Rod Burkert

It Happened...AGAIN Another Embezzlement Case...this one I just read about online. Hundreds of Thousands of Dollars...over $300,000 - Yes, you read it correctly. There is a way to STOP this from happening...again. If we (that's business owners, department and project managers, boards of non profits and associations...anyone that is involved in money coming in and money going out) don't put the proper people in the proper seats and follow our own rules and the governing bodies rules, we are going to be reading about this AGAIN! I can show you, I can explain to you, I can look at things for you...I'll dig deep and find out what's really going on...and STOP the insanity. I did a bit of a rant on my podcast if you want to take a listen. Signal of Resilience #theorganizedxperience #redflags #prevention #mitigation #stoptheinsanity #thereistreatmentforthis #knowyournumbers

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Whether you’re just getting started or looking to refine your existing processes, these bookkeeping tips will help you develop a streamlined system that can grow with your business. My goal is to empower you with the financial knowledge and tools you need to succeed. Ready to take control of your finances? Let's work together to achieve your goals! Book a call today! https://lnkd.in/grei5tC3 #BusinessTips #BusinessHelp #RemoteBookkeeper #BookkeepingTips #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz

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🚀 Top 5 Bookkeeping Tips Every Small Business Owner Needs to Know! 🚀 https://lnkd.in/g7tcFBah https://lnkd.in/gqy-5fnf Avoid tax season headaches and penalties by focusing on these game-changing tips: 🔍 Keep Detailed Records: Stay organized with meticulous records of all transactions. Accuracy is key! 🏦 Separate Business and Personal Finances: Use distinct accounts for business to ensure clear, clean bookkeeping. 💻 Use Accounting Software: Leverage technology to automate and streamline your financial tracking. It’s a game-changer! 💡 Claim All Allowable Deductions: Know your deductions to maximize savings and reduce your tax bill. 🧑‍💼 Outsource When It Gets Tough: Don’t hesitate to hire a pro when bookkeeping gets overwhelming. Expertise can save you time and money. Stay ahead of the game and keep your business penalty-free by focusing on these critical points. Proactive bookkeeping is your ticket to a smooth tax season! 💼📊 #SmallBusiness #Bookkeeping #TaxSeason #BusinessTips #FinancialSuccess #Entrepreneurship

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Whether you're just starting or looking to refine your bookkeeping processes, understanding the essentials is key to your business's financial health. From choosing between single and double-entry systems to creating a robust chart of accounts, we've got you covered. Check out our blog to learn more: #accountingfirms #smallbusinessowners  

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My client left $100,000+ sitting on the table. Well, almost. Let's dive into it. When you're growing a business - you must have appropriate funding levels and sources. And you must understand the cash flow implications well in advance. These implications should be mapped out before implementing your strategy to secure lines of credit for future needs. Without proper funding levels, you risk running out of cash and crippling your growth opportunities. It may seem counterintuitive, but you should secure credit facilities from financiers well before they are needed. This is the best time to source funding because your business can demonstrate its repayment capacity. Obtaining funds becomes more challenging when your business needs them most, as performance may decline under expansion stress. Take this as a prime example: One of my clients needed an additional $100k+ to fund his growth plans. We obtained approval for a credit facility, but he hesitated to take on the debt, believing his operations would generate enough cash flow. Unfortunately, he was wrong. 6 months later - he desperately needed the previously approved funds. By then, the approval had lapsed, and his lender had shifted its risk position, no longer willing to fund his type of business. Despite seeking alternative lenders, he couldn't secure the necessary funds, leading to a severe cash crunch and slowing his expansion. This example underscores the importance of forecasting cash needs and establishing funding facilities well before they are needed. It allows you to execute your strategies without stress or limitations. If you've ever experienced any difficulties in securing funding - send me a DM and we'll discuss exactly how you can (starting from today).

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Own it…finance it…SAVE on taxes! 🏘️ If you own or finance a property with a $40k down payment, you're on the path to tax advantages like interest deductions and potential rental income. When it comes to real estate…there are valuable tax-saving strategies at every turn. 🫰 #cpa #property #rental #finance #taxes #realestate #investors

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Do you ever get a sense that you are serving the wrong market? Do you ever get a sense that your talents are just not being appreciated? In 2008, when everyone charged $200 per hour, I planned to undercut my competition, slash my prices in half, and charge $100 per hour. I was sure that undercutting prices was not just the easiest way, but the only way to compete and attract customers. And I did attract more customers—except most of them were jokers: People who paid absolutely nothing into the tax system and still got flustered and upset, even hysterical about the fact that they were not getting thousands of dollars back in refunds. All kinds of scary walked through my doors when I tried to compete on the basis of price. Although the stories are hilarious in retrospect, having to sit through someone’s rant or manipulative coercion at the time just made me wish I had superpowers and could teleport the heck out of there. It only took a year for me to realize that I did not want to be a tax sweatshop. I did not want to compete with the H&R Blocks of America. I did not want to stand outside my office in the street wearing a Statue of Liberty costume in order to attract customers. Hats off to those who do want to do this type of work; the job is definitely needed. It is not my jam, however. I did not enjoy working with these people. These clients were not my ideal clients. I wanted clients who valued my high-net-worth tax planning specialty, customers who appreciated my thoughtful leadership and wanted to build long-term relationships. Not all customers are good customers! Not all opportunities are great opportunities! If you take the wrong customer—a bad break—not only will time spent with them suck the life out of you, it will leave you too empty and exhausted to serve the amazing customers who could provide you with an incredible future. Say no to the wrong customer. Say no to the wrong opportunity, because saying no frees you up for the right opportunity. Check out Chapter 6 of my book, You Decide Your Worth: Revenue and Pricing - CREATE YOUR OWN PLAYING FIELD. Order your copy here: https://lnkd.in/gMj5UVb

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Before you sell off or dispose of a passive investment, talk to your CPA & Tax Advisor! There can be some huge planning benefits of selling passive investments, specifically investments that have carryover disallowed passive losses. Remember, those losses become ordinary when you dispose of your entire interest in the investment in a fully taxable transaction. Huge planning potential around the timing of this! The most common passive investment examples are: Residential & Commercial Real Estate, Business Investments (which you don't materially participate in), REIT's & Real Estate Crowdfunding. 🙂 #taxtips #taxplanning #alwaysplan

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Are you an ambitious, entrepreneurial female bookkeeper who... 🟠 Has some bookkeeping skills? 🟠 Has started or are looking to start your own bookkeeping business? 🟠 Is struggling to gain the momentum that comes with signing clients? If you answered "Yes," I am the perfect business partner for you! I haven't just been teaching bookkeepers, tax professionals and entrepreneurs how to skyrocket their businesses for the past 15 years — I've been doing it myself for even longer. My goal is to help you launch, grow, and scale your bookkeeping and tax preparation business. 🚀🚀🚀 Contact me today to learn more about my services and how I can benefit your bookkeeping business! #bookkeeping #ceomindset #taxbusiness #bookkeepercoach #scaleyourbusiness #bookkeepingbusiness #accountingandaccountants #VirtualCFO

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Money and Fitness Principals go hand in hand. The principles you teach and guide your clients with are the same principles I guide my clients with. I'm not going to tell you to cut 10k from your budget tomorrow because you wouldn't tell your clients to lose 100 lbs by tomorrow! That would be ridiculous! Instead, you would give your client their next baby step: returning to the gym tomorrow. In the Profit First system, I'll tell you your next baby step, which may be as easy as "You need to make one call tomorrow." Easy, right? When my clients take baby steps, they usually lower their expenses and increase their profitability to pay themselves more and expand their business in 3 months. What is one baby step you tell your clients to do for them to succeed?

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Most small business owners will always struggle due to not getting ahead financially. 🤑 A real small business owner came to us with this problem, feeling stuck and unable to make financial progress. It's a common issue—financial struggles often arise from not understanding and utilizing financial statements effectively. 🤔 One solution? Learn to read and use your financials to determine your breakeven point. 📊 Knowing your breakeven point helps you understand if your business is generating enough cash flow and allows you to plan for cyclical fluctuations. At BOSS, our experienced business coaches understand these challenges firsthand and have many more strategies to help you achieve financial stability and growth. 🚀 Ready to get ahead financially? Schedule a complimentary conversation with BOSS today and let our experts, with real business ownership experience, guide you to success! 📆 #SmallBusiness #BusinessGrowth #Entrepreneurship #BusinessCoaching #FinancialSuccess

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As a business owner, you likely aim to provide competitive benefits that attract top talent while maximizing the advantages for yourself and key employees. You want to offer good retirement benefits, but it shouldn’t come at a detriment to you or your business. This is where partnering with an expert third-party administrator (TPA) can be invaluable. TPAs specialize in structuring retirement plans to take full advantage of opportunities within existing regulations. By making strategic choices in plan provisions, documents, and formulas, they can legally drive a higher proportion of total contributions toward business owners and highly compensated staff. Here’s how an experienced TPA can help you get the most out of your company's retirement offering: - Adjust compensation definitions and employer contribution formulas to allow higher percentages for owners (e.g. 25%) while minimizing percentages for general staff (e.g. 5%) - Implement plan designs that meet annual testing requirements while allocating 75-95% of total contributions to owners/key employees - Shift companies away from restrictive options like SEP IRAs that require giving all employees the same contribution percentage as owners - Leverage provisions like vesting schedules and employee contribution exclusions to further favor business owners - Correct inefficient profit-sharing formulas that unnecessarily over-contribute to staff at the owner's expense With expert-level knowledge of compliance regulations and strategic allocation methods, a skilled TPA becomes an invaluable partner in tailoring your retirement plan to your company's priorities. Their guidance can ensure you reap the maximum tax-advantaged benefits allowable by law. To learn more about the benefits of working with a TPA and all the benefits they can unlock for your business’s retirement plans, check out our latest blog post, https://hubs.la/Q02sHMg20, and tune in to the Progressive Agency Podcast, https://hubs.la/Q02sHhQy0, to hear from TPA Serena Morse.

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3 potential charges to consider: 1. Lifetime charge at 20% in amounts of excess of the nil rate band (£325k or £650k between couple) 2. Exit charge - when assets leave the trust 3. 10-year periodic charge - an up to 6% tax charge every 10 years There is lots of planning that can be undertaken to side-step and mitigate all three of the above. Don't just pay large amounts of taxes or make random desicions without taking professional advice first. Especially on intricate and significant transactions. Sometimes, life-changing. This is an area I personally excel in due to my technical knowledge and experience so please reach out. ASWATAX #trusttaxation #taxplanning

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9 High-Level Tax Strategies  1. Keep accurate records- Proper record-keeping facilitates smoother tax filing and allows you to identify opportunities for deductions and optimization. 2. Maximize your deductions- Essential deductions include office rent, utilities, travel expenses, employee salaries, and business-use equipment. 3. Consult with a tax professional to pinpoint all applicable deductions for your situation. 3. Maximize retirement plan contributions- Remember, contributions to a 401(k) are made with before-tax income, which lowers your tax rate come tax season. 4. Claim available credits- Tax credits directly reduce the taxes you owe. Look for credits like the Work Opportunity Tax Credit, Small Business Healthcare Tax Credit, Qualified Business Income Deduction, and others.  5. Defer income and accelerate expenses- Be mindful of your cash flow and consider shifting income and expenses to your advantage. The method to defer income depends on the accounting method your business uses: cash-basis or accrual-basis. 6. Plan for estimated taxes- As a small business owner, you likely need to pay estimated taxes quarterly to avoid underpayment penalties. It's crucial to stay on top of these deadlines.  7. Consider adjusting your business structure- Depending on your business goals and growth, transitioning to another legal structure like an LLC, S Corporation, or C Corporation may provide tax advantages. Weigh the pros and cons with a tax professional before making the switch. 8. Pay for health insurance- Self-employed health insurance deductions can reduce your overall tax liability. They can be applied to premiums for medical, vision, dental, and long-term care. 9. Use your car for work- By using a personal car for business you can enjoy significant tax advantages. To calculate your deductible car expenses, you can opt for the standard mileage rate — 67 cents per mile for tax year 2024 — or itemize your actual expenses. -M. Hughes CPA & Company, LLC https://mhughescpa.com/

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Let’s be clear – VAs and bookkeepers - are not the same. Having a Virtual Assistant (VA) handle your bookkeeping can be a practical solution for some business tasks, but it also comes with potential risks, especially if the VA lacks specific training in accounting or bookkeeping. Here’s what can go wrong: 1. Without a solid background in bookkeeping, a VA might make errors in data entry, categorization of expenses, or understanding financial reports, leading to inaccurate financial statements. 2. A VA might be efficient at recording transactions but may not possess the expertise to analyze financial data, identify trends, or offer insights for cost-saving or growth opportunities. 3. Sharing sensitive financial information with a VA increases the risk of data breaches or unauthorized access, especially if proper security measures aren't in place. 4. Incorrect bookkeeping can lead to non-compliance with tax laws and financial regulations, potentially resulting in penalties, fines, or legal trouble. 5. Relying solely on a VA for bookkeeping can result in a lack of hands-on knowledge about your business finances, limiting your ability to make informed decisions quickly. Instead, consult with a professional bookkeeper or accountant. It might be a safer and more effective solution for managing your business finances. Don't let bookkeeping tasks distract you from your business goals. Schedule a call to learn more! . . . #VirtualAssistant #BookkeepingHelp #VirtualBookkeeping #RemoteBookkeeper #BookkeepingPro #Bookkeeper #BookkeepingTips #Accounting #Bookkeeping #CloudBookkeeping #BusinessOwner #EntrepreneurLife #Entrepreneurship #SmallBiz #TaxTime #TaxTips #TaxHelp #ecommerce #atlantabookkeeper #atlantaaccountant #georgiabookkeeper #georgiaaccountant #propremierfinancial

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Understanding your finances is crucial for success. Here are 3 metrics to watch: 1. Cash Flow: Keep track of money coming in and going out. 2. Profit Margin: Know how much you're making after expenses. 3. Current Ratio: Ensure you can pay short-term bills. Have questions about these metrics? Ask your CPA for expert advice! #SmallBusiness #FinanceTips #CPA #FractionalCFO #ProfitFirst #BusinessOwner

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Unpopular opinion! Tax preparation can be a challenge for many financial advisors and their clients. ​ Without tax-savvy experts, clients may pay more than they need to or miss out on refunds. ​ But there is a simple solution. ​ Here‘s what you can do to help your clients save more money on taxes: ​ 𝗥𝗲𝗺𝗶𝗻𝗱 𝘁𝗵𝗲𝗺 𝘁𝗼 𝗳𝗶𝗹𝗲 𝘆𝗲𝗮𝗿𝗹𝘆, 𝗲𝘃𝗲𝗻 𝘄𝗶𝘁𝗵 𝗻𝗼 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 😊 Even if clients don't owe any taxes, having them file tax returns every year means the IRS knows they exist. This helps avoid problems of appearing non-compliant, which reduces their risk of an audit. ​ 𝗦𝗵𝗮𝗿𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝘁𝗵𝗲𝘆 𝗺𝗮𝘆 𝗵𝗮𝘃𝗲 𝗺𝗶𝘀𝘀𝗲𝗱 👍 ​ Many clients are unaware of deductions they can legally take to reduce taxable income. As a financial expert guiding their overall picture, suggesting things like charitable giving tax breaks or capital loss offsets keeps more money in your client's pockets. ​​ This will raise your client’s awareness of their tax situation and help them avoid overpaying or facing penalties. ​ It may take some effort from you, but it will pay off for your clients in the long run. Feel free to DM or drop a comment if you’ve any questions. 🤗 #JayaSubramanian #CPA #ConsultVera #Taxes #IRS

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You don't get to decide when tax season arrives. But you do get to decide how to respond to it. It all starts with knowing your numbers. And this is exactly what I taught in yesterday's webinar, How to Pay Less Tax as a Solopreneur (Without Being Shady👀). I shared with attendees how to: 💰Reduce next year’s tax bill by leveraging the most commonly overlooked write-offs. 💸Avoid wasting your hard-earned dollars as a small biz owner. 💵Save hundreds of dollars in monthly bookkeeping fees and tax bills. Set up your bookkeeping system so that it lights you UP (and captures every ✨write-off possible for you). Did you miss it? 🙇‍♀️ The replay is available to watch *For Free* until this Sunday, catch it here: https://lnkd.in/d9wCwN8m

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