134 - If your eyes glaze over when talk turns to taxes, you're in for a happy surprise this week. Tiffany Bastian, a high-energy accountant and tax pro specifically for photographers, makes today's episode a whole lot of fun. Even I—a self-professed numbers-nerd—learned some new things from our in-depth conversation. With Tax Day just a month away, you'll definitely want to listen up and take good notes!
What To Listen For:
You'll also find a bunch of helpful freebies on Tiffany's website, like her state-by-state guide to sales tax. Like Tiffany says, "You can't play the game if you don't know the rules." Listening to this episode is a great place to start!
Resources From This Episode:
JOIN THE PARTY:
134 - If your eyes glaze over when talk turns to taxes, you're in for a happy surprise this week. Tiffany Bastian, a high-energy accountant and tax pro specifically for photographers, makes today's episode a whole lot of fun. Even I—a self-professed numbers-nerd—learned some new things from our in-depth conversation. With Tax Day just a month away, you'll definitely want to listen up and take good notes!
What To Listen For:
You'll also find a bunch of helpful freebies on Tiffany's website, like her state-by-state guide to sales tax. Like Tiffany says, "You can't play the game if you don't know the rules." Listening to this episode is a great place to start!
Resources From This Episode:
JOIN THE PARTY:
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Welcome to the hair of the dog podcast.
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You guys buckle your seatbelt for the most energetic and enthusiastic
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conversation on taxes that you will have ever experienced.
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I had this conversation with Tiffany who is an enrolled agent
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with the IRS,
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helps photographers with their accounting and their taxes.
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And, oh my gosh,
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I just loved it.
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And we geeked out over it and it was fantastic.
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If you are a US-based photographer,
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you must must,
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must listen to this episode.
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Stay tuned.
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Welcome to the hair of the dog podcast.
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If you're a pet photographer,
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ready to make more money and start living a life by
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your design,
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you've come to the right place.And
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now your host,
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pet photographer,
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travel addict,
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chocolate martini connoisseur,
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Nicole Begley.
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Hey everybody.
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Welcome back to the hair of the dog podcast.
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I'm your host,
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Nicole Begley.
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And today we have a very special guest with us,
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someone that I actually kind of randomly found because someone in
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my community posted a resource,
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they found for her and I'm like,
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oh, she needs to get on my podcast.
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So this secret person I'm talking about is Tiffany Bastian.
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She's an accountant and tax pro for photographers has an MBA
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in accounting as an IRS certified enrolled agent and advanced QuickBooks
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pro advisor,
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founder of bachelor in accounting,
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where she and her team works specifically with photographers thrown away
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of offerings from online courses to done for you services.
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And she believes that we're always exactly where we're supposed to
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be, and that there are no mistakes or failures,
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only opportunities for growth.
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I couldn't agree more.
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Tiffany, welcome to the podcast.
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Thank you for having me.
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I think it's fun.
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It kind of funny because I feel like you're always exactly
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where you're supposed to be when you said that I'm like,
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it's so interesting that I'm here today.
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It's amazing.
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And for one total numbers geek to another,
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I can't tell you how excited I am for this conversation
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to talk about taxes.
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I Love it.
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I love that.
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You love it.
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I know I'm really weird,
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but truly I think so many people think about taxes and
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they're like,
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oh my God.
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And they're so scared about it.
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And they just want to like hide under the rug.
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And yes,
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the U S tax code is a ridiculous and a monster.
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And I think actually would take several lifetimes if you were
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going to read the whole tax code.
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But I heard once and it was a great,
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a great kind of flip of,
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of our mindset was that the tax code was written for
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us. His ways,
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like as ways that we could save money,
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like, so let's utilize it and that's make sure that we're
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doing our taxes correctly,
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but taking advantage of the things that are built into the
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tax code that help us.
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So we should not be scared of it.
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We should shine the light on it and look at it
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and learn more about it.
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I love that.
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I always say you Can't play the game if you don't
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know the rules,
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right? Like exactly.
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And so many people are scared.
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It's just,
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I think it's the,
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it's probably the verbiage to,
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and it's written in such a dry way,
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then it's like,
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it's enough to make you feel dangerous.
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Right. Right.
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Really. It is like,
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when you start to really discover,
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like, what is it they're saying,
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the other part of it is,
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you know,
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tax laws like any law,
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like it's not like black and white,
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you cannot do this.
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It's like,
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there are court cases where people have done that and you
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can use that as your reasoning.
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So, and maybe it's like the argumentative thing of like,
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you know,
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I can,
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like, I always think about like,
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if the IRS was here,
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how would I argue this thing that I'm doing?
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Because there is an argument.
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I think people just get into this like mindset of there
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is there's do or do not.
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There's no like image and there totally is.
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Yeah. Yeah.
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And there's so many things that I think a lot of
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people just don't even realize that they can do because they
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don't want to,
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they don't want to spend the time here because it's not
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as exciting as taking pretty pictures and you know,
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and then they're overwhelmed and nervous about it.
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They don't want to make a wrong mistake.
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I'm a huge believer that everyone,
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whether they're starting their business or have been in business for
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20 years should have a CPA that they work with that
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have some sort of tax a person tax professional,
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because it's a full-time job to keep up with the changes.
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I mean,
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you probably have.
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Yes. It's just insane.
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It's like,
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you don't even know anymore.
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You get to the point where people are asking me and
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I'm like,
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wait, what?
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That just happened.
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And it's like,
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it's crazy,
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crazy. Right.
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And what does all of it mean?
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And some of it expires.
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So it's only available for a certain amount of time or,
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or this,
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this is the rule for this PAX year.
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We don't even know if it affects next tax year.
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Yeah. Yeah.
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I think that it's a,
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something that a lot of people just put under their bed,
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like get going and,
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and, and even myself,
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I'm going to be honest.
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Like my businesses are growing and I was taking care of
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my clients.
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And then I had a big tax bill and I was
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like, oh my God,
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like I am the account.
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And how does this happen?
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My husband's like,
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when are we getting our return?
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I'm like,
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goodbye forever.
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But the thing was that I,
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I realized like there has to be wait and it's tax
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planning is really the thing of like stopping.
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It's like anything we do,
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right. If you don't stop and plan out how you're going
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to approach things,
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you just get there and you do what you do.
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And, and that's how you end up every February,
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probably like,
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oh my God,
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I have to get all this stuff together for last year.
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I don't even know how I did last year.
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I don't even know how much I brought in.
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I don't even know what I spent.
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Like, that's like nowhere to like lead a business from,
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but it's hard.
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And it's so common,
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like, right.
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So many people would just like get into something and they're
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like, oh,
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I can make money at this.
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And, and then before,
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you know,
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it they're like,
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this is a whole thing.
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And they're like,
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oh, wait a minute,
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hit the brakes.
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This is a business.
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What am I supposed to do?
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And it's scary because then you feel it's pro I think
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it even feels like embarrassing,
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like get this far and not know.
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And it's,
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I want to just say to anyone listening,
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like it is completely normal.
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I run into and meet photographers everyday in various different situations,
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six figures,
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seven figures still like,
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what the hell is sales tax or whatever,
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you know?
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And that's the,
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that's the thing.
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It's okay.
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You have to like,
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embrace that and then move forward.
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Yeah, absolutely.
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And I think embracing it from the place of,
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okay. You know,
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I can't change the past,
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but from here on forward,
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it's like,
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what's the best time to plant a tree 10 years ago.
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Okay. Second,
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best time is now,
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if you haven't gotten your tax game in order yet,
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like, okay,
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let's get together now and move forward in the same thing.
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If you're rifling through those shoe boxes with your receipts for
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this year,
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it's still early in the year.
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What system can we put into place to,
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to do that?
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I know for me,
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I would be a wreck if I didn't have something that
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would automatically pull in my transactions.
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Absolutely. I mean,
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lifesaver, and there's so many different accounting softwares out there that
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are able to do that.
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So that's always why advices,
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number one,
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get your,
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your, some sort of accounting,
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software invoice and software automated where it's pulling in all those
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transactions. And even before that,
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the one thing I could say,
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if somebody was like,
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oh my God,
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what should I do?
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Just, just get a separate bank account.
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Yes. At the very least,
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I say,
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this is not ideal.
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So like,
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but at the very least you could just dump that all
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into a spreadsheet at the end of the year.
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And you're not,
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I mean,
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you, you have so much,
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you're just years ahead of the work you're about to do
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because you have it all there,
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but yes.
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And then ideally having a system that's doing this for you.
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And I mean,
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we use QuickBooks,
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but the thing is like,
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you can start to automate all that for yourself.
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Like, you know,
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we handle that for our clients,
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but also teach them how to like set it up.
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And then you can start having to do a lot of
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the heavy lifting for you each month.
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And you don't necessarily have to have someone handling it for
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you. You get to a point where you're like,
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I want to outsource that because I don't want to deal
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with it,
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00:07:33,560 --> 00:07:34,370
but I understand it.
266
00:07:34,370 --> 00:07:35,330
And that's the other thing.
267
00:07:35,360 --> 00:07:36,260
People, a lot of times,
268
00:07:36,260 --> 00:07:37,340
just give it to somebody,
269
00:07:37,400 --> 00:07:39,110
whether it's for the taxes or bookkeeping,
270
00:07:39,560 --> 00:07:41,780
they don't understand what's going on and no one ever teaches
271
00:07:41,780 --> 00:07:44,120
them. And that is just not how I roll.
272
00:07:44,120 --> 00:07:45,160
I can't even deal with that.
273
00:07:45,170 --> 00:07:46,880
I'm like when I,
274
00:07:47,120 --> 00:07:49,040
when I help my clients understand things,
275
00:07:49,070 --> 00:07:50,370
it makes my job easier.
276
00:07:50,720 --> 00:07:52,790
I don't understand anyone who would just blind.
277
00:07:53,890 --> 00:07:54,440
Right? No,
278
00:07:54,440 --> 00:07:57,680
there's a hundred percent of difference between outsourcing and just blindly
279
00:07:57,680 --> 00:07:58,790
throwing money at a problem,
280
00:07:59,240 --> 00:08:00,470
trying to sweep it under the rug,
281
00:08:00,650 --> 00:08:03,830
because that's never going to serve you because you need to
282
00:08:03,860 --> 00:08:04,970
know what's happening.
283
00:08:05,270 --> 00:08:08,780
So We'll be very weary of a CPA or an accountant
284
00:08:08,780 --> 00:08:10,610
or someone who's never asking you questions.
285
00:08:10,930 --> 00:08:11,690
Like, how do they know?
286
00:08:11,690 --> 00:08:13,250
Do they have a crystal ball at their desk that tells
287
00:08:13,250 --> 00:08:14,870
them I don't understand that.
288
00:08:14,870 --> 00:08:16,100
And I get a lot of people,
289
00:08:16,100 --> 00:08:17,660
especially like in my Facebook group and stuff,
290
00:08:17,660 --> 00:08:19,730
there'll be like asking me questions based on,
291
00:08:19,730 --> 00:08:21,320
like, I asked my quote,
292
00:08:21,320 --> 00:08:23,000
unquote tax guy or tax girl.
293
00:08:23,000 --> 00:08:24,560
And I always like,
294
00:08:24,680 --> 00:08:25,970
kind of like laugh at that.
295
00:08:25,970 --> 00:08:26,270
And I'm like,
296
00:08:26,270 --> 00:08:27,110
you guys,
297
00:08:27,290 --> 00:08:28,610
you're literally handling all it.
298
00:08:28,610 --> 00:08:30,290
Hadn't all your stuff to someone you don't even have a
299
00:08:30,290 --> 00:08:31,490
name, relationship with them.
300
00:08:31,490 --> 00:08:33,020
They're your tax guy like,
301
00:08:33,350 --> 00:08:34,700
well, think about that for a minute.
302
00:08:34,700 --> 00:08:35,060
And I'm like,
303
00:08:35,120 --> 00:08:37,250
I actually hope none of my clients call me their tax
304
00:08:37,250 --> 00:08:39,680
lady, because I'm so much more than that.
305
00:08:40,100 --> 00:08:41,150
And I know some of them get like,
306
00:08:41,450 --> 00:08:42,380
and some of them laugh,
307
00:08:42,410 --> 00:08:42,800
but it's like,
308
00:08:42,800 --> 00:08:43,340
it's true.
309
00:08:43,340 --> 00:08:44,510
And you would think of it like that.
310
00:08:44,510 --> 00:08:47,030
Like that's like the most important part of your business.
311
00:08:47,030 --> 00:08:47,970
Really. Yeah.
312
00:08:48,020 --> 00:08:49,670
Definitely a key adviser,
313
00:08:49,700 --> 00:08:53,150
super important to help you plan Sarah eval,
314
00:08:53,170 --> 00:08:54,440
but it ha it has to happen,
315
00:08:54,500 --> 00:08:56,220
but it's not the funnest sexiest thing,
316
00:08:56,220 --> 00:08:59,070
but It is nice to know.
317
00:08:59,070 --> 00:09:00,630
You have someone that has your back though,
318
00:09:00,840 --> 00:09:01,200
you know,
319
00:09:01,200 --> 00:09:03,690
for, especially if you are fearful of like,
320
00:09:03,720 --> 00:09:04,140
oh my gosh,
321
00:09:04,140 --> 00:09:05,190
I don't want to do it wrong.
322
00:09:05,220 --> 00:09:07,980
Okay. Hundred percent hire someone to help you.
323
00:09:08,250 --> 00:09:08,970
So that way,
324
00:09:08,970 --> 00:09:10,590
if for some reason,
325
00:09:10,620 --> 00:09:11,040
you know,
326
00:09:11,040 --> 00:09:12,570
you ever did get audited,
327
00:09:12,960 --> 00:09:16,110
which really is just not necessarily even a bad thing.
328
00:09:16,110 --> 00:09:16,740
They're just going to look,
329
00:09:16,740 --> 00:09:18,090
they'll find something here and there.
330
00:09:18,090 --> 00:09:18,480
And it's like,
331
00:09:18,480 --> 00:09:20,010
okay, but You guys,
332
00:09:20,010 --> 00:09:21,090
you are the less they find.
333
00:09:21,090 --> 00:09:22,920
Cause you don't think if you're disorganized,
334
00:09:22,920 --> 00:09:24,120
one thing leads to another.
335
00:09:24,750 --> 00:09:25,950
It's like Pandora's box.
336
00:09:25,950 --> 00:09:26,340
Cause then they're like,
337
00:09:26,430 --> 00:09:26,820
well wait,
338
00:09:26,850 --> 00:09:27,510
what is that?
339
00:09:27,540 --> 00:09:28,260
And what is that?
340
00:09:28,260 --> 00:09:30,360
So the more organized you are,
341
00:09:30,360 --> 00:09:32,160
the easier it makes that process.
342
00:09:32,190 --> 00:09:33,810
Right? Think about that.
343
00:09:33,810 --> 00:09:35,730
If you were talking about all those receipts and boxes,
344
00:09:35,730 --> 00:09:36,930
like now if you get audited,
345
00:09:37,170 --> 00:09:38,970
now you have to go find that receipt in the box.
346
00:09:40,050 --> 00:09:40,950
And then the ink,
347
00:09:40,950 --> 00:09:43,320
I didn't realize this went to that ink starts to,
348
00:09:43,710 --> 00:09:44,430
to fade.
349
00:09:44,550 --> 00:09:45,600
Yes. Yeah.
350
00:09:45,750 --> 00:09:46,530
So take a picture.
351
00:09:46,590 --> 00:09:47,370
Sensitive ink.
352
00:09:47,370 --> 00:09:49,020
Like literally it's like Harry Potter.
353
00:09:49,020 --> 00:09:51,540
It's like the letters blame.
354
00:09:51,540 --> 00:09:52,950
This was the receipt on her ass.
355
00:09:52,950 --> 00:09:53,760
I promise.
356
00:09:56,400 --> 00:09:56,790
All right.
357
00:09:56,790 --> 00:09:57,300
Well let's,
358
00:09:57,720 --> 00:09:59,070
let's jump back for a second.
359
00:09:59,070 --> 00:10:02,190
And maybe we already started to talk on some mistakes,
360
00:10:02,190 --> 00:10:06,600
but are there some common mistakes that you see photographers making
361
00:10:06,900 --> 00:10:07,980
regularly? Yeah.
362
00:10:07,980 --> 00:10:08,850
So I th I think that,
363
00:10:08,880 --> 00:10:10,080
well, at least you're sort of,
364
00:10:10,140 --> 00:10:11,190
I won't say mistakes,
365
00:10:11,220 --> 00:10:13,710
but big pain points where there's a lot of confusion overwhelm
366
00:10:13,710 --> 00:10:16,230
and then tend to be a lot of mistakes because of
367
00:10:16,230 --> 00:10:18,540
it. But it's business structure and sales tax.
368
00:10:19,680 --> 00:10:23,070
I feel like a lot of people they hear about S-corporation,
369
00:10:23,070 --> 00:10:24,660
which almost all my clients are.
370
00:10:24,660 --> 00:10:25,140
I am,
371
00:10:25,290 --> 00:10:26,040
it's just such a,
372
00:10:26,250 --> 00:10:26,910
I feel like I'm a,
373
00:10:26,910 --> 00:10:28,830
I'm a I campaign for,
374
00:10:28,830 --> 00:10:29,520
S-corp like,
375
00:10:29,520 --> 00:10:30,270
it's my job,
376
00:10:30,300 --> 00:10:34,410
but LLC filing as an S Corp or are you a
377
00:10:34,410 --> 00:10:35,400
straight escort?
378
00:10:35,700 --> 00:10:37,620
So you have to be an LLC to file an S-corp
379
00:10:37,650 --> 00:10:40,980
or a corporation to file as an escort secret.
380
00:10:40,980 --> 00:10:43,260
Right? So a lot of people don't understand,
381
00:10:43,260 --> 00:10:44,910
like they think that if they file an LLC,
382
00:10:44,910 --> 00:10:45,920
that suddenly changes,
383
00:10:45,930 --> 00:10:46,710
it changes nothing.
384
00:10:47,130 --> 00:10:49,470
Right? It's just changing limited liability to state level.
385
00:10:49,470 --> 00:10:51,750
And that's only changing that if you have a separate bank
386
00:10:51,750 --> 00:10:53,400
account and you're following the rules of an LLC,
387
00:10:53,400 --> 00:10:54,540
which most people don't do,
388
00:10:54,540 --> 00:10:55,740
they just keep going,
389
00:10:55,950 --> 00:10:58,350
mixing personal business and living their best life.
390
00:10:58,350 --> 00:11:02,700
And then they'll realize that Got one second.
391
00:11:02,700 --> 00:11:03,840
Like, what are the,
392
00:11:03,870 --> 00:11:04,230
you know,
393
00:11:04,230 --> 00:11:06,060
can you go over the different options?
394
00:11:06,060 --> 00:11:07,500
So I'm starting my business.
395
00:11:07,800 --> 00:11:09,840
What are my different business structure options?
396
00:11:10,080 --> 00:11:11,460
The biggest thing people don't realize.
397
00:11:11,460 --> 00:11:13,230
The second that you start,
398
00:11:13,260 --> 00:11:13,530
you know,
399
00:11:13,560 --> 00:11:14,190
Liz probably is,
400
00:11:14,630 --> 00:11:16,110
this is probably a common scenario.
401
00:11:16,380 --> 00:11:18,150
You start doing some photography and then you're like,
402
00:11:18,180 --> 00:11:19,540
oh, and then somebody pays you for it.
403
00:11:19,540 --> 00:11:20,040
And then you start,
404
00:11:20,370 --> 00:11:21,840
oh, I'm going to book some things out and you start
405
00:11:21,840 --> 00:11:22,890
to see how this can be a thing.
406
00:11:22,890 --> 00:11:24,810
Well, the second you take a dollar for that service,
407
00:11:24,810 --> 00:11:25,860
you are a sole proprietor.
408
00:11:26,370 --> 00:11:30,180
There's no like official filing or anything that needs to happen.
409
00:11:30,180 --> 00:11:32,070
Now you have income that's taxable.
410
00:11:32,070 --> 00:11:35,040
So you definitely want to be tracking any expenses that you
411
00:11:35,370 --> 00:11:36,120
had to get there,
412
00:11:36,180 --> 00:11:38,220
whether it was mileage and travel to the event,
413
00:11:38,220 --> 00:11:40,920
whether it was the camera that you now have as your
414
00:11:40,920 --> 00:11:42,360
equipment, like things like that.
415
00:11:42,360 --> 00:11:44,580
And then the next thing is when you aren't a sole
416
00:11:44,670 --> 00:11:45,720
a sole proprietor,
417
00:11:46,170 --> 00:11:48,720
essentially your business is your name with your social security number,
418
00:11:48,870 --> 00:11:49,650
right? So then,
419
00:11:49,680 --> 00:11:50,070
you know,
420
00:11:50,100 --> 00:11:51,150
when you're filing your taxes,
421
00:11:51,150 --> 00:11:52,650
now you have an extra form and you're going to put
422
00:11:52,650 --> 00:11:55,090
the income and expenses on there with that information.
423
00:11:55,480 --> 00:11:56,320
If you don't like that,
424
00:11:56,320 --> 00:11:56,890
and you said,
425
00:11:56,980 --> 00:11:58,870
well, I want to be ABC photography.
426
00:11:59,230 --> 00:12:00,610
Well, you need to file a DBA,
427
00:12:00,610 --> 00:12:01,540
which is doing business.
428
00:12:01,540 --> 00:12:02,650
As some states,
429
00:12:02,650 --> 00:12:05,290
call them assumed names.
430
00:12:05,290 --> 00:12:06,700
There's like every state I've been telling you,
431
00:12:06,700 --> 00:12:08,200
everything has its own rules for everything.
432
00:12:08,770 --> 00:12:10,210
But essentially it's just saying,
433
00:12:10,240 --> 00:12:10,510
you know,
434
00:12:10,510 --> 00:12:12,250
there's nothing fancy.
435
00:12:12,250 --> 00:12:12,580
It's just,
436
00:12:12,580 --> 00:12:13,360
you have a name.
437
00:12:13,360 --> 00:12:18,550
So you're Jane Smith doing business as ABC account or photography.
438
00:12:18,550 --> 00:12:19,720
And then you get a tax ID,
439
00:12:19,720 --> 00:12:22,780
which then sort of removes your social security number from circulation
440
00:12:22,780 --> 00:12:23,890
of all your business documents.
441
00:12:23,920 --> 00:12:26,800
But the next thing is then the LLC and the LLC
442
00:12:27,250 --> 00:12:29,140
doesn't change anything about taxes.
443
00:12:29,230 --> 00:12:30,490
Does it change anything for you?
444
00:12:30,490 --> 00:12:32,680
Except for now you have limited liability,
445
00:12:32,710 --> 00:12:36,010
meaning that anything in that business bank account with the LLC
446
00:12:36,010 --> 00:12:37,960
name on it is all they could take in,
447
00:12:37,960 --> 00:12:39,430
in like a lawsuit.
448
00:12:40,060 --> 00:12:41,860
So you had a bride Zilla and she wins.
449
00:12:41,860 --> 00:12:42,910
Like she can only,
450
00:12:42,940 --> 00:12:44,320
they can only go for that stuff.
451
00:12:44,350 --> 00:12:46,240
But if you are mixing personal business,
452
00:12:46,600 --> 00:12:48,100
it's called piercing the corporate veil.
453
00:12:48,100 --> 00:12:49,900
I don't know if you've heard this term before,
454
00:12:49,900 --> 00:12:51,520
but it means that an attorney could be like,
455
00:12:51,520 --> 00:12:52,120
well, look at you,
456
00:12:52,120 --> 00:12:53,590
didn't treat your business separate.
457
00:12:53,590 --> 00:12:56,920
So. Yeah.
458
00:12:57,400 --> 00:13:00,430
And I totally recognize that there's this whole kind of messy
459
00:13:00,430 --> 00:13:02,440
beginning part where you're trying to figure that out,
460
00:13:02,440 --> 00:13:02,940
but Manny,
461
00:13:02,940 --> 00:13:04,690
you should get into the F the first thing you should
462
00:13:04,690 --> 00:13:05,920
do is just get a business bank account.
463
00:13:05,950 --> 00:13:06,310
It's like,
464
00:13:06,880 --> 00:13:09,250
I feel like it's the first thing that can help you
465
00:13:09,250 --> 00:13:09,850
in this path.
466
00:13:09,880 --> 00:13:10,990
I'm starting to get organized.
467
00:13:11,830 --> 00:13:13,600
Then you have the S-corp and the S-corp.
468
00:13:13,630 --> 00:13:14,060
So you,
469
00:13:14,060 --> 00:13:17,170
you, you're an LLC electing as Corp status.
470
00:13:17,170 --> 00:13:19,840
So this means that you are now an employee of your
471
00:13:19,840 --> 00:13:20,590
own business.
472
00:13:20,620 --> 00:13:23,200
You, your business does have a separate tax return,
473
00:13:23,590 --> 00:13:25,120
but now you're on payroll.
474
00:13:25,390 --> 00:13:26,950
When you pay yourself any other way,
475
00:13:26,950 --> 00:13:28,450
besides being an S corporation,
476
00:13:28,450 --> 00:13:29,530
it is always a draw.
477
00:13:29,530 --> 00:13:32,530
You've probably heard owner draw that does not go on your
478
00:13:32,530 --> 00:13:32,980
P and L.
479
00:13:32,980 --> 00:13:34,570
It's not a deduction to your business.
480
00:13:34,870 --> 00:13:37,150
You're paying taxes on the net income of your business,
481
00:13:37,150 --> 00:13:39,310
regardless of how much you put in our check out every
482
00:13:39,310 --> 00:13:41,170
year. And you're paying state income tax,
483
00:13:41,200 --> 00:13:42,100
federal income tax,
484
00:13:42,130 --> 00:13:46,300
and self-employment tax self-employment tax is 15.3%.
485
00:13:46,650 --> 00:13:49,420
You're already halfway to 30% and you have added federal or
486
00:13:49,420 --> 00:13:52,030
state. So it adds up quickly and you're paying it on
487
00:13:52,030 --> 00:13:53,470
that whole like number.
488
00:13:53,920 --> 00:13:55,210
But when you're an S corporation,
489
00:13:55,240 --> 00:13:56,470
you pay yourself on payroll.
490
00:13:56,710 --> 00:13:57,310
So you,
491
00:13:57,310 --> 00:14:00,340
and there's no longer self-employment tax because you're paying payroll tax,
492
00:14:00,340 --> 00:14:02,710
but the payroll tax comes out as an expense to the
493
00:14:02,710 --> 00:14:05,470
business. And you really start to control your bottom line.
494
00:14:05,500 --> 00:14:06,730
You start an IRA.
495
00:14:06,730 --> 00:14:07,930
You can contribute to that.
496
00:14:08,080 --> 00:14:09,100
Your business can match you.
497
00:14:09,100 --> 00:14:10,840
These are all things I've done in my own business.
498
00:14:10,840 --> 00:14:12,460
And I advise a lot of my clients to do,
499
00:14:12,460 --> 00:14:14,170
because then you're,
500
00:14:14,170 --> 00:14:18,760
you're actually paying yourself and everything's getting taken care of.
501
00:14:18,760 --> 00:14:20,230
And then that's that tax planning piece,
502
00:14:20,230 --> 00:14:21,280
but S-corporation is,
503
00:14:21,280 --> 00:14:22,270
is so beneficial.
504
00:14:22,270 --> 00:14:22,450
And I,
505
00:14:22,450 --> 00:14:23,140
and everyone always says,
506
00:14:23,140 --> 00:14:23,470
well, like,
507
00:14:23,470 --> 00:14:24,310
what's the magic number?
508
00:14:24,310 --> 00:14:25,450
How much money you should I make?
509
00:14:25,450 --> 00:14:28,990
And I really think most photography businesses don't have a lot
510
00:14:28,990 --> 00:14:29,500
of overhead,
511
00:14:29,620 --> 00:14:30,670
even if you have a studio,
512
00:14:30,670 --> 00:14:32,140
so maybe you might have rent or something,
513
00:14:32,140 --> 00:14:33,280
but if you're stuck,
514
00:14:33,340 --> 00:14:33,880
if you really,
515
00:14:33,880 --> 00:14:35,410
if you look at your net income,
516
00:14:35,410 --> 00:14:36,970
so your income minus expenses,
517
00:14:36,970 --> 00:14:39,250
and you're like 2,500,
518
00:14:39,250 --> 00:14:40,330
3030, I mean,
519
00:14:40,570 --> 00:14:43,060
there's nothing wrong with becoming an S-corp at that point.
520
00:14:43,060 --> 00:14:44,410
Because if you think about,
521
00:14:44,770 --> 00:14:45,730
at the end of the year,
522
00:14:46,450 --> 00:14:47,680
let's say of $25,000
523
00:14:47,680 --> 00:14:50,440
profit, that could have been your wages that could have been,
524
00:14:50,440 --> 00:14:51,010
and then it would be,
525
00:14:51,590 --> 00:14:52,550
I always think of it like that.
526
00:14:52,550 --> 00:14:54,590
Like that could have been your $25,000
527
00:14:54,590 --> 00:14:55,700
salary from your own business.
528
00:14:55,700 --> 00:14:58,400
And now you'd have a net income of zero on your
529
00:14:58,400 --> 00:15:00,710
business and you wouldn't have any taxes flowing through.
530
00:15:01,220 --> 00:15:02,420
Yeah. When you think of it like that,
531
00:15:02,420 --> 00:15:02,810
it's like,
532
00:15:02,960 --> 00:15:03,710
wow. You know,
533
00:15:03,710 --> 00:15:04,820
so it gives you that control,
534
00:15:04,820 --> 00:15:07,130
but there is just a lot of confusion around business structure,
535
00:15:07,130 --> 00:15:07,580
I think.
536
00:15:07,580 --> 00:15:10,160
And, and the biggest culprit is Facebook groups.
537
00:15:10,160 --> 00:15:10,730
Cause people like,
538
00:15:10,760 --> 00:15:11,630
Hey, and they're like,
539
00:15:11,660 --> 00:15:12,470
oh my friend's,
540
00:15:12,650 --> 00:15:13,820
cousin's a CPA.
541
00:15:13,910 --> 00:15:15,110
And his daughter said this,
542
00:15:15,110 --> 00:15:16,400
and then everyone's like religion.
543
00:15:16,400 --> 00:15:16,940
They do it.
544
00:15:17,340 --> 00:15:18,380
Right. Right.
545
00:15:18,530 --> 00:15:19,250
So I get it.
546
00:15:19,280 --> 00:15:19,730
And that's like,
547
00:15:19,760 --> 00:15:21,230
that's why I started my group because I was like,
548
00:15:21,260 --> 00:15:23,420
how do I like answer questions?
549
00:15:23,420 --> 00:15:26,240
I actually now approve posts just so I can really thoroughly
550
00:15:26,240 --> 00:15:30,860
answer each question with resources because it's a lot,
551
00:15:30,860 --> 00:15:31,250
but it's,
552
00:15:31,310 --> 00:15:31,940
it's simple.
553
00:15:31,940 --> 00:15:32,990
If we start breaking it down,
554
00:15:32,990 --> 00:15:33,950
like it's not,
555
00:15:34,010 --> 00:15:35,390
all this stuff is public knowledge.
556
00:15:35,540 --> 00:15:36,590
All the tax code is out there.
557
00:15:36,590 --> 00:15:36,830
I mean,
558
00:15:36,830 --> 00:15:37,940
I know it's not a romance novel,
559
00:15:37,940 --> 00:15:40,010
but you know,
560
00:15:40,010 --> 00:15:41,210
there's all this stuff is out there.
561
00:15:41,210 --> 00:15:42,380
It's just intimidating.
562
00:15:42,410 --> 00:15:43,430
And I mean,
563
00:15:43,430 --> 00:15:45,260
I would even go a little further to say that people
564
00:15:45,260 --> 00:15:47,690
in my industry tend to make other people feel like they
565
00:15:47,690 --> 00:15:49,150
have some magic key over them,
566
00:15:49,220 --> 00:15:50,480
like, right.
567
00:15:50,510 --> 00:15:51,830
I have all the answers and I know that,
568
00:15:51,830 --> 00:15:53,510
and I'm not like that.
569
00:15:53,510 --> 00:15:55,460
Like everything I know I could teach somebody,
570
00:15:55,880 --> 00:15:56,240
you know,
571
00:15:56,270 --> 00:15:57,860
and I could do anything I'm doing now,
572
00:15:57,860 --> 00:15:59,090
honestly, without the degrees,
573
00:15:59,090 --> 00:15:59,780
it's a match.
574
00:15:59,810 --> 00:16:01,940
It's a matter of studying and understanding tax law,
575
00:16:01,970 --> 00:16:02,330
you know?
576
00:16:02,780 --> 00:16:04,400
Absolutely. Oh my gosh.
577
00:16:04,430 --> 00:16:04,910
So good.
578
00:16:04,960 --> 00:16:05,330
So good.
579
00:16:06,260 --> 00:16:06,920
Yeah. I,
580
00:16:06,920 --> 00:16:09,500
that the LLC is sole proprietor and,
581
00:16:09,500 --> 00:16:10,850
or filing as an escort.
582
00:16:11,210 --> 00:16:13,010
I think it's such a magical thing.
583
00:16:13,010 --> 00:16:13,820
It's one of those things.
584
00:16:13,820 --> 00:16:14,210
That's like,
585
00:16:14,240 --> 00:16:16,520
oh, this is one of those special tax presents that they
586
00:16:16,520 --> 00:16:18,680
actually have buried in the tax code for us.
587
00:16:18,830 --> 00:16:19,010
You know,
588
00:16:19,010 --> 00:16:19,910
I have a solo,
589
00:16:20,240 --> 00:16:22,400
a self-directed 401k that it's,
590
00:16:22,400 --> 00:16:22,850
you know,
591
00:16:23,120 --> 00:16:26,060
you can do the employee contribution and then I can have
592
00:16:26,060 --> 00:16:28,190
an employer contribution for my business.
593
00:16:28,190 --> 00:16:29,180
And, oh,
594
00:16:29,240 --> 00:16:30,470
it's, It's fantastic.
595
00:16:30,500 --> 00:16:31,070
Crazy, like,
596
00:16:31,190 --> 00:16:32,120
and in that year,
597
00:16:32,120 --> 00:16:34,190
so in that year where I had a total meltdown and
598
00:16:34,190 --> 00:16:34,850
I was like money,
599
00:16:34,850 --> 00:16:35,780
I actually want to tell you,
600
00:16:35,780 --> 00:16:36,830
I took $10,000
601
00:16:36,830 --> 00:16:38,570
off of a 0% credit card,
602
00:16:38,750 --> 00:16:40,460
open an IRA because the will tell you,
603
00:16:40,460 --> 00:16:42,650
there is one last thing you can do the,
604
00:16:42,650 --> 00:16:43,640
at the end of the year,
605
00:16:43,730 --> 00:16:45,110
after, after the year's over,
606
00:16:45,110 --> 00:16:48,440
you can open certain IRAs for yourself and still deduct it
607
00:16:48,440 --> 00:16:49,670
in the prior year's taxes.
608
00:16:50,060 --> 00:16:51,080
That was my saving grace,
609
00:16:51,140 --> 00:16:53,510
but that was the year I got it altogether.
610
00:16:53,870 --> 00:16:55,070
And I started tax planning.
611
00:16:55,140 --> 00:16:56,990
Now I have a retirement and I've been triggering that retirement
612
00:16:56,990 --> 00:16:57,830
plan for seven years.
613
00:16:57,830 --> 00:16:59,060
And it's like through my business.
614
00:16:59,060 --> 00:17:03,050
So I kind of liken it to like turning your business
615
00:17:03,050 --> 00:17:05,510
into this like vehicle that's like taking you where you want
616
00:17:05,510 --> 00:17:07,160
to go versus like this vehicle,
617
00:17:07,160 --> 00:17:09,020
you're pushing up the hill every time.
618
00:17:09,440 --> 00:17:11,810
Right. It's so easy to get caught in the making ends
619
00:17:11,810 --> 00:17:12,980
meet and not having time.
620
00:17:12,980 --> 00:17:14,990
And, and then the biggest thing is like,
621
00:17:15,020 --> 00:17:19,280
I have definitely met like even seven figure photographers who are
622
00:17:19,310 --> 00:17:20,630
like on Instagram.
623
00:17:20,890 --> 00:17:22,100
They have people following them.
624
00:17:22,100 --> 00:17:23,090
They're educating people.
625
00:17:23,090 --> 00:17:24,650
And then they're like going to bed at night.
626
00:17:24,650 --> 00:17:25,490
Like, oh my God,
627
00:17:25,490 --> 00:17:26,270
I don't even know.
628
00:17:26,270 --> 00:17:26,990
Like, it's,
629
00:17:27,380 --> 00:17:28,790
it's horrifying.
630
00:17:28,790 --> 00:17:30,380
It's, it's one of those things.
631
00:17:30,380 --> 00:17:30,710
And it's,
632
00:17:30,710 --> 00:17:32,450
it's, there's fear in the not knowing,
633
00:17:32,450 --> 00:17:34,130
but I'm here to remove that.
634
00:17:35,360 --> 00:17:35,840
I love it.
635
00:17:35,870 --> 00:17:37,160
Gosh, this is also good.
636
00:17:37,340 --> 00:17:37,640
All right.
637
00:17:37,640 --> 00:17:39,110
So that's business structure.
638
00:17:39,440 --> 00:17:40,490
The next thing,
639
00:17:40,770 --> 00:17:42,140
while we're on that business structure,
640
00:17:42,140 --> 00:17:47,750
let's kind of talk deductions because I think there's a lot
641
00:17:47,750 --> 00:17:50,880
of miscommunication around too and misunderstandings.
642
00:17:51,180 --> 00:17:55,320
So what are some deduction surprises that either like,
643
00:17:55,320 --> 00:17:55,980
Hey, no,
644
00:17:55,980 --> 00:17:56,790
that's a no go.
645
00:17:56,790 --> 00:17:58,320
Or are you guys looking for?
646
00:17:59,100 --> 00:17:59,640
Yeah. So,
647
00:17:59,640 --> 00:18:00,480
I mean,
648
00:18:00,810 --> 00:18:04,230
I'm, I'm thinking of one particular that I always get people
649
00:18:04,230 --> 00:18:05,400
like put about clothes.
650
00:18:05,400 --> 00:18:06,690
Like I,
651
00:18:06,960 --> 00:18:09,150
I have to wear certain clothes to go to a wedding,
652
00:18:09,150 --> 00:18:10,740
or I have to do all these things,
653
00:18:10,770 --> 00:18:11,190
you know,
654
00:18:11,760 --> 00:18:13,320
but unless your logo is on it,
655
00:18:13,320 --> 00:18:14,670
it's not really a deduction because it's,
656
00:18:14,850 --> 00:18:15,600
then it's marketing,
657
00:18:15,600 --> 00:18:16,060
right? You,
658
00:18:16,320 --> 00:18:18,540
you, if it's something that you can wear anywhere else,
659
00:18:19,530 --> 00:18:20,040
it is.
660
00:18:20,400 --> 00:18:24,180
But there's like Badora photographers and other people who maybe have
661
00:18:24,180 --> 00:18:25,890
like a wardrobe closet.
662
00:18:26,730 --> 00:18:27,990
So with clothing and everything,
663
00:18:27,990 --> 00:18:28,590
it's like,
664
00:18:28,710 --> 00:18:29,250
you know,
665
00:18:29,490 --> 00:18:30,870
I think that people are trying to figure out,
666
00:18:30,870 --> 00:18:33,300
like I have to get all this special stuff for these
667
00:18:33,300 --> 00:18:34,380
events or these things I'm going to,
668
00:18:34,380 --> 00:18:35,460
but it's not really a deduction.
669
00:18:35,460 --> 00:18:38,040
However, if the clothing is something that's like,
670
00:18:38,250 --> 00:18:39,570
I'm using this for different shoots,
671
00:18:39,570 --> 00:18:41,850
like there's a different avenue and actually have a blog post
672
00:18:41,850 --> 00:18:43,500
that kind of talks like how to treat it in the
673
00:18:43,500 --> 00:18:44,010
different ways.
674
00:18:44,010 --> 00:18:46,500
And I think if you were to ask maybe a CPA,
675
00:18:46,500 --> 00:18:46,890
they'd be like,
676
00:18:46,920 --> 00:18:47,760
oh, clothing,
677
00:18:48,150 --> 00:18:48,540
okay, no,
678
00:18:48,540 --> 00:18:49,230
you can't do that.
679
00:18:49,230 --> 00:18:50,340
But really let's look at it.
680
00:18:50,370 --> 00:18:51,240
What is this for?
681
00:18:51,240 --> 00:18:52,110
It's more like,
682
00:18:52,170 --> 00:18:53,430
this is something I'm reusing.
683
00:18:53,430 --> 00:18:55,770
And then actually like the dry cleaning for it or whatever
684
00:18:55,770 --> 00:18:57,600
you're doing to maintain it also deduction.
685
00:18:57,870 --> 00:18:59,670
So it's kind of like one of those surprising ones,
686
00:19:00,630 --> 00:19:01,320
but the biggest,
687
00:19:01,440 --> 00:19:03,810
I think is like travel people try to figure out what
688
00:19:03,930 --> 00:19:04,770
with travel.
689
00:19:04,800 --> 00:19:06,390
A lot of times I get questions like,
690
00:19:06,420 --> 00:19:07,650
well, I'm going on vacation.
691
00:19:07,650 --> 00:19:09,360
And half of my trip is for photography.
692
00:19:09,360 --> 00:19:11,160
And the other half is for family vacation.
693
00:19:11,160 --> 00:19:11,610
And it's like,
694
00:19:11,850 --> 00:19:12,000
you know,
695
00:19:12,000 --> 00:19:14,040
my, my advice there is to track the whole thing,
696
00:19:14,040 --> 00:19:15,390
just not in your bookkeeping.
697
00:19:15,720 --> 00:19:17,550
And then you're going to figure out how many days you're
698
00:19:17,550 --> 00:19:18,870
there. Cause you,
699
00:19:18,880 --> 00:19:19,500
if you're audited,
700
00:19:19,500 --> 00:19:20,580
you want to prove this stuff too.
701
00:19:21,540 --> 00:19:23,610
How many days you're there and you figure out the percentage
702
00:19:23,610 --> 00:19:25,020
of what of that trip,
703
00:19:25,260 --> 00:19:25,890
the airfare,
704
00:19:25,920 --> 00:19:27,690
everything, whatever percentage is business,
705
00:19:27,690 --> 00:19:30,540
based on how many days you were doing business versus personal,
706
00:19:31,140 --> 00:19:32,430
I definitely have had people are like,
707
00:19:32,460 --> 00:19:33,660
well, I take pictures.
708
00:19:33,870 --> 00:19:34,260
I'm going.
709
00:19:34,350 --> 00:19:34,710
And I'm like,
710
00:19:34,710 --> 00:19:35,490
well, I mean,
711
00:19:35,670 --> 00:19:38,640
I hear you let's pretend the IRS is sitting here.
712
00:19:38,640 --> 00:19:39,390
How do we tell them?
713
00:19:39,420 --> 00:19:45,300
I take pictures of my vacation Pictures.
714
00:19:46,590 --> 00:19:47,130
I'm always like,
715
00:19:47,130 --> 00:19:48,210
what was the IRS saying?
716
00:19:48,210 --> 00:19:49,170
How could I argue that?
717
00:19:49,230 --> 00:19:50,490
And I think the other one would be like,
718
00:19:50,490 --> 00:19:52,080
gifts. That's big.
719
00:19:52,110 --> 00:19:55,440
Right? A lot of photographers will send some kind of gift
720
00:19:55,440 --> 00:19:57,990
or maybe like something after their shoot,
721
00:19:58,000 --> 00:19:58,740
right? Like just,
722
00:19:59,370 --> 00:19:59,610
you know,
723
00:19:59,610 --> 00:20:01,980
so sticky because gifts,
724
00:20:02,010 --> 00:20:03,420
the tax code is so old.
725
00:20:03,420 --> 00:20:04,350
And I don't think this is,
726
00:20:04,380 --> 00:20:06,180
this particular law has been in effect.
727
00:20:06,180 --> 00:20:07,170
It's like the sixties.
728
00:20:07,260 --> 00:20:08,700
So it's probably going to laugh,
729
00:20:08,730 --> 00:20:11,640
but it's $25 per person per year as a gift right
730
00:20:11,640 --> 00:20:13,230
off. But is it really a gift,
731
00:20:13,440 --> 00:20:15,120
right? Is it like I,
732
00:20:15,120 --> 00:20:16,530
everybody who gets packaged a,
733
00:20:16,620 --> 00:20:18,660
gets this thing in the mail after part of cost of
734
00:20:18,660 --> 00:20:20,430
goods sold and it's marketing,
735
00:20:20,430 --> 00:20:21,000
or it's like,
736
00:20:21,170 --> 00:20:23,220
and it's also make sure you get as much branded stuff
737
00:20:23,250 --> 00:20:26,400
in there because you're just ending that relationship so that you
738
00:20:26,430 --> 00:20:27,090
not ending it,
739
00:20:27,090 --> 00:20:29,610
but you're like ending that shoot to like grow that relationship.
740
00:20:29,610 --> 00:20:30,690
And maybe they'll tell somebody else.
741
00:20:30,690 --> 00:20:31,490
And like,
742
00:20:31,490 --> 00:20:33,360
these are the ways I would argue this to the IRS.
743
00:20:33,360 --> 00:20:34,410
So, I mean,
744
00:20:34,410 --> 00:20:35,910
again, it's kind of back to that thing in the beginning,
745
00:20:35,910 --> 00:20:36,990
it's not black and white.
746
00:20:37,020 --> 00:20:37,350
It's like,
747
00:20:37,380 --> 00:20:38,160
what is it for?
748
00:20:38,160 --> 00:20:39,660
What's the underlying thing here?
749
00:20:39,900 --> 00:20:41,220
And the other one is donations too.
750
00:20:41,220 --> 00:20:42,390
Especially with pet photography.
751
00:20:42,420 --> 00:20:43,320
A lot of people were like,
752
00:20:43,470 --> 00:20:44,520
I'm going to do an event at the,
753
00:20:44,790 --> 00:20:45,000
you know,
754
00:20:45,000 --> 00:20:47,320
the SPCA and how do I handle that?
755
00:20:47,320 --> 00:20:47,770
And it's,
756
00:20:47,860 --> 00:20:49,720
there is no such thing as business donations.
757
00:20:50,530 --> 00:20:51,640
That's, there's one,
758
00:20:51,700 --> 00:20:53,380
like not a thing doesn't exist.
759
00:20:53,380 --> 00:20:54,040
Can't do it.
760
00:20:54,130 --> 00:20:59,650
What do you mean right off of a taxable donations in
761
00:20:59,650 --> 00:21:00,910
general are not a business expense,
762
00:21:01,000 --> 00:21:02,560
unless you are a C corporation.
763
00:21:02,560 --> 00:21:03,610
And that is like target.
764
00:21:03,610 --> 00:21:04,450
That is like Starbucks.
765
00:21:04,450 --> 00:21:06,250
And the reason is because those are double tax,
766
00:21:06,270 --> 00:21:08,380
they're taxed at the business level and then their,
767
00:21:08,440 --> 00:21:09,790
their owners are taxed.
768
00:21:09,790 --> 00:21:11,620
And so this is one of the big things I get
769
00:21:11,620 --> 00:21:12,130
all the time.
770
00:21:12,130 --> 00:21:12,730
And so it's like,
771
00:21:12,760 --> 00:21:13,840
well, is it donation?
772
00:21:13,840 --> 00:21:15,220
Or is it marketing right?
773
00:21:15,250 --> 00:21:15,790
Are you,
774
00:21:15,880 --> 00:21:17,530
is, is the SPCA like,
775
00:21:17,530 --> 00:21:18,820
is telling all these people,
776
00:21:18,820 --> 00:21:19,840
you're there doing it.
777
00:21:19,840 --> 00:21:21,550
You're getting exposure.
778
00:21:22,090 --> 00:21:23,710
Even maybe you're giving it away,
779
00:21:23,830 --> 00:21:24,160
you know?
780
00:21:24,340 --> 00:21:25,060
Or I've had,
781
00:21:25,090 --> 00:21:28,060
I've had clients who have them donate directly to the SPCA
782
00:21:28,060 --> 00:21:28,720
while they're there.
783
00:21:28,720 --> 00:21:30,580
Like that's what they do to get rid of their shoot.
784
00:21:30,820 --> 00:21:32,290
So then they get their donation.
785
00:21:32,380 --> 00:21:35,620
The other part of donations is it has to be an
786
00:21:35,620 --> 00:21:39,070
IRS certified nonprofit organization.
787
00:21:39,070 --> 00:21:40,960
It can't just be a GoFundMe page.
788
00:21:40,990 --> 00:21:41,860
Right. You can't just,
789
00:21:42,560 --> 00:21:42,970
I think,
790
00:21:43,000 --> 00:21:44,410
and that's just heartening because I know like,
791
00:21:44,410 --> 00:21:45,340
that was really popular.
792
00:21:45,340 --> 00:21:46,420
Even like five or six years ago.
793
00:21:46,420 --> 00:21:48,280
There's so much GoFund me stuff and people,
794
00:21:48,460 --> 00:21:50,470
but also donate because you want to,
795
00:21:50,470 --> 00:21:51,640
that's out of the kindness of your heart.
796
00:21:51,640 --> 00:21:53,320
It's not just for a tax deduction,
797
00:21:53,320 --> 00:21:55,020
but a lot of people were like,
798
00:21:55,030 --> 00:21:55,870
why that's not,
799
00:21:55,870 --> 00:21:56,170
you know,
800
00:21:56,170 --> 00:21:56,770
a deduction,
801
00:21:56,770 --> 00:21:57,640
but you know,
802
00:21:57,940 --> 00:21:59,680
there are ways to just think about like,
803
00:21:59,680 --> 00:22:00,790
what am I trying to accomplish?
804
00:22:00,820 --> 00:22:02,080
And it's okay to be,
805
00:22:02,290 --> 00:22:03,580
I'm helping the SPCA.
806
00:22:03,580 --> 00:22:04,450
I'm doing all this stuff,
807
00:22:04,480 --> 00:22:06,220
but also am getting brand exposure.
808
00:22:06,220 --> 00:22:08,650
And I have my marketing materials here.
809
00:22:08,650 --> 00:22:10,660
People know who I am now and they may come to
810
00:22:10,660 --> 00:22:11,350
me for something else.
811
00:22:11,350 --> 00:22:13,000
And so I feel like it's completely okay.
812
00:22:13,000 --> 00:22:13,510
But it's just,
813
00:22:13,960 --> 00:22:15,580
it really is kind of saying,
814
00:22:16,120 --> 00:22:17,170
what am I trying to do?
815
00:22:17,170 --> 00:22:17,830
Like, what is it,
816
00:22:17,860 --> 00:22:19,930
what are the outcomes of this possibly so that I can
817
00:22:19,930 --> 00:22:22,240
deduct it in that avenue of whatever that is.
818
00:22:22,300 --> 00:22:23,200
Right, right.
819
00:22:23,380 --> 00:22:24,430
Oh yeah.
820
00:22:24,430 --> 00:22:25,540
I didn't realize that one.
821
00:22:25,540 --> 00:22:26,560
That's a new one for me.
822
00:22:28,230 --> 00:22:28,600
Oh God.
823
00:22:28,600 --> 00:22:31,150
There's no line on any tax form for charitable donations.
824
00:22:31,780 --> 00:22:33,760
Right. It's on your personal return.
825
00:22:33,760 --> 00:22:35,590
But even then I'll say one more thing,
826
00:22:35,890 --> 00:22:36,580
even then,
827
00:22:36,580 --> 00:22:38,110
it's only a few itemize your deductions,
828
00:22:38,260 --> 00:22:39,790
so yeah.
829
00:22:41,740 --> 00:22:42,220
All right.
830
00:22:42,250 --> 00:22:42,640
All right.
831
00:22:42,640 --> 00:22:43,120
I like it.
832
00:22:43,960 --> 00:22:45,640
What about meals for deductions?
833
00:22:45,760 --> 00:22:46,270
Oh meals.
834
00:22:46,300 --> 00:22:47,050
That's a huge one.
835
00:22:47,050 --> 00:22:48,730
So they're used to being meals and entertainment,
836
00:22:48,730 --> 00:22:50,650
right? So a lot of people,
837
00:22:50,710 --> 00:22:53,770
and even beyond far before I was working with child refers,
838
00:22:53,770 --> 00:22:56,110
I had definitely had clients like insurance guys.
839
00:22:56,110 --> 00:22:56,770
We'll call them quote,
840
00:22:56,770 --> 00:22:57,760
unquote, like,
841
00:22:57,790 --> 00:22:59,680
oh, I have Sabre's tickets for the whole season.
842
00:22:59,680 --> 00:23:00,430
I'm taking a client.
843
00:23:00,430 --> 00:23:00,700
I'm like,
844
00:23:00,700 --> 00:23:06,040
that is literally why they took that away.
845
00:23:07,030 --> 00:23:08,770
But meals are so busy.
846
00:23:08,800 --> 00:23:11,860
Their business meals are still a deduction and it's 50%,
847
00:23:11,860 --> 00:23:12,910
but this year,
848
00:23:12,910 --> 00:23:14,860
and I don't know how long it will go because of
849
00:23:14,860 --> 00:23:18,160
COVID, it's a hundred percent because as long as it is
850
00:23:18,250 --> 00:23:19,450
purchased from a restaurant.
851
00:23:19,600 --> 00:23:21,190
Yeah. So like they are wanting,
852
00:23:21,220 --> 00:23:23,290
they're trying to help restaurants get back on their feet.
853
00:23:23,290 --> 00:23:25,510
And I guess this is their approach to that is lending
854
00:23:25,510 --> 00:23:26,230
you a hundred percent.
855
00:23:26,260 --> 00:23:27,280
But again,
856
00:23:27,490 --> 00:23:28,390
you can't just be like,
857
00:23:28,420 --> 00:23:30,970
oh, I ran through Starbucks on my way to a wedding
858
00:23:31,780 --> 00:23:32,170
right now.
859
00:23:32,200 --> 00:23:32,920
It has to be like,
860
00:23:32,920 --> 00:23:33,910
I met a client,
861
00:23:33,970 --> 00:23:35,920
I met a contractor,
862
00:23:35,920 --> 00:23:37,600
I met an employee.
863
00:23:37,600 --> 00:23:40,900
Like you have to be conducting some kind of business and
864
00:23:40,960 --> 00:23:41,740
to be really,
865
00:23:41,740 --> 00:23:42,610
really obnoxious,
866
00:23:42,610 --> 00:23:44,380
like the tax code literally says on the receipt,
867
00:23:44,380 --> 00:23:46,070
you have to have who you met with and what you
868
00:23:46,070 --> 00:23:46,520
were doing.
869
00:23:47,290 --> 00:23:48,320
So I know that.
870
00:23:48,650 --> 00:23:51,140
So don't put what I was doing.
871
00:23:51,170 --> 00:23:52,340
Oh, I'll have to start adding that.
872
00:23:52,490 --> 00:23:54,250
Yeah. Because I mean,
873
00:23:54,250 --> 00:23:56,480
I, I'm sure that they'll look for that if audited,
874
00:23:56,480 --> 00:23:56,990
but you know,
875
00:23:57,020 --> 00:23:57,890
there's a difference too.
876
00:23:57,890 --> 00:23:58,220
And then,
877
00:23:58,250 --> 00:23:58,730
so let's,
878
00:23:58,760 --> 00:23:59,960
let's step aside that like,
879
00:23:59,960 --> 00:24:00,980
what if you have a studio though,
880
00:24:01,010 --> 00:24:03,560
like if you're buying water and coffee and things like that
881
00:24:03,560 --> 00:24:05,180
for your studio that is supplies,
882
00:24:05,180 --> 00:24:06,350
like that is a full deduction.
883
00:24:06,350 --> 00:24:07,610
That is for your studio.
884
00:24:07,700 --> 00:24:10,940
Right. I know people do some in-person sales and they always
885
00:24:10,940 --> 00:24:12,080
have like refreshments for that.
886
00:24:12,080 --> 00:24:14,330
Like, that's different than a meal,
887
00:24:14,540 --> 00:24:17,180
right. A meal is going to a restaurant or,
888
00:24:17,180 --> 00:24:17,420
you know,
889
00:24:17,720 --> 00:24:18,620
but there's definitely,
890
00:24:18,620 --> 00:24:18,920
I mean,
891
00:24:18,920 --> 00:24:19,670
door dash,
892
00:24:20,420 --> 00:24:21,110
I couldn't even tell you.
893
00:24:21,110 --> 00:24:22,880
I'm like you guys for real now,
894
00:24:22,880 --> 00:24:24,890
seriously, this is meal.
895
00:24:25,850 --> 00:24:26,920
So, you know,
896
00:24:26,920 --> 00:24:28,310
you just have to be mindful of that.
897
00:24:29,510 --> 00:24:29,890
And, and,
898
00:24:29,890 --> 00:24:31,340
and it's a thing is like,
899
00:24:31,770 --> 00:24:32,870
it's kind of like the clothes,
900
00:24:32,870 --> 00:24:35,300
like if you would still need to eat and you would
901
00:24:35,540 --> 00:24:37,220
eat, if you weren't at work and you would still need
902
00:24:37,220 --> 00:24:39,230
to wear these clothes and you could still wear these clothes.
903
00:24:39,230 --> 00:24:41,150
Cause they're not like it's not a hard hat or some,
904
00:24:41,200 --> 00:24:42,800
some special piece of equipment,
905
00:24:42,800 --> 00:24:43,670
so. Right.
906
00:24:44,240 --> 00:24:44,510
All right.
907
00:24:44,570 --> 00:24:44,990
All right.
908
00:24:45,020 --> 00:24:47,240
Very good with those deductions.
909
00:24:47,450 --> 00:24:48,530
I know a lot of people,
910
00:24:48,530 --> 00:24:48,770
you know,
911
00:24:48,770 --> 00:24:52,220
they're starting their business and maybe they start their business over
912
00:24:52,220 --> 00:24:53,270
the course of,
913
00:24:53,330 --> 00:24:53,600
you know,
914
00:24:53,600 --> 00:24:54,650
like 18 months.
915
00:24:54,710 --> 00:24:57,650
So maybe there's a whole bunch of expenses they had in
916
00:24:57,650 --> 00:24:59,450
say 20,
917
00:24:59,450 --> 00:25:02,420
21, but they're not bringing in income till 20,
918
00:25:02,420 --> 00:25:04,310
22. What's the best way to,
919
00:25:04,310 --> 00:25:05,810
for them to track that.
920
00:25:05,810 --> 00:25:07,220
That's the question actually.
921
00:25:07,220 --> 00:25:07,490
So that,
922
00:25:07,490 --> 00:25:08,720
and that's a very common one too.
923
00:25:08,720 --> 00:25:09,320
So those are,
924
00:25:09,320 --> 00:25:11,690
those can be called like startup expenses,
925
00:25:11,690 --> 00:25:12,860
but not necessarily do they need to be,
926
00:25:12,860 --> 00:25:15,860
because I feel like startup expenses are meant for like bigger
927
00:25:15,860 --> 00:25:17,990
companies where you have like hundreds of thousands of dollars in
928
00:25:17,990 --> 00:25:19,370
startup to get something going.
929
00:25:19,520 --> 00:25:20,900
I say the second that you're,
930
00:25:20,900 --> 00:25:23,690
you're starting this business and you're going to start purchasing stuff
931
00:25:23,690 --> 00:25:24,050
for it.
932
00:25:24,050 --> 00:25:25,580
You need to file taxes.
933
00:25:25,610 --> 00:25:26,750
Even if you have no income,
934
00:25:26,810 --> 00:25:28,640
Hey, it's okay to have a loss.
935
00:25:28,730 --> 00:25:30,320
And that's just income,
936
00:25:30,410 --> 00:25:31,040
no income.
937
00:25:31,040 --> 00:25:31,940
And all you have is expenses,
938
00:25:31,940 --> 00:25:32,930
right? So you're going a negative,
939
00:25:33,710 --> 00:25:34,670
you'll have a net loss.
940
00:25:34,670 --> 00:25:36,740
So that's actually going to help you.
941
00:25:36,800 --> 00:25:38,390
Cause that's going to flow over to your personal return and
942
00:25:38,390 --> 00:25:40,970
reduce any taxes you owe there or increase in your refunds.
943
00:25:40,970 --> 00:25:41,570
You're getting there.
944
00:25:42,320 --> 00:25:45,350
So, but you also have to deduct things in the year
945
00:25:45,350 --> 00:25:46,760
and once you've put them into service,
946
00:25:46,970 --> 00:25:47,660
you can't just be like,
947
00:25:47,690 --> 00:25:48,140
oh, well,
948
00:25:48,140 --> 00:25:49,070
now that I'm a photographer,
949
00:25:49,070 --> 00:25:49,790
two years ago,
950
00:25:49,790 --> 00:25:50,480
I bought this stuff.
951
00:25:50,510 --> 00:25:51,320
You can't do that.
952
00:25:51,380 --> 00:25:53,150
So you want to make sure you start the time,
953
00:25:53,210 --> 00:25:53,780
the clock,
954
00:25:53,780 --> 00:25:54,170
if you will,
955
00:25:54,170 --> 00:25:54,890
on those things.
956
00:25:54,950 --> 00:25:57,020
However, you know,
957
00:25:57,050 --> 00:25:58,040
there's always that question about,
958
00:25:58,040 --> 00:25:59,090
well, what's a hobby.
959
00:25:59,480 --> 00:26:00,530
What's, what's the,
960
00:26:00,590 --> 00:26:01,310
what's the difference.
961
00:26:01,310 --> 00:26:03,830
And so the IRS says that if you have a loss
962
00:26:03,830 --> 00:26:06,260
three consecutive years in a five-year period,
963
00:26:06,530 --> 00:26:08,540
like they will send you a letter.
964
00:26:08,630 --> 00:26:09,440
Like they will be like,
965
00:26:09,470 --> 00:26:10,580
okay, you know,
966
00:26:10,580 --> 00:26:11,660
and there's going to be a whole thing.
967
00:26:11,660 --> 00:26:13,730
It's not like you just have to become a it's you
968
00:26:13,730 --> 00:26:15,470
naturally have to just become a hobbyist.
969
00:26:15,560 --> 00:26:15,860
It's just,
970
00:26:15,860 --> 00:26:17,540
they don't want you trying,
971
00:26:17,570 --> 00:26:19,040
not trying to make a profit.
972
00:26:19,820 --> 00:26:20,480
They want like,
973
00:26:20,660 --> 00:26:22,580
I don't know if you wanted to do trains.
974
00:26:22,580 --> 00:26:23,000
And you're like,
975
00:26:23,000 --> 00:26:24,980
well, I'm writing off all these train parts.
976
00:26:24,980 --> 00:26:27,020
And then I do a couple things.
977
00:26:27,020 --> 00:26:28,580
Like I'll sell some things like you,
978
00:26:28,670 --> 00:26:32,420
they don't want you trying to basically get all these deductions
979
00:26:32,420 --> 00:26:34,700
for something that you're not actually trying to profit from it
980
00:26:34,700 --> 00:26:36,170
ever. You're just breaking even so,
981
00:26:37,010 --> 00:26:38,150
but that is very rare,
982
00:26:38,150 --> 00:26:39,620
but a lot of photographers,
983
00:26:39,620 --> 00:26:39,980
I think,
984
00:26:39,980 --> 00:26:42,320
because photography sometimes can start as a hobby.
985
00:26:42,770 --> 00:26:43,890
They worry about that.
986
00:26:44,400 --> 00:26:44,680
But I,
987
00:26:44,680 --> 00:26:45,330
I want you to know,
988
00:26:45,330 --> 00:26:46,920
the IRS will let you know,
989
00:26:48,270 --> 00:26:48,930
live your life.
990
00:26:49,020 --> 00:26:50,790
They will always let you know the thing.
991
00:26:50,790 --> 00:26:52,830
It'll probably be six months too late,
992
00:26:52,830 --> 00:26:56,250
like six months after the fact that the letter,
993
00:26:56,280 --> 00:26:57,330
the date of the letter,
994
00:26:57,330 --> 00:26:58,380
but they will let you know.
995
00:26:59,550 --> 00:26:59,970
But yeah,
996
00:27:00,000 --> 00:27:00,780
the thing is,
997
00:27:00,870 --> 00:27:01,260
you know,
998
00:27:01,440 --> 00:27:02,160
those expenses,
999
00:27:02,160 --> 00:27:04,350
you want to capture that stuff cause that's gonna help you.
1000
00:27:04,590 --> 00:27:06,420
Yep. Even if you have no income.
1001
00:27:06,720 --> 00:27:09,990
Yes. And if the IRS calls you in a broken accent,
1002
00:27:09,990 --> 00:27:11,010
it's not the IRS.
1003
00:27:11,250 --> 00:27:12,360
They will always send a letter,
1004
00:27:12,360 --> 00:27:13,380
right? Yes.
1005
00:27:13,560 --> 00:27:14,680
And if they send you a,
1006
00:27:14,830 --> 00:27:16,830
now I see so many fake letters,
1007
00:27:16,830 --> 00:27:18,870
they send you letters that have you calling any,
1008
00:27:18,910 --> 00:27:21,030
you got to look for like all the stuff on this
1009
00:27:21,090 --> 00:27:23,370
you to make sure I even telling you recent letters.
1010
00:27:23,370 --> 00:27:23,700
I've got,
1011
00:27:23,700 --> 00:27:24,480
I know they're real,
1012
00:27:24,480 --> 00:27:25,440
but they don't look right.
1013
00:27:25,710 --> 00:27:26,490
I Got one,
1014
00:27:26,490 --> 00:27:29,490
I got one last year Around the thing.
1015
00:27:29,490 --> 00:27:29,820
And I'm like,
1016
00:27:29,820 --> 00:27:30,690
that doesn't seem right.
1017
00:27:30,780 --> 00:27:31,860
I think got one last year.
1018
00:27:31,860 --> 00:27:32,550
And I was like,
1019
00:27:32,640 --> 00:27:35,640
Googling whatever was on the form of this letter.
1020
00:27:35,640 --> 00:27:36,420
And I are,
1021
00:27:36,460 --> 00:27:36,840
you know,
1022
00:27:36,840 --> 00:27:37,140
and like,
1023
00:27:37,140 --> 00:27:37,440
I'm like,
1024
00:27:37,470 --> 00:27:38,730
oh, it is legit.
1025
00:27:39,420 --> 00:27:40,830
Yeah. And the thing is,
1026
00:27:40,830 --> 00:27:41,280
you can always,
1027
00:27:41,280 --> 00:27:41,970
you it's a good,
1028
00:27:42,030 --> 00:27:44,520
good idea because you can always Google and find out like
1029
00:27:44,790 --> 00:27:47,190
all letters have like a number like CP whatever.
1030
00:27:47,190 --> 00:27:48,330
And they all mean something.
1031
00:27:48,390 --> 00:27:51,960
And I've definitely seen letters where it looked like official,
1032
00:27:51,960 --> 00:27:52,440
but that letter,
1033
00:27:52,470 --> 00:27:54,450
that number meant nothing to so definitely.
1034
00:27:55,380 --> 00:27:56,180
Yeah. Yeah.
1035
00:27:57,270 --> 00:27:57,720
All right.
1036
00:27:58,140 --> 00:28:00,390
Perfect. The other big mistake you said,
1037
00:28:00,390 --> 00:28:02,910
or the people don't understand is sales tax.
1038
00:28:02,910 --> 00:28:05,610
So let's shift gears from deductions and talk a little bit
1039
00:28:05,610 --> 00:28:08,130
about sales tax,
1040
00:28:08,160 --> 00:28:13,050
Which Talk about different rules for different states.
1041
00:28:13,080 --> 00:28:15,450
I used to be in PA and it was nice and
1042
00:28:15,450 --> 00:28:17,670
simple. My county had an extra percent,
1043
00:28:17,670 --> 00:28:19,920
but it was based on all sales in my business.
1044
00:28:20,250 --> 00:28:22,290
Now in North Carolina,
1045
00:28:22,290 --> 00:28:23,400
not even each county,
1046
00:28:23,550 --> 00:28:30,120
each flipping town has their own set of like Jenga matching
1047
00:28:30,150 --> 00:28:33,390
eight different taxes together that are all different rates that you
1048
00:28:33,390 --> 00:28:34,110
have to like.
1049
00:28:34,440 --> 00:28:35,430
And I get around it.
1050
00:28:35,430 --> 00:28:38,880
As people come here for their sales session and they come
1051
00:28:38,880 --> 00:28:39,690
here to pick it up.
1052
00:28:39,690 --> 00:28:43,200
So I'm like all on Cornelius,
1053
00:28:43,200 --> 00:28:44,910
North Carolina.
1054
00:28:44,910 --> 00:28:45,780
And that is something.
1055
00:28:46,170 --> 00:28:47,610
So, so sales tax,
1056
00:28:47,610 --> 00:28:50,670
there's two things you can be in a destination state or
1057
00:28:50,670 --> 00:28:51,540
an origin state,
1058
00:28:51,840 --> 00:28:54,180
an origin state is going to be that it's your zip
1059
00:28:54,180 --> 00:28:58,740
code? So like destiny And a destination state is wherever the
1060
00:28:58,740 --> 00:29:00,000
client takes possession.
1061
00:29:00,000 --> 00:29:02,370
And what you're doing is exactly what I advise a lot
1062
00:29:02,370 --> 00:29:03,060
of my clients to do.
1063
00:29:03,210 --> 00:29:03,870
It's merely like,
1064
00:29:03,870 --> 00:29:04,770
it's a lot of tracking,
1065
00:29:04,800 --> 00:29:06,180
right? And it's like,
1066
00:29:06,210 --> 00:29:08,410
if you have them pick up from wherever,
1067
00:29:08,640 --> 00:29:08,970
you know,
1068
00:29:08,970 --> 00:29:10,710
one place all the time,
1069
00:29:10,710 --> 00:29:12,750
then you just have to track that one zip code.
1070
00:29:12,750 --> 00:29:13,080
And so I,
1071
00:29:13,080 --> 00:29:14,160
that is huge advice.
1072
00:29:14,160 --> 00:29:17,610
And I'm so glad that you're doing that because a lot
1073
00:29:17,610 --> 00:29:20,130
of people don't realize that they're in a destination state,
1074
00:29:20,130 --> 00:29:20,670
but you're right.
1075
00:29:20,670 --> 00:29:21,180
There's there.
1076
00:29:21,210 --> 00:29:22,500
Every state is different.
1077
00:29:22,500 --> 00:29:23,040
First of all,
1078
00:29:23,040 --> 00:29:23,970
on what's taxable,
1079
00:29:23,970 --> 00:29:26,280
there are so many states taxing digital.
1080
00:29:26,280 --> 00:29:30,360
Now Marilyn just started taxing digital March of last year.
1081
00:29:30,360 --> 00:29:32,550
And like a lot of people just started realizing that.
1082
00:29:32,670 --> 00:29:33,390
Yeah. You know,
1083
00:29:33,390 --> 00:29:35,610
and the biggest thing you guys is like 98% of the
1084
00:29:35,610 --> 00:29:37,350
state's income comes from sales tax.
1085
00:29:37,950 --> 00:29:40,260
And you're living in a world now where everyone's ordering stuff
1086
00:29:40,260 --> 00:29:42,400
from other states and they're starting to get hip to like,
1087
00:29:42,400 --> 00:29:43,000
wait a minute,
1088
00:29:43,000 --> 00:29:46,000
like we're losing money because people are buying stuff online or
1089
00:29:46,000 --> 00:29:47,350
they're getting all this digital stuff.
1090
00:29:47,410 --> 00:29:49,900
So they're jumping on board and you know,
1091
00:29:49,900 --> 00:29:52,000
the biggest thing is two states don't mess around.
1092
00:29:52,000 --> 00:29:52,840
Like, that's the one thing,
1093
00:29:52,840 --> 00:29:53,980
if you're behind on sales tax,
1094
00:29:53,980 --> 00:29:55,510
we do videos for a lot of our clients.
1095
00:29:55,510 --> 00:29:57,250
We'll get clients that come in and they're like,
1096
00:29:57,250 --> 00:29:58,180
okay, well,
1097
00:29:58,450 --> 00:30:00,430
I don't know about sales tax.
1098
00:30:00,430 --> 00:30:01,930
I've been in business for a year and a half.
1099
00:30:01,960 --> 00:30:03,070
And you know,
1100
00:30:03,070 --> 00:30:04,060
there's a lot of things.
1101
00:30:04,060 --> 00:30:07,060
So VDH are this option where you can go to the
1102
00:30:07,060 --> 00:30:07,450
state and say,
1103
00:30:07,450 --> 00:30:08,200
okay, I've really,
1104
00:30:08,260 --> 00:30:09,190
I don't know what I'm doing.
1105
00:30:09,250 --> 00:30:10,210
I have all this stuff.
1106
00:30:10,240 --> 00:30:11,440
I need to pay these taxes.
1107
00:30:11,440 --> 00:30:11,680
I want,
1108
00:30:11,710 --> 00:30:12,760
I need to go back to this day.
1109
00:30:12,760 --> 00:30:14,170
Cause that's the other thing is be careful.
1110
00:30:14,170 --> 00:30:14,680
You tell them,
1111
00:30:14,680 --> 00:30:16,450
you formed an LLC back to the date.
1112
00:30:16,450 --> 00:30:17,200
You formed that LLC.
1113
00:30:17,200 --> 00:30:19,090
You're going to have to explain what you've been doing with
1114
00:30:19,090 --> 00:30:19,660
sales tax.
1115
00:30:19,660 --> 00:30:20,650
So be honest,
1116
00:30:20,650 --> 00:30:21,430
go all the way back,
1117
00:30:21,430 --> 00:30:23,890
but then they will remove any fines or penalties for you
1118
00:30:23,980 --> 00:30:25,630
and set you up on like a payment plan.
1119
00:30:26,230 --> 00:30:28,600
Yeah. Caveat is most states will say,
1120
00:30:29,260 --> 00:30:30,160
if you have a registered.
1121
00:30:30,160 --> 00:30:32,590
So I do get people that have registered the never done
1122
00:30:32,590 --> 00:30:33,940
anything. And then they're like,
1123
00:30:33,970 --> 00:30:36,070
well, you knew because you're registered and we sent you letters
1124
00:30:36,070 --> 00:30:36,760
every quarter.
1125
00:30:36,760 --> 00:30:37,390
And you know,
1126
00:30:37,390 --> 00:30:40,000
Sophia, if you're listening to this and you're thinking about sales
1127
00:30:40,000 --> 00:30:42,370
tax, like in your behind don't register,
1128
00:30:42,370 --> 00:30:46,420
get some help with their BDA because that's a huge difference.
1129
00:30:46,420 --> 00:30:48,490
But every state's different about what's taxable.
1130
00:30:48,490 --> 00:30:49,030
What's not.
1131
00:30:49,030 --> 00:30:49,440
And how,
1132
00:30:49,510 --> 00:30:52,750
and then what rates you're charging based on origin or destination
1133
00:30:52,900 --> 00:30:53,890
or zip code or theirs.
1134
00:30:53,920 --> 00:30:56,950
And then even the biggest one is traveling in other states
1135
00:30:56,980 --> 00:31:00,040
destination. Like you're going to go to a certain state.
1136
00:31:00,070 --> 00:31:01,420
They all have rules on,
1137
00:31:01,420 --> 00:31:03,430
if you coming here and some are like,
1138
00:31:03,460 --> 00:31:04,420
the second you come here,
1139
00:31:04,420 --> 00:31:06,310
you need to fill out this form for whatever shoots you
1140
00:31:06,310 --> 00:31:06,760
do here.
1141
00:31:06,790 --> 00:31:08,920
Some are like after three visits in 12 months,
1142
00:31:08,920 --> 00:31:10,450
you have to register for sales tax.
1143
00:31:10,780 --> 00:31:12,580
There's a lot of people that live on borders of other
1144
00:31:12,580 --> 00:31:14,890
states and regularly new business in that state.
1145
00:31:14,890 --> 00:31:17,710
And don't think about it or like wedding photographers that travel,
1146
00:31:17,800 --> 00:31:18,130
if you're,
1147
00:31:18,160 --> 00:31:21,100
and also if you're advertising on your site that you travel
1148
00:31:21,100 --> 00:31:22,660
or you traveled to these places,
1149
00:31:22,660 --> 00:31:24,400
you better be registered in those places.
1150
00:31:24,400 --> 00:31:26,290
Like, because they have this information.
1151
00:31:26,470 --> 00:31:29,440
Right. And I have a whole sales tax guide that has
1152
00:31:29,440 --> 00:31:30,430
every state broken down.
1153
00:31:30,430 --> 00:31:31,120
And we've actually,
1154
00:31:31,120 --> 00:31:32,260
we're about to combine it into,
1155
00:31:32,410 --> 00:31:32,890
we have two,
1156
00:31:32,890 --> 00:31:33,760
we're gonna combine it into one,
1157
00:31:33,760 --> 00:31:35,710
but then you have the destination for that state to,
1158
00:31:36,100 --> 00:31:39,880
yeah. And I always tell people I'm totally community over competition,
1159
00:31:39,880 --> 00:31:42,970
but it's going to be another photographer in that other state
1160
00:31:43,360 --> 00:31:44,710
that blows you in and says,
1161
00:31:45,190 --> 00:31:47,590
this person's coming here and they're not doing the sales tax.
1162
00:31:47,590 --> 00:31:48,640
Right. And then,
1163
00:31:48,640 --> 00:31:49,420
then you're,
1164
00:31:49,510 --> 00:31:50,950
you're up the Creek without a paddle.
1165
00:31:50,950 --> 00:31:52,090
Right. Right.
1166
00:31:53,230 --> 00:31:53,650
Oh my gosh.
1167
00:31:53,650 --> 00:31:53,950
And yeah,
1168
00:31:53,950 --> 00:31:54,880
the digital,
1169
00:31:54,880 --> 00:31:57,580
the changing of the digital has been the wild west for
1170
00:31:57,610 --> 00:31:58,120
a while.
1171
00:31:58,120 --> 00:31:58,360
I mean,
1172
00:31:58,360 --> 00:31:59,620
especially you,
1173
00:31:59,620 --> 00:32:00,460
you understand too,
1174
00:32:00,460 --> 00:32:03,430
from the online education space,
1175
00:32:03,430 --> 00:32:07,120
I mean talk about no rules and you know,
1176
00:32:07,120 --> 00:32:09,220
I have a tax attorney that it's like once a year,
1177
00:32:09,220 --> 00:32:09,740
I check in,
1178
00:32:09,770 --> 00:32:10,120
I'm like,
1179
00:32:10,690 --> 00:32:11,020
am I,
1180
00:32:11,410 --> 00:32:12,310
am I still good here?
1181
00:32:12,370 --> 00:32:15,010
Do I need to change anything Kind of silly?
1182
00:32:15,010 --> 00:32:17,320
Cause I think if they text digital courses and things like
1183
00:32:17,320 --> 00:32:19,390
that, like they really got on board that they'd have no,
1184
00:32:19,420 --> 00:32:21,220
they would have so much money.
1185
00:32:21,830 --> 00:32:25,300
No. Yeah.
1186
00:32:25,300 --> 00:32:26,860
You live by my accountant's like,
1187
00:32:26,860 --> 00:32:27,070
you know,
1188
00:32:27,070 --> 00:32:29,830
we should really kind of track cause of this Wayfair case.
1189
00:32:29,830 --> 00:32:30,340
And you know,
1190
00:32:30,340 --> 00:32:33,340
if you have a hundred transactions in California,
1191
00:32:33,340 --> 00:32:33,550
I'm like,
1192
00:32:33,550 --> 00:32:35,980
well that means if I have 10 members in California and
1193
00:32:35,980 --> 00:32:37,870
then you have to keep track of all these states rules
1194
00:32:37,870 --> 00:32:39,440
on the courses anyway,
1195
00:32:39,740 --> 00:32:43,520
you guys are very thankful that photography is a local business.
1196
00:32:44,180 --> 00:32:45,650
Yes, Yes,
1197
00:32:45,660 --> 00:32:49,160
Yes. It's a whole crazy world out here.
1198
00:32:49,490 --> 00:32:49,790
But yeah,
1199
00:32:49,790 --> 00:32:53,060
I think the moral of the story is don't keep hiding
1200
00:32:53,060 --> 00:32:55,160
your head in the sand because eventually it'll catch up with
1201
00:32:55,160 --> 00:32:57,560
you to raise your hand and say help.
1202
00:32:58,460 --> 00:33:01,130
Let me get it straight on my sales tax,
1203
00:33:01,160 --> 00:33:05,270
my business Kind of like expand,
1204
00:33:05,270 --> 00:33:06,080
right? Because you might be like,
1205
00:33:06,080 --> 00:33:07,400
okay, well I just want to get this right and move
1206
00:33:07,400 --> 00:33:08,480
forward. But again,
1207
00:33:08,480 --> 00:33:09,830
if you filed that LLC,
1208
00:33:09,860 --> 00:33:10,160
when you,
1209
00:33:10,190 --> 00:33:11,900
when you register for sales tax,
1210
00:33:11,960 --> 00:33:13,430
you have to put on that information.
1211
00:33:13,460 --> 00:33:15,620
They're going to see that you filed the LLC last year.
1212
00:33:15,620 --> 00:33:17,150
And they're going to wonder why you're not going back to
1213
00:33:17,150 --> 00:33:17,690
last year.
1214
00:33:17,690 --> 00:33:20,420
So just be prepared and also know that you can set
1215
00:33:20,420 --> 00:33:21,020
up payment plans.
1216
00:33:21,020 --> 00:33:23,510
I have plenty of clients right now that are on payment
1217
00:33:23,510 --> 00:33:25,370
plans with their state for the next six months to get
1218
00:33:25,370 --> 00:33:25,790
caught up.
1219
00:33:25,820 --> 00:33:26,120
I mean,
1220
00:33:26,270 --> 00:33:28,340
they want their money and they're going to work with you.
1221
00:33:29,210 --> 00:33:30,680
And then you're gonna feel so much better.
1222
00:33:30,770 --> 00:33:32,210
Like imagine going to bed at night,
1223
00:33:32,270 --> 00:33:32,780
being like,
1224
00:33:33,020 --> 00:33:34,610
I know what I own sales tax.
1225
00:33:34,640 --> 00:33:36,620
I have tax plan for the quarter.
1226
00:33:36,690 --> 00:33:38,210
I, that is my ideal.
1227
00:33:38,210 --> 00:33:40,070
Like that's the situation I want for,
1228
00:33:40,110 --> 00:33:42,130
for, Yeah,
1229
00:33:43,760 --> 00:33:44,360
For sure.
1230
00:33:44,360 --> 00:33:45,250
And the tax planning,
1231
00:33:45,280 --> 00:33:46,310
I think so important too,
1232
00:33:46,310 --> 00:33:49,550
because I know it caught me by surprise.
1233
00:33:49,790 --> 00:33:50,900
Like you were saying with the,
1234
00:33:50,960 --> 00:33:51,560
oh wait,
1235
00:33:51,560 --> 00:33:52,490
I'm not getting any money.
1236
00:33:52,490 --> 00:33:53,180
I owe what.
1237
00:33:53,600 --> 00:33:54,770
And at the same time,
1238
00:33:54,770 --> 00:33:57,200
now you owe estimated this is federal income tax.
1239
00:33:57,200 --> 00:34:01,360
We shifted gears to now you owe federal estimated income tax.
1240
00:34:01,370 --> 00:34:03,470
And at the same time you owed this big tax bill
1241
00:34:03,470 --> 00:34:04,790
and that's due at the same time.
1242
00:34:04,790 --> 00:34:05,300
And you're just like,
1243
00:34:05,300 --> 00:34:06,560
well, that's a double whammy.
1244
00:34:07,100 --> 00:34:07,790
Pretty rude.
1245
00:34:08,300 --> 00:34:09,290
Can you just hit on something?
1246
00:34:09,290 --> 00:34:11,270
Because a lot of people do not realize it.
1247
00:34:11,300 --> 00:34:13,730
The second that you take a dollar for business,
1248
00:34:13,730 --> 00:34:15,830
you're the escort or you're not the S-corp listen to me.
1249
00:34:15,830 --> 00:34:16,610
And now I don't know what I'm saying.
1250
00:34:18,680 --> 00:34:19,610
You're a sole proprietor.
1251
00:34:19,620 --> 00:34:20,990
The second that you're a sole proprietor.
1252
00:34:21,020 --> 00:34:22,340
The second that you're doing any of that,
1253
00:34:22,340 --> 00:34:24,020
you need to make estimated tax payments,
1254
00:34:24,050 --> 00:34:25,370
taxes, or pay as you go.
1255
00:34:25,910 --> 00:34:27,650
And just think about when you worked for somebody else,
1256
00:34:27,650 --> 00:34:28,400
you got to pay staff.
1257
00:34:28,400 --> 00:34:29,780
And every time you got that pay stub,
1258
00:34:29,810 --> 00:34:31,520
they took out all the taxes and they made those payments
1259
00:34:31,520 --> 00:34:32,930
for you based on your w four,
1260
00:34:33,260 --> 00:34:34,280
when you work for yourself,
1261
00:34:34,310 --> 00:34:35,600
no one's paying those taxes.
1262
00:34:35,720 --> 00:34:36,650
You're supposed to be,
1263
00:34:36,680 --> 00:34:38,330
that's where tax planning is important.
1264
00:34:38,600 --> 00:34:40,280
And, and a lot of people think they don't realize they
1265
00:34:40,280 --> 00:34:41,270
have to make those payments.
1266
00:34:41,270 --> 00:34:43,820
They think it's like only if I make a certain amount
1267
00:34:43,820 --> 00:34:44,720
or, or whatever,
1268
00:34:44,720 --> 00:34:47,480
but I always challenge people to ever go look at their
1269
00:34:47,480 --> 00:34:48,590
10 40 form.
1270
00:34:48,830 --> 00:34:50,990
This is the main tax forum go down by the signature
1271
00:34:50,990 --> 00:34:52,490
spot is no CPA.
1272
00:34:52,490 --> 00:34:54,890
Most of the time they don't know H and R block.
1273
00:34:54,920 --> 00:34:55,460
They don't say,
1274
00:34:55,700 --> 00:34:56,000
they'll say,
1275
00:34:56,000 --> 00:34:56,660
here's what you owe.
1276
00:34:56,660 --> 00:34:57,410
Here's what you're getting.
1277
00:34:57,410 --> 00:34:57,950
But they never say,
1278
00:34:57,980 --> 00:34:59,660
oh, and that line right there is all the penalties that
1279
00:34:59,660 --> 00:35:00,380
you're paying in that.
1280
00:35:00,410 --> 00:35:01,790
No, because you didn't make us my tax names.
1281
00:35:01,790 --> 00:35:02,960
They never say that to you.
1282
00:35:02,960 --> 00:35:04,340
And you'll find them.
1283
00:35:04,340 --> 00:35:04,610
If you,
1284
00:35:04,610 --> 00:35:06,590
especially, if you've owned a prior year and you had a
1285
00:35:06,590 --> 00:35:07,110
business go,
1286
00:35:07,110 --> 00:35:09,440
we'll look at that line because it's the penalties for not
1287
00:35:09,440 --> 00:35:10,730
making estimated tax payments.
1288
00:35:12,050 --> 00:35:14,060
Yeah. Because they asked you on the return.
1289
00:35:14,060 --> 00:35:14,420
Like there,
1290
00:35:14,450 --> 00:35:15,290
they want to know when,
1291
00:35:15,290 --> 00:35:16,490
what are the estimated payments you made?
1292
00:35:16,490 --> 00:35:17,000
What are the dates?
1293
00:35:17,000 --> 00:35:17,990
And they match those up.
1294
00:35:17,990 --> 00:35:18,860
But then when they see like,
1295
00:35:18,860 --> 00:35:19,070
you know,
1296
00:35:19,070 --> 00:35:20,390
you owed $25,000,
1297
00:35:20,390 --> 00:35:21,570
you made no payments towards it.
1298
00:35:21,570 --> 00:35:23,750
And now penalties for not doing that because they want their
1299
00:35:23,750 --> 00:35:25,160
money. They want it as you go,
1300
00:35:25,580 --> 00:35:26,150
as you make it,
1301
00:35:26,150 --> 00:35:26,840
they want those.
1302
00:35:26,840 --> 00:35:27,200
But yeah.
1303
00:35:27,680 --> 00:35:30,590
And they even want it to cause we're very seasonal.
1304
00:35:30,620 --> 00:35:31,310
Right. You know,
1305
00:35:31,310 --> 00:35:33,260
a lot of top prefers the fall is when they make
1306
00:35:33,260 --> 00:35:34,940
a lot of their money in third and fourth quarter.
1307
00:35:35,390 --> 00:35:37,190
But with estimated taxes,
1308
00:35:37,830 --> 00:35:41,370
you have to take whatever your estimated like,
1309
00:35:41,400 --> 00:35:41,790
you know,
1310
00:35:41,790 --> 00:35:44,460
say my textbook last year was $20,000.
1311
00:35:44,700 --> 00:35:47,190
So I had to take that $20,000
1312
00:35:47,220 --> 00:35:48,510
and pay $5,000
1313
00:35:48,510 --> 00:35:49,110
a quarter.
1314
00:35:50,040 --> 00:35:52,710
Even though I haven't made all of my money until quarter
1315
00:35:52,710 --> 00:35:53,400
three and four.
1316
00:35:54,470 --> 00:35:54,960
Well the,
1317
00:35:54,990 --> 00:35:58,830
well, the rule is you have to pay 90% of what
1318
00:35:58,830 --> 00:35:59,910
you owed last year,
1319
00:36:00,540 --> 00:36:01,350
not what you owed.
1320
00:36:01,350 --> 00:36:01,710
But like,
1321
00:36:01,710 --> 00:36:03,810
if you look at the tax amount you owed and calculate
1322
00:36:03,810 --> 00:36:04,290
on that,
1323
00:36:04,560 --> 00:36:06,120
or a hundred percent of what you owe this year.
1324
00:36:06,120 --> 00:36:06,390
Cause like,
1325
00:36:06,390 --> 00:36:06,810
say this year,
1326
00:36:06,810 --> 00:36:08,280
you, you make more than last year.
1327
00:36:08,310 --> 00:36:10,140
Right? And you don't have to divide it up.
1328
00:36:10,140 --> 00:36:11,130
Like really the,
1329
00:36:11,550 --> 00:36:13,650
the trick is as long as you make every estimated payment
1330
00:36:13,650 --> 00:36:14,730
by January 15th.
1331
00:36:14,970 --> 00:36:16,680
Yeah. It counts for the whole thing.
1332
00:36:16,710 --> 00:36:17,160
It's not,
1333
00:36:17,190 --> 00:36:18,600
they don't put any fines or penalties on it,
1334
00:36:18,720 --> 00:36:19,290
but you should.
1335
00:36:19,320 --> 00:36:20,370
But this cashflow,
1336
00:36:20,430 --> 00:36:22,980
you really should be the cash flows you have.
1337
00:36:23,160 --> 00:36:24,810
You really should be trying to make them as you go
1338
00:36:24,810 --> 00:36:25,860
along because you,
1339
00:36:25,860 --> 00:36:27,480
we always think that we do.
1340
00:36:27,480 --> 00:36:28,410
And then we get there and we're like,
1341
00:36:28,440 --> 00:36:28,980
oh my God,
1342
00:36:28,980 --> 00:36:30,330
that number is just so much bigger.
1343
00:36:30,330 --> 00:36:32,100
Am I going to go lay down and cry?
1344
00:36:32,940 --> 00:36:35,250
Right. Because also too,
1345
00:36:35,250 --> 00:36:35,490
you know,
1346
00:36:35,490 --> 00:36:37,650
you might go up and down and you know,
1347
00:36:37,740 --> 00:36:38,220
I always,
1348
00:36:38,250 --> 00:36:41,490
we do our tax planning from like January to March and
1349
00:36:41,490 --> 00:36:43,620
then we'll do January to whatever based on,
1350
00:36:43,830 --> 00:36:45,120
okay. Here's where you're at.
1351
00:36:45,120 --> 00:36:46,290
But you already made this payment.
1352
00:36:46,320 --> 00:36:47,760
So just kind of figure out where they're going.
1353
00:36:48,060 --> 00:36:50,610
So it can match cashflow a little better.
1354
00:36:50,640 --> 00:36:53,460
But as long as you make them all by January 15th,
1355
00:36:53,460 --> 00:36:54,060
you're good.
1356
00:36:54,540 --> 00:36:57,060
But it's hard because how many people have all their bookkeeping
1357
00:36:57,060 --> 00:36:58,020
caught up and ready to go,
1358
00:36:58,050 --> 00:36:59,880
like right into the January through December.
1359
00:36:59,880 --> 00:37:00,330
So you have to,
1360
00:37:00,450 --> 00:37:02,910
that's why keeping up with your bookkeeping is also helpful because
1361
00:37:02,910 --> 00:37:04,230
then you can kind of have an idea,
1362
00:37:04,440 --> 00:37:05,700
right? Yeah.
1363
00:37:05,730 --> 00:37:08,220
And have a nice little tax savings account.
1364
00:37:08,490 --> 00:37:09,690
I'm off to the side.
1365
00:37:09,990 --> 00:37:12,600
We're talking about there's federal and state,
1366
00:37:12,720 --> 00:37:14,700
right? So there's only five states that don't have it.
1367
00:37:14,700 --> 00:37:17,190
So everybody else you have to have state in.
1368
00:37:17,190 --> 00:37:18,600
A lot of people don't do the estimate,
1369
00:37:18,600 --> 00:37:20,160
the state they'll do the federal and be so proud,
1370
00:37:20,160 --> 00:37:21,900
but not realize their state estimated payments.
1371
00:37:22,150 --> 00:37:22,850
Right. Right.
1372
00:37:23,860 --> 00:37:25,380
So it's like California,
1373
00:37:26,670 --> 00:37:28,470
They sure are you in New Jersey,
1374
00:37:28,470 --> 00:37:29,340
in California,
1375
00:37:29,340 --> 00:37:31,200
the favorites.
1376
00:37:31,200 --> 00:37:33,180
But the one caveat,
1377
00:37:33,180 --> 00:37:35,040
IRS, if you're listening,
1378
00:37:35,040 --> 00:37:37,440
you and the state should equal up the estimated payments.
1379
00:37:37,440 --> 00:37:39,210
So they're actually do quarterly.
1380
00:37:39,210 --> 00:37:39,810
I hate holiday.
1381
00:37:39,810 --> 00:37:40,740
It's like April,
1382
00:37:40,950 --> 00:37:42,870
June. Yeah.
1383
00:37:42,870 --> 00:37:46,350
The real recorders we use the co-op.
1384
00:37:46,360 --> 00:37:47,400
We use the term quarterly,
1385
00:37:47,400 --> 00:37:48,090
very loosely.
1386
00:37:48,090 --> 00:37:49,080
It's January,
1387
00:37:49,080 --> 00:37:51,050
February, March is due in April and then April,
1388
00:37:51,510 --> 00:37:52,950
April and may are due in June.
1389
00:37:54,380 --> 00:37:56,010
April Are due in June.
1390
00:37:56,280 --> 00:37:57,450
Yes. June,
1391
00:37:57,450 --> 00:37:58,110
July, August.
1392
00:37:58,240 --> 00:37:59,670
It's broken up very odd.
1393
00:37:59,670 --> 00:38:00,270
And I'm also,
1394
00:38:00,330 --> 00:38:00,900
I just wanna let you know,
1395
00:38:00,930 --> 00:38:03,930
I'm in New York where we have quarterly sales tax and
1396
00:38:03,930 --> 00:38:05,280
quarterly sales taxes,
1397
00:38:05,280 --> 00:38:06,300
December, January,
1398
00:38:06,420 --> 00:38:07,140
February, then March,
1399
00:38:07,140 --> 00:38:07,620
April, may.
1400
00:38:07,620 --> 00:38:10,560
Like, it goes over two tax years.
1401
00:38:10,560 --> 00:38:11,910
Like this is what I'm talking about with state.
1402
00:38:11,910 --> 00:38:12,270
It's like,
1403
00:38:12,270 --> 00:38:13,080
I'm like,
1404
00:38:13,080 --> 00:38:14,670
I literally think they have meetings to be like,
1405
00:38:14,550 --> 00:38:16,590
well, how do we stay different than everyone else?
1406
00:38:16,620 --> 00:38:17,760
Like, what is the thing?
1407
00:38:18,290 --> 00:38:22,380
Can we take quarterly payments in a calendar that's 12 months
1408
00:38:22,380 --> 00:38:24,150
long and make them not equal?
1409
00:38:24,750 --> 00:38:28,140
Yes. I hate the New York like that last quarter,
1410
00:38:28,440 --> 00:38:29,640
because it feels like quarter one.
1411
00:38:29,640 --> 00:38:30,630
Cause you're in February.
1412
00:38:30,630 --> 00:38:31,080
But then you're like,
1413
00:38:31,080 --> 00:38:31,350
no, no,
1414
00:38:31,350 --> 00:38:31,710
it's not.
1415
00:38:31,710 --> 00:38:33,120
It's actually quarter four of last year.
1416
00:38:33,300 --> 00:38:34,290
Like what the heck?
1417
00:38:36,040 --> 00:38:37,000
That's crazy.
1418
00:38:37,060 --> 00:38:37,780
Oh my gosh.
1419
00:38:38,830 --> 00:38:39,640
All right guys.
1420
00:38:39,790 --> 00:38:42,940
So I think you've probably figured out that we should all
1421
00:38:42,940 --> 00:38:45,970
have some tax planning help because I even learned some things
1422
00:38:45,970 --> 00:38:49,210
from this conversation today and I consider myself a pretty high
1423
00:38:49,210 --> 00:38:50,140
level tax nerd.
1424
00:38:50,170 --> 00:38:51,670
Yeah. I love this.
1425
00:38:51,670 --> 00:38:52,450
So it was great.
1426
00:38:52,460 --> 00:38:53,920
Yeah. I definitely love like that.
1427
00:38:53,920 --> 00:38:56,210
You, you get it like it's important.
1428
00:38:56,210 --> 00:38:56,970
Yeah. Yeah.
1429
00:38:56,970 --> 00:38:57,960
Awesome. Good.
1430
00:38:57,960 --> 00:39:02,080
Tiffany, tell us where photographers can find out more about you
1431
00:39:02,080 --> 00:39:05,580
or get help from you because you specialize in this very
1432
00:39:05,580 --> 00:39:06,880
thing. Absolutely.
1433
00:39:06,880 --> 00:39:08,100
So I would just say,
1434
00:39:08,100 --> 00:39:09,170
go to my website.
1435
00:39:09,170 --> 00:39:11,530
It's a www.Bastianaccounting.com.
1436
00:39:11,530 --> 00:39:13,510
So that's B a S T I a N accounting.
1437
00:39:13,510 --> 00:39:14,350
So one long word,
1438
00:39:14,350 --> 00:39:17,500
the longest thing I could find@accounting.com
1439
00:39:17,860 --> 00:39:20,110
and we have the learn with the section and there's a
1440
00:39:20,110 --> 00:39:20,920
ton of freebies.
1441
00:39:20,920 --> 00:39:22,530
You'll get the state by state sales tax guide.
1442
00:39:22,530 --> 00:39:23,350
I have a business structure.
1443
00:39:23,350 --> 00:39:27,790
Masterclass. I have QuickBooks online for photographers is a masterclass kind
1444
00:39:27,790 --> 00:39:30,130
of goes through and shows you all the things that are
1445
00:39:30,130 --> 00:39:30,970
in there that you can use.
1446
00:39:30,970 --> 00:39:32,800
Cause you don't really get that view anywhere else.
1447
00:39:33,190 --> 00:39:35,710
But I have a ton of freebies on there and they're
1448
00:39:35,710 --> 00:39:37,210
all really good places to get started.
1449
00:39:37,240 --> 00:39:39,310
There's a business expense breakdown guide.
1450
00:39:39,550 --> 00:39:39,820
And we,
1451
00:39:39,830 --> 00:39:40,990
the two sales tax guys,
1452
00:39:40,990 --> 00:39:43,060
we have the destination and then the resident state.
1453
00:39:43,070 --> 00:39:45,490
So wherever you live and do business versus wherever you're traveling.
1454
00:39:45,490 --> 00:39:47,400
Cause those are two different sets of rules.
1455
00:39:47,920 --> 00:39:48,910
Right. But yeah,
1456
00:39:49,270 --> 00:39:51,820
I really thank you for having me on here.
1457
00:39:51,820 --> 00:39:53,110
I think it's so important.
1458
00:39:53,110 --> 00:39:55,660
And it's one of those things being in this industry.
1459
00:39:55,660 --> 00:39:57,370
Like no one really cares about taxes.
1460
00:39:57,370 --> 00:39:59,260
So even in corporate America,
1461
00:39:59,290 --> 00:40:00,280
I was like in the department,
1462
00:40:00,280 --> 00:40:03,940
no one cared about like I love when people are like,
1463
00:40:03,940 --> 00:40:05,140
let's talk about Texas.
1464
00:40:06,730 --> 00:40:10,180
I know secret little random secret about me when I was
1465
00:40:10,180 --> 00:40:10,990
thinking of moving on.
1466
00:40:10,990 --> 00:40:13,300
I used to be a zoological animal trainer for 13 years
1467
00:40:13,300 --> 00:40:13,810
and I was like,
1468
00:40:13,870 --> 00:40:16,240
oh, I'm ready for a new something.
1469
00:40:16,480 --> 00:40:21,700
I almost went from like training free flight birds and seals
1470
00:40:21,700 --> 00:40:23,110
and primates to like,
1471
00:40:23,350 --> 00:40:24,610
I'm going to become a CPA.
1472
00:40:25,540 --> 00:40:27,010
Yeah. I would like to say,
1473
00:40:27,010 --> 00:40:28,780
I am not a CPA world agent.
1474
00:40:28,780 --> 00:40:29,530
And that's a big thing.
1475
00:40:29,530 --> 00:40:30,970
People don't realize the difference.
1476
00:40:30,970 --> 00:40:32,590
A CPA takes a four-part exam,
1477
00:40:32,590 --> 00:40:33,820
which I was going down that road too.
1478
00:40:34,480 --> 00:40:35,440
But it's like an attorney,
1479
00:40:35,500 --> 00:40:38,320
right? So it's very general unless they go specialize in tax
1480
00:40:38,320 --> 00:40:40,150
that's they're not necessarily a tax pro,
1481
00:40:40,900 --> 00:40:42,940
but a lot of the CPAs become tax pros.
1482
00:40:42,940 --> 00:40:43,630
That's what they do.
1483
00:40:43,690 --> 00:40:46,510
But an enrolled agent is a three-part exam through the IRS
1484
00:40:46,570 --> 00:40:48,190
and that is business,
1485
00:40:48,520 --> 00:40:49,270
a business tax,
1486
00:40:49,540 --> 00:40:50,680
personal tax and ethics.
1487
00:40:50,680 --> 00:40:54,670
I take 73 hours of continuing education and I can represent
1488
00:40:54,790 --> 00:40:56,620
all states were CPAs.
1489
00:40:57,640 --> 00:40:58,570
And that's a huge thing.
1490
00:40:58,780 --> 00:41:00,640
A lot of my clients keep telling me to tell everyone,
1491
00:41:00,640 --> 00:41:02,380
like we help photographers all states.
1492
00:41:02,410 --> 00:41:04,720
Yeah. But a lot of people because of the CPA mentality,
1493
00:41:04,720 --> 00:41:06,280
don't realize like you can do that.
1494
00:41:06,370 --> 00:41:07,900
Right. CPAs have to be,
1495
00:41:07,960 --> 00:41:10,000
they have to work in states in which they're registered to
1496
00:41:10,000 --> 00:41:11,920
work in EAs do not.
1497
00:41:11,920 --> 00:41:14,590
And I'm certified through the IRS and you know,
1498
00:41:14,590 --> 00:41:15,340
they don't mess around.
1499
00:41:15,490 --> 00:41:16,870
Right. And I don't work for them.
1500
00:41:16,870 --> 00:41:18,460
I don't have a really cool badge or anything.
1501
00:41:18,490 --> 00:41:20,590
I remember when I got my certificate in the mail,
1502
00:41:20,590 --> 00:41:21,040
my husband's like,
1503
00:41:21,040 --> 00:41:21,730
you don't get a badge.
1504
00:41:21,730 --> 00:41:21,910
I'm like,
1505
00:41:21,910 --> 00:41:22,600
yeah, yeah,
1506
00:41:22,660 --> 00:41:30,160
whatever. But I just want to put that out there.
1507
00:41:30,160 --> 00:41:30,820
Cause a lot of people,
1508
00:41:30,820 --> 00:41:32,620
even my own clients will be like my CPA.
1509
00:41:32,620 --> 00:41:32,920
And I'm like,
1510
00:41:33,110 --> 00:41:33,950
I'm not a CPA.
1511
00:41:33,950 --> 00:41:34,520
I'm an EA.
1512
00:41:34,520 --> 00:41:37,190
And because you got to be careful when people write the
1513
00:41:37,190 --> 00:41:38,660
title that you're not credentialed in,
1514
00:41:38,660 --> 00:41:40,970
but I guess it's like the new revolution.
1515
00:41:40,970 --> 00:41:42,230
You don't have to have a CPA.
1516
00:41:42,230 --> 00:41:44,930
You just need somebody who understands the tax laws and can
1517
00:41:44,930 --> 00:41:45,950
help or industry.
1518
00:41:45,950 --> 00:41:46,460
So yeah.
1519
00:41:47,360 --> 00:41:48,260
Yeah. Perfect.
1520
00:41:48,410 --> 00:41:50,240
And truly on that same note,
1521
00:41:50,420 --> 00:41:53,330
it's important to find a tax professional that's going to help
1522
00:41:53,330 --> 00:41:55,550
you EA or CPA or whatever.
1523
00:41:55,730 --> 00:41:57,200
This familiar with photography.
1524
00:41:57,410 --> 00:42:00,770
Because I actually had somebody that was helping me at first
1525
00:42:01,250 --> 00:42:02,210
for my first couple of years,
1526
00:42:02,210 --> 00:42:05,120
I ended up switching because it was like,
1527
00:42:05,120 --> 00:42:08,540
I wasn't bringing more photography things to him than he was
1528
00:42:08,540 --> 00:42:11,210
to me and was not very familiar with the industry.
1529
00:42:11,630 --> 00:42:14,120
So when you find someone that really is familiar with our
1530
00:42:14,120 --> 00:42:15,890
industry, so helpful,
1531
00:42:16,190 --> 00:42:17,240
It's like any business,
1532
00:42:17,420 --> 00:42:20,030
you don't use everything because you can see in that example,
1533
00:42:20,030 --> 00:42:21,260
there it's generalized.
1534
00:42:21,260 --> 00:42:22,100
You can be a CPA,
1535
00:42:22,100 --> 00:42:22,820
but you know,
1536
00:42:22,840 --> 00:42:23,960
and even for me,
1537
00:42:24,050 --> 00:42:26,330
it wouldn't that be exhausting to try to be right.
1538
00:42:26,330 --> 00:42:28,520
Especially in this world to try to help everybody and everything.
1539
00:42:28,520 --> 00:42:30,140
So the second that I was like,
1540
00:42:30,140 --> 00:42:33,140
photographers, I already had a majority of my clients were photographers.
1541
00:42:33,620 --> 00:42:35,660
The girl who does all my photography was one of my
1542
00:42:35,660 --> 00:42:36,290
first clients.
1543
00:42:36,290 --> 00:42:36,590
And I'm like,
1544
00:42:36,590 --> 00:42:37,010
you know what,
1545
00:42:37,700 --> 00:42:38,360
that's what I'm doing.
1546
00:42:38,360 --> 00:42:38,890
We're doing it.
1547
00:42:38,920 --> 00:42:41,180
I remember I changed my logo and I took the word
1548
00:42:41,180 --> 00:42:42,260
ciphers. And I just like,
1549
00:42:42,470 --> 00:42:44,030
I started my Facebook group in September,
1550
00:42:44,030 --> 00:42:45,230
I think of 2020.
1551
00:42:45,230 --> 00:42:45,590
And I'm like,
1552
00:42:45,590 --> 00:42:45,950
it's like,
1553
00:42:46,310 --> 00:42:47,180
there's like 4,000,
1554
00:42:47,180 --> 00:42:47,810
almost 5,000
1555
00:42:47,810 --> 00:42:48,200
people in there.
1556
00:42:48,200 --> 00:42:48,590
And I'm like,
1557
00:42:48,860 --> 00:42:49,730
this is insane.
1558
00:42:49,880 --> 00:42:51,020
But I was so scared.
1559
00:42:51,020 --> 00:42:52,010
And that would be the other thing.
1560
00:42:52,010 --> 00:42:53,450
Cause even in photography a lot,
1561
00:42:53,450 --> 00:42:54,650
there is a lot of generalization,
1562
00:42:54,650 --> 00:42:56,150
but if you can niche into something,
1563
00:42:56,360 --> 00:42:58,850
you can do it so much deeper and better.
1564
00:42:58,850 --> 00:43:01,430
And you're just so much more attached to it and people
1565
00:43:01,430 --> 00:43:03,410
can really trust you on that topic.
1566
00:43:03,410 --> 00:43:03,890
So yeah.
1567
00:43:03,920 --> 00:43:04,670
Yup. Yup.
1568
00:43:05,000 --> 00:43:05,840
I agree.
1569
00:43:05,960 --> 00:43:08,630
Says the girl that has pet photography education,
1570
00:43:08,630 --> 00:43:09,560
forget the rest of,
1571
00:43:09,740 --> 00:43:12,440
I mean John rhe photographer,
1572
00:43:12,440 --> 00:43:13,370
listening to the podcast.
1573
00:43:13,370 --> 00:43:13,730
Thank you.
1574
00:43:13,730 --> 00:43:14,510
And we welcome you.
1575
00:43:15,410 --> 00:43:17,150
I do love serving my pet photographers.
1576
00:43:17,510 --> 00:43:17,990
Oh my God.
1577
00:43:18,170 --> 00:43:20,090
I just love that photography as a whole.
1578
00:43:20,480 --> 00:43:21,590
I have a dog and I'm like,
1579
00:43:21,860 --> 00:43:23,600
Siri, you need a photo shoot.
1580
00:43:25,070 --> 00:43:25,730
This isn't mine,
1581
00:43:25,760 --> 00:43:26,210
but I'm like,
1582
00:43:26,450 --> 00:43:27,470
you can have your own thing,
1583
00:43:27,470 --> 00:43:28,570
girl. No,
1584
00:43:28,610 --> 00:43:29,420
I'll be amazing.
1585
00:43:29,420 --> 00:43:31,730
Well, if you would jumped in a couple of the images,
1586
00:43:31,760 --> 00:43:32,750
then that would be a write off for,
1587
00:43:32,750 --> 00:43:33,320
you know,
1588
00:43:33,320 --> 00:43:34,340
marketing images.
1589
00:43:35,960 --> 00:43:36,380
There we go.
1590
00:43:37,970 --> 00:43:38,330
All right.
1591
00:43:38,340 --> 00:43:39,140
Perfect. Tiffany,
1592
00:43:39,140 --> 00:43:40,400
this has been so fun.
1593
00:43:40,460 --> 00:43:43,760
Thank you so much for coming to join us and yeah,
1594
00:43:43,760 --> 00:43:44,780
you guys know how to find her.
1595
00:43:44,780 --> 00:43:46,790
So thanks For having me.
1596
00:43:47,780 --> 00:43:48,260
Bye everybody.
1597
00:43:48,260 --> 00:43:48,950
We'll see you next week.
1598
00:43:49,550 --> 00:43:51,740
If you enjoy this podcast episode,
1599
00:43:51,740 --> 00:43:55,130
go ahead and take a screenshot of this episode on your
1600
00:43:55,130 --> 00:43:58,400
phone and post it up there on your Instagram stories and
1601
00:43:58,400 --> 00:44:02,270
be sure to tag us at hair of the dog academy.
1602
00:44:02,570 --> 00:44:06,140
And we would just love to see how you're listening and
1603
00:44:06,140 --> 00:44:07,250
a full disclosure.
1604
00:44:07,400 --> 00:44:10,820
Sometimes we just like to give away a little pet photographer,
1605
00:44:10,820 --> 00:44:14,660
swag in the form of hair of the dog t-shirts and
1606
00:44:14,660 --> 00:44:17,510
sweatshirts. So what are you waiting for?
1607
00:44:17,840 --> 00:44:20,930
Go ahead and share that screenshot of this episode.
1608
00:44:21,200 --> 00:44:23,330
And don't forget to tag us hat hair or the dog
1609
00:44:23,330 --> 00:44:25,490
academy. And while you're there,
1610
00:44:25,940 --> 00:44:28,220
maybe you want to jump on over to our account and
1611
00:44:28,220 --> 00:44:31,410
see what we're up to on the gram would love to
1612
00:44:31,410 --> 00:44:32,220
connect with you.
1613
00:44:32,940 --> 00:44:35,040
Thanks for listening to the hair of the dog podcast.
1614
00:44:35,070 --> 00:44:37,530
This was episode number 1 34.
1615
00:44:37,530 --> 00:44:39,390
If you want to check out the show notes for access
1616
00:44:39,390 --> 00:44:41,670
to any of the resources that we mentioned,
1617
00:44:41,670 --> 00:44:47,280
simply go to www.hairofthedogacademy.com/
1618
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1 3,
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4. Thank you for listening to this episode of hair of
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the dog podcast.
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If you enjoyed this show,
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00:44:54,390 --> 00:44:55,650
please take a minute to leave a review.
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And while you're there,
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00:44:56,880 --> 00:44:58,230
don't forget to subscribe.
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00:44:58,290 --> 00:45:01,740
So you don't miss our upcoming episodes on last thing,
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if you are ready to dive into more resources,
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head over to our website@wwwdothairofthedogacademy.com.
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Thanks for being a part of this pet photography community.