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for opening all of these accounts. And, and, and that I

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did not want to pay fees and what could they do? I'm in US

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Bank, and they honored it, I don't have fees on any of my

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accounts. So this is a beautiful thing also that you could be

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paying attention to that all all passed on to you. So, so then

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the key idea with this, which is really a beautiful I thought

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about when you were talking about about paying yourself, any

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of you that have read the richest man in Babylon, a very

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simple, practical financial book, probably one of the most

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important little tiny financial books to read, the richest man

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in Babylon, that's one of the first concepts that he taught

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pay yourself first, pay yourself first. And so the cool thing

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about this is because it's percentages, and those are

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always the same until you change them. And Teresa can

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guide you on what those are. But I know my percentages. And so I

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just go in and pull out, you know, 35% here, pull out, you

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know, 7% here, 15% here, and really easy. And I just do an

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internal transfer on my phone. It's simple, it doesn't take

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time. And so now I always know within the operating expense, I

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know if I'm working within my budget, if you will, for my

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business. And like I said, the joy, I'm seeing my profit go up

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all the time, I'm seeing the tax go up. So I don't worry about

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when I went to the tax man last time, it was so fun to write

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checks, no stress, right. And of course, those of you that know

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me, you know, you have to activate the flow. If you're

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trying to create abundance, you must activate the flow. And so

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I'm a strong proponent in giving and in tithing, tithing not only

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is biblical, it predates biblical times, it was actually

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a Babylonian prosperity principle, the 10%, the tithe,

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known as wealth activating. And so also, it's really made me

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very mindful, I always know exactly how much to give, and

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I'm giving very systematically. And that also is very rewarding

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and very

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signing. Okay, um, if you go to the right bank, I actually have a separate account for tithing. So

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I actually add that other account because that's kind of what his principle is. When in doubt,

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add another account. So I have an account. I have a subscription account separate from my

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OpEx because I have, I spend a lot of money on subscriptions because of my QuickBooks. And then

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I have a separate account for tithing. So, and I've been upping it along with everything else.

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So when I'm, when I'm increasing my percentages, I'm increasing my tithe percentages too.

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Nice. So it's been really fun. All right, ladies, remember you can raise your hand. If you have

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questions, you can type in the chat if you have questions and otherwise I'm going to just kind

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of keep it moving forward. So another thing, Teresa, in the record keeping is receipts. How,

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how, oh, we've got a question. Let's go first to Joya. Go ahead, go ahead, Joya. Yes, thank you for

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this. This is a great way to set this up. I'm starting, I'm restarting a second business and I

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want to not make the same mistakes I did with the first. So this is, this is very timely.

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In terms of tithing, I've always wondered, do you tithe based off of gross income or net income?

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I do gross because I use the Profit First system. So it makes it simple.

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The income comes in. I, I, I, I separate my percent. I distribute my, to my different accounts. So I've

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just found that because really, do you want, do you want God to bless you on the net or do you

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want him to bless you on the gross? I want him to bless me on the gross. It's, it's easy. That's

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exactly my concept. Yeah, I love it. It's, it's, it's, it's easy. Otherwise trying to figure out

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the net, are you really doing your books every month to absolutely know what your net is, to

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know how to calculate the percentage to your tithe? This just becomes an action like putting in your

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profit and putting it in your owner's comp and putting it, it just, it's just, it, it, it, it

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takes me five minutes to do these transfers to all the accounts and I don't have to think about it.

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And I can look at my accounts every day and I, and, and everything's got money in it. Everything

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looks good. And I know, I know how I'm building. And if it doesn't, I know I need to make adjustments.

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You know, there's been one or two times really huge expenses. I had to pull from one of the

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other and it's like, ouch, I don't want to do that. That's not going to be a habit. And Teresa said,

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don't make that a habit. It's like, no, I won't. Okay. I better lower my, my operating expense.

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It's too high. If I'm having that, or I better lower, I better plan for more tax if this isn't

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covering it or whatever. So, you know, you can really, really see. And I think because a lot of

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us, we don't tend to, we tend to feed our business more than ourselves. My owner's comp was more than

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I was used to. It's like, wow. Okay. You know, I'm used to spending less and being conservative.

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So it's, you know, it really shows you a lot about your spending and it becomes really

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simple. Okay. Thank you. Yeah. Thanks for asking. That's a great question.

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All right. And then you can take your hand down and then if anyone else, be sure to raise your

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hand and okay. So, so my question was going to be to you, Teresa, about receipts. That's another

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thing that I find receipts fade. They get messy organizing them, you know, to people bring you a

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big shoe box and try to tell you to figure it out. And as someone who has been through an audit,

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I can tell you having your ducks in a row feels so good. I, I went through an audit ladies, this

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is God, this is to the glory of God, but you know, you don't go to an audit because they plan on

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giving you money. They they're trying to take more from you and get you. I went through an audit and

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I left with a check. They paid me. Yeah. It doesn't happen very often. Luckily audits. It's

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a miracle. Yeah. Luckily audits don't happen very often, but when they do their nightmares,

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they're just nightmares. So, you know, so the really neat thing is if you guys use QuickBooks

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online, which is pretty much, unfortunately that it's become the standard, the subscription service,

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they're starting to take away the opportunity to even have desktop.

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And it actually has a feature where you can just snap a picture of, of the receipts. But you need

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to have them because like she said, they fade and you have to, if, if you spent money at Walmart

371
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to buy a printer and you don't have your receipt, having.

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out on on your statement is not going to help you. They're not

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going to believe you without the receipt. Right. And if you have

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that faded thermal one that you have in storage, in a closet

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somewhere, most likely it's no longer legible. I used to work

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for a tax tax preparer's office. Oh my goodness. So I understand

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why your tax preparer is giving you no time between February

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15. And April is because it's insane. And they used to make us

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photocopy all the receipts so that you had hard copies. Thank

380
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goodness, digital clouds, all that stuff. With QuickBooks

381
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online, if you have the app on your phone, you literally take a

382
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picture of it, it uploads it into QuickBooks, then you can

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connect it to the actual transaction. It's an amazing

384
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feature. If you don't have that there's other software and stuff

385
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that you can use. But if you're using QuickBooks to keep your

386
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books, all of that's included. Another thing that's really

387
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neat is the mileage that I was talking about earlier because

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that is prop that is I'll have to tell you that's one of the

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very first areas they'll attack because no one keeps records and

390
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they all say they do because you actually have to say on your tax

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return that yes, you have a record and it is written. If you

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don't have it, then you you basically lied on your tax

393
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return when you when you signed it, whether you're signed it

394
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physically or electronically, you lied on your tax return, big

395
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trouble girls. So that the QuickBooks online has has a

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mileage tracker built into the app. So if you have the app on

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your phone, and it's IRS compliant, a lot of them are not

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IRS compliant. I did not know until I until I started working

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with a tax strategist, that mile IQ, which I thought was

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compliant, did not meet the requirements that the IRS has.

401
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There's only a few apps. So keep that in mind. Make sure you you

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00:27:14.280 --> 00:27:17.880
do your due diligence about whether or not it's IRS

403
00:27:17.880 --> 00:27:19.880
compliant. Right now I only know

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00:27:20.000 --> 00:27:22.840
books for all solopreneurs. Is that what you is that one of the

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things you would suggest? Oh, yes. Absolutely. How they you

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know, what do they do with it? Talk about just kind of getting

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that moving. It's a brand new year. It's perfect time to set

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this up in motion. Talk about that.

409
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Clarify your question, please.

410
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So so let's say they haven't used QuickBooks, and you're

411
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recommending it. So they get it. Boom, they download the app. Now

412
00:27:46.200 --> 00:27:51.880
what? Okay, so the one you want, you want to spend a little

413
00:27:51.880 --> 00:27:56.440
time learning how to use it. It has a ton of time saving

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features and stuff like that. Absolutely. You get you get 30

415
00:28:00.400 --> 00:28:04.600
minutes with me for free because you're with with Brenda, set an

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appointment and we will go ahead and I will give you an overview

417
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on how to use it. Another thing is look at getting getting your

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account through through in a someone who has a wholesale

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account. You can save 30% for the life of the subscription if

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you purchase it from someone who has a wholesale account. And

421
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that really saves a lot of money over time because the QuickBooks

422
00:28:31.240 --> 00:28:35.520
online they continue to raise the price about every two years,

423
00:28:35.840 --> 00:28:41.560
but they have like quadruple the features. Pretty much you can

424
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use QuickBooks online for almost everything you need,

425
00:28:45.480 --> 00:28:49.480
except your website, which there's a lot of complaints

426
00:28:49.480 --> 00:28:51.840
going on in that and so hopefully they're working on

427
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getting that fixed. So we can do that. But outside that you can

428
00:28:55.880 --> 00:29:00.160
do all your billing for that. You can do your bill pay. They

429
00:29:00.160 --> 00:29:03.760
offer bill pay service at track time tracking service if you use

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00:29:03.760 --> 00:29:09.400
payroll that I mean it truly is an all in one program. And if

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you're starting up with profit first, they also have a checking

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account where they use envelopes, which is one of my

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primary ways that I use to track my profit first. Total I'm a I'm

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a big QuickBooks online fan, big QuickBooks online fan. So you

435
00:29:26.960 --> 00:29:29.520
get the subscription, you connect your bank account, you

436
00:29:29.520 --> 00:29:35.520
learn how to use it. And like I said, it has it makes for a

437
00:29:35.520 --> 00:29:39.440
solopreneur. It makes your life so much easier because so much

438
00:29:39.440 --> 00:29:42.560
of the stuff you can you can automate if you train it

439
00:29:42.560 --> 00:29:44.640
properly and program it properly.

440
00:29:45.640 --> 00:29:51.080
Beautiful. Okay, in the time that we have left, let's take

441
00:29:51.080 --> 00:29:55.400
some questions from you or some comments. What would you like to

442
00:29:55.400 --> 00:29:58.040
know about organizing your business, organizing your

443
00:29:58.040 --> 00:29:59.960
finances, organizing your

444
00:30:00.000 --> 00:30:05.600
Yes, Teresa is very well, what do I want to say,

445
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diverse in her skill set.

446
00:30:07.640 --> 00:30:10.120
I've seen her with some of my clients.

447
00:30:10.120 --> 00:30:13.280
She has put together their retreats.

448
00:30:13.280 --> 00:30:15.280
She has put together their events.

449
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She's quite the organizer.

450
00:30:17.840 --> 00:30:22.640
And so it probably could be a question that one of us

451
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is likely to be able to answer.

452
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So questions about organizing your business.

453
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When it comes to mileage, one of the things I do

454
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is I go get my oil changed at the beginning of the year.

455
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That's one of my records.

456
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It shows the mileage at the beginning of the year.

457
00:30:38.360 --> 00:30:44.120
So this is a good reminder to do that as well.

458
00:30:44.120 --> 00:30:46.840
The other thing I think, and I'm waiting for you guys

459
00:30:46.840 --> 00:30:50.720
to raise your hand if you want to have some questions.

460
00:30:50.720 --> 00:30:55.560
I learned, I'm a daughter of an entrepreneur.

461
00:30:55.560 --> 00:30:58.240
My father was a very, very successful entrepreneur.

462
00:30:58.240 --> 00:31:01.720
So I grew up in the entrepreneurial world.

463
00:31:01.720 --> 00:31:06.880
And my dad used to say, owning a business in America

464
00:31:06.880 --> 00:31:09.520
is the biggest tax loophole in the world.

465
00:31:09.520 --> 00:31:10.440
Like, you're crazy.

466
00:31:10.440 --> 00:31:13.760
Even if you get into a network marketing company something,

467
00:31:13.760 --> 00:31:15.240
make sure you own a business.

468
00:31:15.240 --> 00:31:17.760
And so I learned very early on.

469
00:31:17.760 --> 00:31:19.960
And I watched him do crazy stuff.

470
00:31:19.960 --> 00:31:23.880
And I mean, you can review this with your CPA or tax accountant

471
00:31:23.880 --> 00:31:25.320
or Teresa, someone that knows.

472
00:31:25.360 --> 00:31:28.080
But just to give you an example of some of the crazy stuff

473
00:31:28.080 --> 00:31:31.520
he would do, I remember this was back in the day

474
00:31:31.520 --> 00:31:33.920
when printers cost huge amount of money.

475
00:31:33.920 --> 00:31:35.760
I don't know, what were they back then?

476
00:31:35.760 --> 00:31:38.520
I don't know, $20,000, something crazy back then.

477
00:31:38.520 --> 00:31:42.000
I'm dating myself way like 30 years ago, right?

478
00:31:42.000 --> 00:31:45.000
But he bought it with his personal money

479
00:31:45.000 --> 00:31:48.040
and leased it to his business.

480
00:31:48.040 --> 00:31:50.760
And so he got all these lease payments.

481
00:31:50.760 --> 00:31:52.680
I mean, these are the kind of things.

482
00:31:52.680 --> 00:31:55.000
So being able to write off part of your house.

483
00:31:55.680 --> 00:32:00.040
My CPA writes off part of my house, part of my housekeeping,

484
00:32:00.040 --> 00:32:04.160
part of my gardening, part of meals.

485
00:32:04.160 --> 00:32:06.520
Like if you're going out for meals

486
00:32:06.520 --> 00:32:09.480
and it's anything related to business, travel.

487
00:32:09.480 --> 00:32:11.640
I mean, I've written off most of my travel.

488
00:32:11.640 --> 00:32:14.560
Just talk to someone that's a potential client

489
00:32:14.560 --> 00:32:16.200
and document it or whatever.

490
00:32:16.200 --> 00:32:18.800
So you see all of these are deductions

491
00:32:18.800 --> 00:32:22.440
to keep you from paying full taxes that employees pay.

492
00:32:23.440 --> 00:32:25.520
Well, the strategy also.

493
00:32:25.520 --> 00:32:30.200
When you plan a trip, use a tax strategy

494
00:32:30.200 --> 00:32:31.880
when you plan a trip.

495
00:32:31.880 --> 00:32:36.880
Because if you go out of town and you work the first two days

496
00:32:38.800 --> 00:32:41.080
and then you don't work the rest of the trip,

497
00:32:41.080 --> 00:32:44.760
you can only write off the first part of your trip.

498
00:32:44.760 --> 00:32:48.200
But if you leave on Friday,

499
00:32:48.200 --> 00:32:51.920
you have an appointment on Monday for work,

500
00:32:52.320 --> 00:32:54.280
as long as it's four hours,

501
00:32:55.400 --> 00:32:58.640
as long as you're in America and it's four hours,

502
00:32:58.640 --> 00:33:03.640
then all of that time is considered a business trip.

503
00:33:04.240 --> 00:33:07.760
You go play on Tuesday and Wednesday

504
00:33:10.120 --> 00:33:15.120
and then Wednesday afternoon you have another meeting

505
00:33:16.160 --> 00:33:19.360
and then you have a meeting on Friday.

506
00:33:19.360 --> 00:33:23.640
You can write that entire trip off as business

507
00:33:23.640 --> 00:33:27.840
because it has to be not reasonable to return home.

508
00:33:27.840 --> 00:33:31.120
So as long as you're working every couple, three days,

509
00:33:31.120 --> 00:33:35.240
it's not reasonable to return home before your next meeting

510
00:33:35.240 --> 00:33:37.840
and the whole thing becomes business.

511
00:33:37.840 --> 00:33:41.800
Travel to, from, meals, it's business.

512
00:33:41.800 --> 00:33:46.240
And so that's just going into a trip

513
00:33:47.240 --> 00:33:50.880
with the strategy to write it off.

514
00:33:50.880 --> 00:33:55.240
Another thing that you definitely want to talk to your CPA

515
00:33:55.240 --> 00:33:57.000
about this because like Brenda's CPA

516
00:33:57.000 --> 00:33:58.680
doesn't feel comfortable with this,

517
00:33:58.680 --> 00:34:00.480
but I have lots of other ones that do

518
00:34:00.480 --> 00:34:04.040
and that's using, it's called the Augusta Rule.

519
00:34:04.040 --> 00:34:07.680
So if you have a corporation or an LLC,

520
00:34:09.440 --> 00:34:11.520
look up the Augusta Rule.

521
00:34:11.560 --> 00:34:15.760
You can rent your home from yourself

522
00:34:15.760 --> 00:34:20.760
up to 14 days for corporate meetings

523
00:34:22.679 --> 00:34:25.520
and you don't personally pay tax on it

524
00:34:25.520 --> 00:34:27.760
and your corporation gets it as a write-off.

525
00:34:29.719 --> 00:34:31.840
So yeah, check that with your CPA.

526
00:34:31.840 --> 00:34:35.000
It depends what type, like I'm a single member LLC

527
00:34:35.000 --> 00:34:39.000
and he said that they frown on it for single member LLC.

528
00:34:39.000 --> 00:34:41.320
So you can check, but these are examples.

529
00:34:42.120 --> 00:34:45.639
This is not tax advice, it's not meant to be tax advice,

530
00:34:45.639 --> 00:34:50.360
but it absolutely is opening your eyes to possibilities

531
00:34:50.360 --> 00:34:52.239
and that's what Prosper and All Things is about.

532
00:34:52.239 --> 00:34:55.440
It's about opening your eyes to possibilities.

533
00:34:55.440 --> 00:34:57.000
Joya, you have your hand up.

534
00:34:57.000 --> 00:34:58.520
We want to take your question.

535
00:35:00.000 --> 00:35:09.000
Yes, Teresa, you mentioned getting a QuickBooks subscription from someone who has a wholesale subscription. I'm wondering if you do.

536
00:35:09.000 --> 00:35:10.000
I do.

537
00:35:10.000 --> 00:35:11.000
Yes, I do.

538
00:35:11.000 --> 00:35:19.000
Okay, yeah, that's how I have to have a separate account for subscriptions.

539
00:35:19.000 --> 00:35:35.000
Teresa, if you could put the number to reach you in the chat your name and the number in the chat so everybody can reach out to you, and I suppose why don't you say it for the recording as well so how can they reach you.

540
00:35:35.000 --> 00:35:41.000
Lady Tech Consulting at Gmail is by far the most effective way to reach me.

541
00:35:41.000 --> 00:35:56.000
And then my phone number is 916-573-6997. So Lady Tech Consulting at gmail.com. All right, and she's putting it in the chat as well.

542
00:35:56.000 --> 00:36:11.000
All right, wonderful. Any other questions that you may have, or something that was a real takeaway or an aha or something you're just excited to talk about real quick, we're going to try to wrap up at a quarter till.

543
00:36:11.000 --> 00:36:18.000
So, questions, comments, aha, this is your opportunity.

544
00:36:18.000 --> 00:36:20.000
All right, Kelly.

545
00:36:20.000 --> 00:36:36.000
Yeah, I just want to say thank you Teresa and I really love this is at the beginning of the year because I already went on a trip and I didn't save any of the receipts I'm so used to using just my credit cards right now as receipts.

546
00:36:36.000 --> 00:36:43.000
So this is very helpful. Thank you. Wonderful, wonderful.

547
00:36:44.000 --> 00:36:54.000
Wanted to do this as early in the year as possible for you ladies so that's why we put it on the fifth as close to the first as we could get you started on the right foot.

548
00:36:54.000 --> 00:37:02.000
Okay, let's wrap up with like a single big tip Teresa what what's the biggest tip you want to get them to wrap up with.

549
00:37:03.000 --> 00:37:08.000
So the biggest, the biggest tips that I can give you.

550
00:37:08.000 --> 00:37:27.000
There's, there's a fast 15 the fast 15 ways that you can save money on your taxes, you know the Augusta rule depending on your structure mileage of course, having your admin office in your home, regardless of whether or not you have an office outside.

551
00:37:27.000 --> 00:37:36.000
You want an admin office in your home, as well, because then every time you leave your house, it, it counts as business miles.

552
00:37:36.000 --> 00:37:43.000
So you want to add if you have an off outside office, make sure you have an admin in your home. A lot of us just work from home so it's okay.

553
00:37:43.000 --> 00:37:55.000
The other thing is, if you're doing mileage and you're doing percent of car repairs and stuff like that. If you have two cars, and you drive them.

554
00:37:55.000 --> 00:38:04.000
You drive one over 50% for business, and the other one you do a percentage, you can get a higher deduction. There's a whole process for that but it's really cool.

555
00:38:04.000 --> 00:38:24.000
Another thing is to prepay, so it's a little late, but for this year, prepay for services. At the end of the year, and also put off getting payments until, until the next year, because every year you're going to learn more about ways to save on taxes.

556
00:38:24.000 --> 00:38:33.000
And so, try and get as many expenses in the year that you're in, and put off putting the, you know, the new income into the next year.

557
00:38:33.000 --> 00:38:42.000
Another thing is, as if you, if you have children at home, you can put them to work, depend, again, that's dependent on your structure.

558
00:38:42.000 --> 00:38:45.000
And then, let's see.

559
00:38:45.000 --> 00:38:53.000
The. There's also right now for 2022 disaster relief.

560
00:38:53.000 --> 00:39:01.000
It's section 139 2022 for 2022 because you haven't done your taxes yet.

561
00:39:01.000 --> 00:39:14.000
You can go back and calculate these expenses. This is one of those, because there's no timeliness or record keeping. It's disaster relief section 139.

562
00:39:14.000 --> 00:39:28.000
And because the entire country because of COVID was a disaster considered declared disaster, you can get reimbursed for personal expenses.

563
00:39:28.000 --> 00:39:37.000
That your, your company can deduct personal expenses that you paid out in accordance with COVID.

564
00:39:37.000 --> 00:39:47.000
It's a real, it's a really interesting thing, Mike. I love my tax strategy guide. I would highly recommend everybody get one as soon as you can afford one.

565
00:39:47.000 --> 00:40:00.000
Just because there. I never knew about it. I had no clue about the disaster relief, and because of disaster, because disaster relief is a unique situation.

566
00:40:00.000 --> 00:40:08.920
seats required. Wow. If you were, you were in a hurricane or a fire, where would your,

567
00:40:08.920 --> 00:40:14.480
where would your receipts be? They would be destroyed. They consider that an, they consider

568
00:40:14.480 --> 00:40:20.600
that a burden. So definitely do some research on that because that, that has a potential.

569
00:40:20.600 --> 00:40:25.880
I mean, I don't know how many of you, you know, for me, I really paid off. It really

570
00:40:25.880 --> 00:40:34.080
paid off for me in 2020 because I had to triple my internet. I went from having one

571
00:40:34.080 --> 00:40:41.080
person at home to having six people at home. I had to upgrade printers. I had to upgrade

572
00:40:41.080 --> 00:40:48.080
computers and everything. All my zoom equipment, all of that stuff was all an increase. All

573
00:40:48.080 --> 00:40:54.280
the personal items were an increase to my business or I got to pay off, use my business

574
00:40:54.280 --> 00:41:00.280
funds to purchase that stuff because of the disaster. So it's really, it's really neat

575
00:41:00.280 --> 00:41:06.080
people. You helped, you know, I helped, I helped cover my mom's rent when she was sick

576
00:41:06.080 --> 00:41:13.920
with COVID. I had to stay in a hotel for 10 days in Texas as I had COVID things like that.

577
00:41:13.920 --> 00:41:21.600
All that stuff got reimbursed to me personally from my business. Wow. Beautiful. Thank you,

578
00:41:21.600 --> 00:41:29.400
Teresa. Thank you so much for sharing with our group. What a blessing you've been and

579
00:41:29.400 --> 00:41:36.040
love you all ladies. Hope you've enjoyed this, this edition of office hours and we will see

580
00:41:36.040 --> 00:41:40.560
you again soon. Blessings to you. Thank you. Thank you ladies.