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We walk through our sequence for retirement contributions! Here's how we invest our money as accountants!

• Start with any employer matching funds available - it's free money and an immediate 100% return
• Max out a Roth IRA if eligible ($7,000 limit for 2025, $8,000 if over 50)
• Aim to save 15% of income for retirement (12-20% range is generally recommended)
• Business owners should consider a Solo 401(k) rather than SEP IRA when operating as an S-corp
• Solo 401(k)s allow both employee contributions (up to $23-24k) and employer contributions (25% of salary)
• Once all tax-advantaged accounts are maxed, use a taxable brokerage account for additional savings
• Coordinate retirement planning between your CPA and financial advisor, especially when changing salary levels

Email us at carson@sansconcierge.net for accounting help or to schedule a monthly accounting call where we can help with bookkeeping, tax planning, and business decisions.

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The big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction.

• Lower tax brackets from the Tax Cut and Jobs Act will remain in place
• Standard deduction stays at $15,750 for single filers and $31,500 for married couples
• Child tax credit increased from $2,000 to $2,500 per child through 2028
• Seniors get an extra $6,000 deduction per person ($12,000 for married couples)
• Tips now excluded from income tax up to $25,000 annually
• Overtime is taxed only at your regular hourly rate, not at the higher overtime rate
• Auto loan interest deductible up to $10,000 for vehicles finished in the USA
• SALT deduction cap increased from $10,000 to $40,000 through 2029
• 100% bonus depreciation returns starting January 19, 2025, through 2028
• 1099 reporting threshold increased from $600 to $2,000 beginning in 2026
• Income limitations apply to many benefits: $150K for singles, $300K for married couples

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Ever been shocked by a massive tax bill in April? Let's not let that happen again! For business owners, freelancers, and anyone with significant non-W2 income, estimated tax payments necessary.

The IRS rules have changed in recent years. While the IRS used to charge around 3% for missing these payments, that penalty has increased. Now more than ever it is important to make your estimated tax payments!

The good news is that navigating estimated tax payments is manageable with the right approach. In this episode we walk you through how to make estimated tax payments and answer all the common questions we receive about them.

Take control of your tax situation by planning ahead. Your future self will thank you! Share this with a friend who complains every April about owing too much – you might just save them from the next tax-time panic!

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Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.

• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your taxable income significantly
• Opening a separate business bank account is crucial for tracking income and expenses correctly
• You can simply transfer money from your business account to your personal account as needed
• Estimated quarterly tax payments are required to avoid penalties from the IRS
• Consider setting aside 25-40% of income for taxes depending on your tax bracket
• Health insurance and retirement planning now fall entirely on your shoulders
• Once netting over $50,000 in profit, consider forming an LLC and electing S-Corporation status
• S-Corps require more complex paperwork but can save significant money in self-employment taxes
• Higher-earning contractors should work with a CPA rather than trying to handle everything themselves

Check out our guides for new businesses and S-Corp owners in the show notes if you need step-by-step assistance navigating your new tax situation.

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The Social Security Fairness Act eliminates the unfair Windfall Elimination Provision that prevented public service workers from receiving their full Social Security benefits despite paying into the system.

• Nearly 2 million Americans including teachers, firefighters, and public sector employees can now receive previously reduced or denied benefits
• Workers who already receive some benefits will automatically see increases of $300-$700 monthly
• Those previously denied benefits entirely could receive around $1,500 monthly
• Eligible recipients can file for retroactive benefits back to January 2024 using form SSA-561
• Apply online at ssa.gov if you've never received benefits or were previously denied
• Spousal or survivor benefits may require in-person or mail application
• Consult your tax professional about handling lump sum and retroactive payments
• Even if previously denied, public service workers should reapply under the new law

Please share this episode with anyone who works in public service or has family members who might benefit from these important changes to Social Security benefits.

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Dr. Amanda Thompson shares her experience with the monthly accounting membership program and how it has transformed her business finance management from chaotic Excel spreadsheets to organized QuickBooks mastery.

• Starting a business without business education background creates financial management challenges
• Excel spreadsheets work initially but become problematic as businesses grow
• Computer crashes can destroy financial records when not properly backed up
• QuickBooks provides powerful tools but requires guidance to use effectively
• Monthly accounting meetings create accountability for regular bookkeeping
• Regular reconciliation prevents year-end accounting nightmares
• Professional help managing issues like bank fraud can prevent accounting disasters
• Clean books throughout the year make tax season significantly less stressful
• Monthly accounting program often saves businesses more money than it costs
• Confidence in financial management allows business owners to focus on their expertise
• Tax projections help business owners prepare properly for quarterly estimated payments
• Type A business owners benefit from structured financial management systems

Want to grab one of our monthly spots? EMAIL us @ carson@sandsco.net

You can also book a discovery call with us HERE to see if it's a good fit for you!

Check out Rooted Physical Therapy at rootedphysicaltherapyllc.com or find Dr. Amanda on Instagram!

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We created our monthly accounting plan to solve the recurring problem of clients coming to us at tax time with messy books and missing tax-saving opportunities, and after nine months with our beta group, we're sharing how it's working and opening up a few more spots.

• Our monthly accounting plan provides accountability and real-time bookkeeping support, like having a personal trainer for your finances
• Works better than self-doing, external bookkeepers, or costly internal accountants who often create more problems
• Includes monthly one-hour calls at reduced rates with private booking link and priority access
• Tax returns completed by January with no extensions needed because books are maintained throughout the year
• Free tax projections eliminate surprises at tax time
• Covers QuickBooks training, reconciliations, tax strategy, retirement planning, and business decisions
• Costs $225/month with no contracts and consistently saves clients more in taxes than they pay for the service
• Email reminders on the first of each month highlight important deadlines and considerations

If you're interested in one of our limited spots, you can email us directly at carson@sandco.net

You can also book a discovery call with us to address any questions you have on the monthly accounting plan HERE

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We celebrate our 100th episode by giving listeners a behind-the-scenes look at our podcast journey, from inception to production challenges to our biggest wins.

• Started the podcast in January 2023 to help people we couldn't take on as clients
• Purchased a podcast course for $150 which provided crucial guidance on equipment, hosting, and editing
• Recording during tax season was challenging but strategic, as downloads are highest in the first half of the year
• Initially scripted episodes but became more comfortable with time, though still prepare notes for specific tax regulations
• Hired an editor (Kevin) which made continuing the podcast possible
• Our top three episodes: QuickBooks, paying kids from your business, and common startup mistakes
• Biggest wins include the personal finance series and S Corp series, which have helped listeners save thousands in taxes
• Moving to a bi-weekly schedule to make production more manageable
• Planning a second, more personal podcast focused on family life

Thanks for helping us reach 100 episodes! We'll continue providing tax and accounting wisdom every other week, focusing on the latest tax code changes and business strategies to help you save money.

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