Real Talk on Social Media Tax Advice
Sep 01, 2023Today's episode is a replay of my episode on The Money Bare Podcast. Below is the episode recap from Chloe.
We've all seen it-- tax advice on Instagram telling folks they can write off their dog as office security, or folks telling people to buy a g-wagon to write it off... but how does that stuff hold up with the IRS??? And what tax-saving tips should small business owners pay attention to? In this week's episode, Shannon Weinstein, CPA, breaks it down.
Shannon is a CPA and fractional CFO for growth-minded business owners. A teacher at heart, her real-life relatable examples simplify the financial side of the business so you can stop stressing and start scaling. She hosts the IRS's least favorite podcast, Keep What You Earn, which consistently ranks in the top 200 in Entrepreneurship. She is a frequent speaker in business coaching communities and masterminds.
The key takeaways from this episode are:
1. Shannon debunks Instagram tax advice, clarifying IRS regulations on deductions and write-offs. Get practical guidance for informed financial decisions.
2. Small business owners gain tax-saving tips from fractional CFO Shannon. Her relatable teaching simplifies finances, empowering growth-focused entrepreneurs.
3. Shannon's journey, including the "Augusta Rule," inheritance insights, and money memories, offers lessons in effective financial management.
What you’ll hear in this episode:
[0:12] Episode and guest introduction.
[1:22] Doing the CPA thing differently
[2:55] Buying stocks at 12 years old
[8:18] Shannon's father's vision for her
[12:43] Shannon's view on money growing up
[18:20] Ending up in Costa Rica
[27:10] Tax advice on Instagram
[33:32] The Augusta Rule
[51:00] Inheritance money
[52:30] Very first money memory
Related Episodes:
3 Steps to Hire Your Kids the RIGHT Way
Protecting Your Legacy Through Estate Planning with Clara Delgado Rossell
Understanding Criminal Tax Activity and The Repercussions with Robert Nordlander
Resources:
Tactical Resources:
5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash
Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide
CFO Power Session: Text POWER to 860-609-6374
See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
Additional Resources & Connect with Shannon:
Find everything you need at https://www.keepwhatyouearn.com
Questions about this episode? Text me! https://my.community.com/shannonweinsteincpa
Hire us: https://www.fitnancialsolutions.com/accounting
Find me on IG: https://www.instagram.com/shannonkweinstein/
Meet me face-to-face on
YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
