And so welcome to each and every one of you, those of you that are here live, and those
of you that will be listening to the recording later.
This is what we have been calling office hours.
It's just an extra bonus for Prosper Leader members.
And it is my way of adding value of sharing resources.
So people that I work with, or tools that I use, or strategies that I use, or resources
that I have, bring them here, share them with you, so that we all can collectively benefit.
And so today, I'm excited to introduce you to Teresa Technor.
She's the founder of Lady Tech Consulting, isn't that a cool name?
And I've been working with Teresa for quite a while, I don't know how many years now,
and I've known her from the Tapestry Network before that.
And she is fabulous for doing all the things that I don't like doing that she absolutely
gets high on, you know, details, numbers, organizing stuff that I don't even want to
think about.
And, you know, she geeks out on it and loves it.
So welcome, Teresa, so excited that you are here.
And yeah, so we're gonna, I'm gonna ask some questions that I know that both Teresa and
I are excited about talking about.
But also, like I said, be sure to hit the reactions button, raise your hand if you have
a question or put a comment or say you love it, whatever.
So I'm going to start with a question, which I already know how you're going to answer
and it's my favorite too, I'm going to talk about it fast.
But let's talk about women in business, most of the people in PROSPER, PROSPER Leader membership,
they're solopreneurs, they're coaches, they're healers, and authors, you know, speakers.
So let's talk about as, you know, solopreneurs or, you know, small business entrepreneurs,
which is your specialty, you're great with them.
What are some of the vulnerabilities?
What are like, what are the things we don't know that we don't know that come back and
bite you later?
Let's just jump right into the big stuff.
So honestly, it's record keeping, because we are so busy at solopreneurs doing, we'll
get to that later, we'll get to that later, we'll get to that later.
How many of you actually keep a physical copy of a mileage report?
Anybody in here?
So if you claim mileage on your tax return, and you don't have a written record, then
you could get into some big trouble with that.
And how many of you are corporations or LLCs?
Is that most of you?
Okay, do you have do you have corporate books?
Do you do minutes and resolutions and things like that?
The answer to that is no, again, that's something that can get you into some serious trouble.
Do you know as a solopreneur, that is a sole prop, your record keeping becomes a little
less stringent than if you're a corporation or an LLC.
The purpose of a corporation LLC is to protect your assets and to separate you personally
from your business.
As a sole proprietor, you and your business, the the IRS sees you as one unit.
So your record keeping can be a little less stringent, but you still have to have records.
And if you're not keeping records, the best practice is to have two separate accounts
and keep your stuff separate.
But I see all the time when people come to me for the first time that they're leaving
tons of money on the table, because they don't know the difference between tax preparation
and tax strategy.
So a lot of people have the misconception that when they go to their tax preparer, that
that person knows what the best tax strategies are for their business.
Occasionally, you will run across some that will give you some advice.
But if you're if you're like most solopreneurs,
or getting your stuff together at the last minute
because you've been busy launching something,
a big coaching program at the beginning of the year,
and then holy crud, it's tax time,
I got to turn all this stuff in
so that you're prepping all your stuff at the last minute.
Well, that's when your preparer has no time to think.
So they're not looking at your stuff at all
with any kind of microscope
to try and find out where your savings are.
They're just trying to get the information
into the computer and get you filed on time
so you don't have penalties.
So, and again, there are two different roles.
There's the preparation and there's the strategy.
And the strategy requires good preparation in your books
because if it's not in your books,
you can't expect your tax preparer
to put it on your tax return.
So they kind of all go hand in hand.
One of the new tools that Brenda and I've been using
that we love, love, love, it's called Profit First.
It is awesome.
It makes me dance, it makes me dance.
It does.
I got to jump in.
I want to interject a couple of things.
So talking about tax preparation
and what was the other one you said, tax strategy.
So the tax strategy is ongoing and knowing where you're at.
Okay, so just, you know, full disclosure,
I work with Teresa every month.
She organizes my books,
makes sure everything gives me ideas, et cetera.
At the end of the year, I work with my CPA to do my taxes.
But all of the years, I've been in business 30 years,
10 with Prosper and All Things and 30 years totally.
And all the years, my experience,
maybe this has been yours, it's after the fact.
You get your taxes done, nothing you can do about it.
If you could have saved, it's too late.
Maybe you can apply it next year if you do it.
And so it is, you're leaving so much money on the table.
And I always, my description to Teresa
and the reason I hired Teresa,
I said, I'm flying blind in my business.
What I can tell you, just with Prosper alone,
my business, praise God, I'm super grateful.
It has grown every single year for 10 years.
Stair step up, 10 years, praise God.
But the interesting thing before Teresa is,
no matter how much money I made,
I never freaking had any money.
I mean, I paid all the bills and stuff.
And so one of the beautiful things
working with Teresa right away,
she says, we gotta get you on the profit first system.
Ladies, I asked her today how long it's been.
It's been about less than six months.
I feel like it's been like the most glorious year,
but it's been less than six months.
And I've never had so much money in my bank.
Like, I don't even know, like, it's just too fun.
Like, where did all this come from?
Like, pay taxes, no problem, write a check.
There's a tax account.
You wanna go on a vacation, no problem.
There's a profit account.
It's like, how did my business do that?
Okay, so listen up.
This is a big one.
Again, you guys can ask questions, chat, ask comments,
but Teresa, tell us about the profit.
I'm so excited.
Sorry to interrupt you, but I gotta put my two cents.
I'm doing the happy dance about this one, okay?
And the thing is, I feel exactly the same way
she does about profit first.
I actually had a client refer me to that system
because she wanted to take her business on that path.
And what's funny, she didn't take her business on that path,
but I jumped on it.
I love it.
I'm like her.
I've never, I don't have to worry about taxes this year
because I have taxes set aside.
I have profit.
I can see my profit.
Every single month, I can see my profit.
And you see it growing, my goodness.
We're actually in business to make money, ladies.
It's growing every month.
And it's not hard.
It's not hard, which is what I like
because I don't know about you.
You get done, you get your taxes.
It's like, oh, okay, well, you made $30,000 this year
and your tax bill is blah, blah, blah.
It's like, well, where's the $30,000?
Because I don't see it in my bank account.
I did not take $30,000 out of my account.
Where is it, right?
And so, I mean, I had one of my clients,
he made over a million dollars and he's like,
there's no way I made a million dollars.
I'm like, you did.
I can show you where it was.
He goes, where'd it go?
And I'm like, you spent it.
Well, we do that because he talks about in his book,
bank balance accounting.
We look at our bank balancers,
we look at our bank balance accounts,
money in there. We spend it. It's kind of how it is. Some
we look at our bank balance accounts,
people have a budget.
Yes. And I think that there's something, you know, having been
in business for 30 years, and I've built multimillion dollar
companies. So this has been true for multimillion dollar
companies, you know, to the startup brand new companies, we
always think that we'll all just invest in the business right now
and and somehow magically one day, poof is going to explode.
More likely, it's going to grow like mine has every year. And
there's not an explosion, but I keep investing more and more in
the business.
Yeah, so we don't we don't ever pay ourselves. So we have this,
this business, he talks about in his book, that it's your
Frankenstein, and some monster that you don't control, it
controls you, which is really interesting, because when you go
to the profit first system, you actually feel like you're in
control. There's some, I've had a couple of clients that it got
a little scary, because they spent so much of their of their
income, that they never had enough money to pay taxes and
all that stuff at the end of the year. But that was always the
end of the year problem. Well, now it's a month to month
problem. And they've had to make some adjustments. But oh, my
goodness, now that they've made the adjustments, they're,
they're flying. Brenda was always really good and
disciplined. So that transition for her wasn't as hard as it had
been for a couple other people. But everybody that's on it, has
money in account to pay taxes, gets quarterly payouts for
profit for them to go play. I mean, I just distributed to one
of my clients two days ago, her stuff and she's like, I'm going
on vacation, I have money to go and play from my business. So
she's gonna go take her profits.
It's amazing. And you get to watch it grow. Ladies, I just
put the link if you don't have the book profit first, you just
put it in the chat for you. So so yeah, go on vacation. And I
love Teresa, you said something to me. And at first, it was very
shocking when I started the system. You said you've got
profit, you need to spend it. And I'm like, spend profit? Like,
no, can I just like, look at it? It's so pretty. It's like, so
you said you could use it to pay off some credit card debt, and
you've got to spend some for fun. Tell us about that.
You have to spend some for fun. You have so so what happens is
you accumulate profit quarterly, you get half of it. If you have
credit card debt or, or debt, you can spend half of your share
to pay off debt, but you have to play on half of it. Because we
work really, really hard as entrepreneurs. There's, there's
a lot of sacrifices, there's a lot of effort, there's a lot of
blood, sweat and tears that go into it, you need to reward
yourself so that you are controlling your monster instead
of your monster controlling you. And I'm telling you, it is so
much fun to like, I get to go play with this money, my
business gave me money to go play. And I can go play.
I think you want to grow up feel like a slave anymore. Okay, give
us in a nutshell, how do you set up the profit first? How do you
go about using it? I know they need to read the book, but give
us a nutshell.
So that the nutshell is, so again, it's that most on most
entrepreneurs do, like I said, do bank balance accounting. So
one of the one of the things, it's some law, I don't remember
the what he calls it, but there's a law that you're going
to spend what you have. So like she was talking about her
business continues to grow. But she also adds more and more
systems and perks and software and stuff as your business
grows. So but when your business is lean, all of a
sudden, you can cut down and you can live without all of those
things. So the profit first caters to that natural
tendency. So he recommends you set up seven bank accounts,
which I know sounds incredibly overwhelming, but it really
isn't as hard as it seems. So you have you have your five
primary accounts, which is your income account, which is where
all your income comes into. You have your operating expense
account, which is where the money you get you use to pay
your monthly bills. You have your owner's comp, which is what
you get paid for being a investor into your business. You
get profit, which is what you get because you work really,
really hard. And then you have your tax. So those are the area
the account you're going to, and then you have two other savings
accounts at a different location for your profit and your taxes,
so you're not tempted to spend them. But these two are holding
accounts and these two are, he calls them the vault, because
they go over here, you don't see them, you only pay attention to
them quarterly. And all the rest of the time, they're, they're
just they're collecting money. So money comes into your profit
account. And there's, there's a process, he has it in his book.
You know, I can certainly help you with that. It's, it's not,
it's not hard, you take a quick assessment. Because I'll bet
none of you take profit out of your account except for Brenda
and I. So you start by when your income comes in. If you're not
taking any profit right now, you immediately start putting 1% of
your profit into your profit account. You just start with 1%.
You put in, you know, into your tax account, then you put into
your OPEX, and then your owner's comp. So you just put a
percentage of whatever it is, every single quarter, you adjust
that you're bringing your operating expenses down, your
profit, tax and owner's comp up, because what they want, what the
ideal thing, his goal is to eradicate entrepreneurial
poverty. Because we all we all have businesses, we all work
really hard. And we don't have a bunch of money in the bank to
spend. I mean, I, I, I literally, only my profit first
people have money in the bank. That's it only my
three seconds, you're noticing all of us. It's like, look, I'm
being transparent. Like I said, my business has grown every year
for 10 years. And I can go back even to before that having
companies, never end of the year, like you like you're just
you know, I put off the taxes till October or whenever it is
every year, and you struggle to pay that there's there's no
money at the end of the year by Christmas, to actually finish
the year with this balance in all of the areas is is really
quite incredible. So for me, what I did, the account that I
already had as a business account, I just left and that
became the income account because you're already hooked up
to a lot of things people are paying you if you're using apps,
all of that. And then the operating expense and, and the
owner's comp. So I opened two more checking accounts for
those. And then I made the profit and the tax I made it as
a savings account in the first place. Now what I'll say is go
to your bank and talk before you open the accounts and negotiate
fees so that you're not getting a fee on everyone. So I told
them my reason I told them about the book, I told them my reason
for opening all of these accounts. And, and, and that I
did not want to pay fees and what could they do? I'm in US
Bank, and they honored it, I don't have fees on any of my
accounts. So this is a beautiful thing also that you could be
paying attention to that all all passed on to you. So, so then
the key idea with this, which is really a beautiful I thought
about when you were talking about about paying yourself, any
of you that have read the richest man in Babylon, a very
simple, practical financial book, probably one of the most
important little tiny financial books to read, the richest man
in Babylon, that's one of the first concepts that he taught
pay yourself first, pay yourself first. And so the cool thing
about this is because it's percentages, and those are
always the same until you change them. And Teresa can
guide you on what those are. But I know my percentages. And so I
just go in and pull out, you know, 35% here, pull out, you
know, 7% here, 15% here, and really easy. And I just do an
internal transfer on my phone. It's simple, it doesn't take
time. And so now I always know within the operating expense, I
know if I'm working within my budget, if you will, for my
business. And like I said, the joy, I'm seeing my profit go up
all the time, I'm seeing the tax go up. So I don't worry about
when I went to the tax man last time, it was so fun to write
checks, no stress, right. And of course, those of you that know
me, you know, you have to activate the flow. If you're
trying to create abundance, you must activate the flow. And so
I'm a strong proponent in giving and in tithing, tithing not only
is biblical, it predates biblical times, it was actually
a Babylonian prosperity principle, the 10%, the tithe,
known as wealth activating. And so also, it's really made me
very mindful, I always know exactly how much to give, and
I'm giving very systematically. And that also is very rewarding
and very
signing. Okay, um, if you go to the right bank, I actually have a separate account for tithing. So
I actually add that other account because that's kind of what his principle is. When in doubt,
add another account. So I have an account. I have a subscription account separate from my
OpEx because I have, I spend a lot of money on subscriptions because of my QuickBooks. And then
I have a separate account for tithing. So, and I've been upping it along with everything else.
So when I'm, when I'm increasing my percentages, I'm increasing my tithe percentages too.
Nice. So it's been really fun. All right, ladies, remember you can raise your hand. If you have
questions, you can type in the chat if you have questions and otherwise I'm going to just kind
of keep it moving forward. So another thing, Teresa, in the record keeping is receipts. How,
how, oh, we've got a question. Let's go first to Joya. Go ahead, go ahead, Joya. Yes, thank you for
this. This is a great way to set this up. I'm starting, I'm restarting a second business and I
want to not make the same mistakes I did with the first. So this is, this is very timely.
In terms of tithing, I've always wondered, do you tithe based off of gross income or net income?
I do gross because I use the Profit First system. So it makes it simple.
The income comes in. I, I, I, I separate my percent. I distribute my, to my different accounts. So I've
just found that because really, do you want, do you want God to bless you on the net or do you
want him to bless you on the gross? I want him to bless me on the gross. It's, it's easy. That's
exactly my concept. Yeah, I love it. It's, it's, it's, it's easy. Otherwise trying to figure out
the net, are you really doing your books every month to absolutely know what your net is, to
know how to calculate the percentage to your tithe? This just becomes an action like putting in your
profit and putting it in your owner's comp and putting it, it just, it's just, it, it, it, it
takes me five minutes to do these transfers to all the accounts and I don't have to think about it.
And I can look at my accounts every day and I, and, and everything's got money in it. Everything
looks good. And I know, I know how I'm building. And if it doesn't, I know I need to make adjustments.
You know, there's been one or two times really huge expenses. I had to pull from one of the
other and it's like, ouch, I don't want to do that. That's not going to be a habit. And Teresa said,
don't make that a habit. It's like, no, I won't. Okay. I better lower my, my operating expense.
It's too high. If I'm having that, or I better lower, I better plan for more tax if this isn't
covering it or whatever. So, you know, you can really, really see. And I think because a lot of
us, we don't tend to, we tend to feed our business more than ourselves. My owner's comp was more than
I was used to. It's like, wow. Okay. You know, I'm used to spending less and being conservative.
So it's, you know, it really shows you a lot about your spending and it becomes really
simple. Okay. Thank you. Yeah. Thanks for asking. That's a great question.
All right. And then you can take your hand down and then if anyone else, be sure to raise your
hand and okay. So, so my question was going to be to you, Teresa, about receipts. That's another
thing that I find receipts fade. They get messy organizing them, you know, to people bring you a
big shoe box and try to tell you to figure it out. And as someone who has been through an audit,
I can tell you having your ducks in a row feels so good. I, I went through an audit ladies, this
is God, this is to the glory of God, but you know, you don't go to an audit because they plan on
giving you money. They they're trying to take more from you and get you. I went through an audit and
I left with a check. They paid me. Yeah. It doesn't happen very often. Luckily audits. It's
a miracle. Yeah. Luckily audits don't happen very often, but when they do their nightmares,
they're just nightmares. So, you know, so the really neat thing is if you guys use QuickBooks
online, which is pretty much, unfortunately that it's become the standard, the subscription service,
they're starting to take away the opportunity to even have desktop.
And it actually has a feature where you can just snap a picture of, of the receipts. But you need
to have them because like she said, they fade and you have to, if, if you spent money at Walmart
to buy a printer and you don't have your receipt, having.
out on on your statement is not going to help you. They're not
going to believe you without the receipt. Right. And if you have
that faded thermal one that you have in storage, in a closet
somewhere, most likely it's no longer legible. I used to work
for a tax tax preparer's office. Oh my goodness. So I understand
why your tax preparer is giving you no time between February
15. And April is because it's insane. And they used to make us
photocopy all the receipts so that you had hard copies. Thank
goodness, digital clouds, all that stuff. With QuickBooks
online, if you have the app on your phone, you literally take a
picture of it, it uploads it into QuickBooks, then you can
connect it to the actual transaction. It's an amazing
feature. If you don't have that there's other software and stuff
that you can use. But if you're using QuickBooks to keep your
books, all of that's included. Another thing that's really
neat is the mileage that I was talking about earlier because
that is prop that is I'll have to tell you that's one of the
very first areas they'll attack because no one keeps records and
they all say they do because you actually have to say on your tax
return that yes, you have a record and it is written. If you
don't have it, then you you basically lied on your tax
return when you when you signed it, whether you're signed it
physically or electronically, you lied on your tax return, big
trouble girls. So that the QuickBooks online has has a
mileage tracker built into the app. So if you have the app on
your phone, and it's IRS compliant, a lot of them are not
IRS compliant. I did not know until I until I started working
with a tax strategist, that mile IQ, which I thought was
compliant, did not meet the requirements that the IRS has.
There's only a few apps. So keep that in mind. Make sure you you
do your due diligence about whether or not it's IRS
compliant. Right now I only know
books for all solopreneurs. Is that what you is that one of the
things you would suggest? Oh, yes. Absolutely. How they you
know, what do they do with it? Talk about just kind of getting
that moving. It's a brand new year. It's perfect time to set
this up in motion. Talk about that.
Clarify your question, please.
So so let's say they haven't used QuickBooks, and you're
recommending it. So they get it. Boom, they download the app. Now
what? Okay, so the one you want, you want to spend a little
time learning how to use it. It has a ton of time saving
features and stuff like that. Absolutely. You get you get 30
minutes with me for free because you're with with Brenda, set an
appointment and we will go ahead and I will give you an overview
on how to use it. Another thing is look at getting getting your
account through through in a someone who has a wholesale
account. You can save 30% for the life of the subscription if
you purchase it from someone who has a wholesale account. And
that really saves a lot of money over time because the QuickBooks
online they continue to raise the price about every two years,
but they have like quadruple the features. Pretty much you can
use QuickBooks online for almost everything you need,
except your website, which there's a lot of complaints
going on in that and so hopefully they're working on
getting that fixed. So we can do that. But outside that you can
do all your billing for that. You can do your bill pay. They
offer bill pay service at track time tracking service if you use
payroll that I mean it truly is an all in one program. And if
you're starting up with profit first, they also have a checking
account where they use envelopes, which is one of my
primary ways that I use to track my profit first. Total I'm a I'm
a big QuickBooks online fan, big QuickBooks online fan. So you
get the subscription, you connect your bank account, you
learn how to use it. And like I said, it has it makes for a
solopreneur. It makes your life so much easier because so much
of the stuff you can you can automate if you train it
properly and program it properly.
Beautiful. Okay, in the time that we have left, let's take
some questions from you or some comments. What would you like to
know about organizing your business, organizing your
finances, organizing your
Yes, Teresa is very well, what do I want to say,
diverse in her skill set.
I've seen her with some of my clients.
She has put together their retreats.
She has put together their events.
She's quite the organizer.
And so it probably could be a question that one of us
is likely to be able to answer.
So questions about organizing your business.
When it comes to mileage, one of the things I do
is I go get my oil changed at the beginning of the year.
That's one of my records.
It shows the mileage at the beginning of the year.
So this is a good reminder to do that as well.
The other thing I think, and I'm waiting for you guys
to raise your hand if you want to have some questions.
I learned, I'm a daughter of an entrepreneur.
My father was a very, very successful entrepreneur.
So I grew up in the entrepreneurial world.
And my dad used to say, owning a business in America
is the biggest tax loophole in the world.
Like, you're crazy.
Even if you get into a network marketing company something,
make sure you own a business.
And so I learned very early on.
And I watched him do crazy stuff.
And I mean, you can review this with your CPA or tax accountant
or Teresa, someone that knows.
But just to give you an example of some of the crazy stuff
he would do, I remember this was back in the day
when printers cost huge amount of money.
I don't know, what were they back then?
I don't know, $20,000, something crazy back then.
I'm dating myself way like 30 years ago, right?
But he bought it with his personal money
and leased it to his business.
And so he got all these lease payments.
I mean, these are the kind of things.
So being able to write off part of your house.
My CPA writes off part of my house, part of my housekeeping,
part of my gardening, part of meals.
Like if you're going out for meals
and it's anything related to business, travel.
I mean, I've written off most of my travel.
Just talk to someone that's a potential client
and document it or whatever.
So you see all of these are deductions
to keep you from paying full taxes that employees pay.
Well, the strategy also.
When you plan a trip, use a tax strategy
when you plan a trip.
Because if you go out of town and you work the first two days
and then you don't work the rest of the trip,
you can only write off the first part of your trip.
But if you leave on Friday,
you have an appointment on Monday for work,
as long as it's four hours,
as long as you're in America and it's four hours,
then all of that time is considered a business trip.
You go play on Tuesday and Wednesday
and then Wednesday afternoon you have another meeting
and then you have a meeting on Friday.
You can write that entire trip off as business
because it has to be not reasonable to return home.
So as long as you're working every couple, three days,
it's not reasonable to return home before your next meeting
and the whole thing becomes business.
Travel to, from, meals, it's business.
And so that's just going into a trip
with the strategy to write it off.
Another thing that you definitely want to talk to your CPA
about this because like Brenda's CPA
doesn't feel comfortable with this,
but I have lots of other ones that do
and that's using, it's called the Augusta Rule.
So if you have a corporation or an LLC,
look up the Augusta Rule.
You can rent your home from yourself
up to 14 days for corporate meetings
and you don't personally pay tax on it
and your corporation gets it as a write-off.
So yeah, check that with your CPA.
It depends what type, like I'm a single member LLC
and he said that they frown on it for single member LLC.
So you can check, but these are examples.
This is not tax advice, it's not meant to be tax advice,
but it absolutely is opening your eyes to possibilities
and that's what Prosper and All Things is about.
It's about opening your eyes to possibilities.
Joya, you have your hand up.
We want to take your question.
Yes, Teresa, you mentioned getting a QuickBooks subscription from someone who has a wholesale subscription. I'm wondering if you do.
I do.
Yes, I do.
Okay, yeah, that's how I have to have a separate account for subscriptions.
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.
Lady Tech Consulting at Gmail is by far the most effective way to reach me.
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.
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.
So, questions, comments, aha, this is your opportunity.
All right, Kelly.
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.
So this is very helpful. Thank you. Wonderful, wonderful.
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.
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.
So the biggest, the biggest tips that I can give you.
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.
You want an admin office in your home, as well, because then every time you leave your house, it, it counts as business miles.
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.
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.
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.
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.
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.
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.
And then, let's see.
The. There's also right now for 2022 disaster relief.
It's section 139 2022 for 2022 because you haven't done your taxes yet.
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.
And because the entire country because of COVID was a disaster considered declared disaster, you can get reimbursed for personal expenses.
That your, your company can deduct personal expenses that you paid out in accordance with COVID.
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.
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.
seats required. Wow. If you were, you were in a hurricane or a fire, where would your,
where would your receipts be? They would be destroyed. They consider that an, they consider
that a burden. So definitely do some research on that because that, that has a potential.
I mean, I don't know how many of you, you know, for me, I really paid off. It really
paid off for me in 2020 because I had to triple my internet. I went from having one
person at home to having six people at home. I had to upgrade printers. I had to upgrade
computers and everything. All my zoom equipment, all of that stuff was all an increase. All
the personal items were an increase to my business or I got to pay off, use my business
funds to purchase that stuff because of the disaster. So it's really, it's really neat
people. You helped, you know, I helped, I helped cover my mom's rent when she was sick
with COVID. I had to stay in a hotel for 10 days in Texas as I had COVID things like that.
All that stuff got reimbursed to me personally from my business. Wow. Beautiful. Thank you,
Teresa. Thank you so much for sharing with our group. What a blessing you've been and
love you all ladies. Hope you've enjoyed this, this edition of office hours and we will see
you again soon. Blessings to you. Thank you. Thank you ladies.