Tax Prep Red Flags: Don't Get Audited! | Ep. 293

Jan 11, 202421 min

Are you ready to pick the perfect tax professional and avoid the pitfalls of problematic preparers? Tune in to this enlightening episode of Money Talk With Tiff as Tiffany Grant welcomes back the knowledgeable Camari Ellis for a deep dive into the red flags of tax preparation. Camari, an Enrolled Agent, shares invaluable insights on distinguishing between various tax preparers, such as CPAs, EAs, attorneys, and the unenrolled. He emphasizes the significance of never surrendering your original tax documents and the importance of ensuring your tax preparer includes their PTIN on your return to avoid becoming ensnared in their potential audits. Discover why bigger refunds aren't always better and how choosing a tax preparer who can't answer your questions can lead to trouble. Camari and Tiffany discuss why an informed client is the best client and how to foster a proactive relationship with your tax professional for strategic planning all year round. Don't let the allure of a large refund or the convenience of a back-of-the-gas-station tax service lead you astray. Listen to this episode and arm yourself with the knowledge to select a tax preparer who is above board, knowledgeable, and invested in your financial well-being. Share this episode to spread the word and help others stay on the right side of the IRS! About Our Guest Camari Ellis is a Tax Advisor, with over 30 years of experience in the Financial Services & Tax Industry. He is a Black Wealth Advocate. He graduated from Temple University, majoring in Finance, and loves everything related to business, the stock market, and social media. Connect with Camari Email: [email protected] Book a meeting: https://bookme.name/CamariEllis/consultation (https://bookme.name/CamariEllis/consultation.) Twitter (X): @thefinancerebel (https://x.com/thefinancerebel) Instagram: @thefinancerebel (https://www.instagram.com/thefinancerebel) YouTube: https://www.youtube.com/@TheFinanceRebel Connect with Tiffany Website: https://moneytalkwitht.com (https://moneytalkwitht.com/) Facebook: Money Talk With Tiff (https://www.facebook.com/moneytalkwithT/) Twitter: @moneytalkwitht (https://twitter.com/moneytalkwitht) Instagram: @moneytalkwitht (https://www.instagram.com/moneytalkwitht/) LinkedIn: Tiffany Grant (http://www.linkedin.com/in/tiffanygrant1) YouTube: Money Talk With Tiff Channel (https://www.youtube.com/channel/UCYQ8HDExD5_WllpSAfy_l9w) Pinterest: Money Talk With Tiff (https://www.pinterest.com/moneytalkwitht/) Additional Links & Resources Internal Revenue Service | An official website of the United States government (https://www.irs.gov/) Support this Podcast (https://moneytalkwitht.com/donate) Copyright 2023 Money Talk With Tiff This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Tax PreparationIRS AuditsEnrolled Agent

Saving Money on Taxes with Lance Belline | Ep. 131

Aug 18, 202219 min

Lance joins Tiffany this week to discuss strategies everyone should adopt in order to save money on taxes. About Our Guest Throughout his two decade career as a Financial Advisor, Lance has defined “or fine-tuned” his PURPOSE. Which is developing lifelong relationships with his clients and providing them financial confidence and clarity of how they are going to accomplish their goals. Lance prides himself in being able to explain all the details and complex issues in a clear language that his clients can understand. Lance's philosophy in life is to follow 3 simply rules; God, Family, Work. Growing up in Lamar, Missouri, his parents instilled in him the values that he strives to live by each and every day. He strongly believes in the power of community service and reaching out to those in need. Lance and his wife and three children reside in Fayetteville and they try to instill those same values in their children. He also enjoys spending time golfing, hunting, snow skiing, water skiing, and Crossfit. Connect with Lance Website: https://www.lhfinancial.net/ LinkedIn: https://www.linkedin.com/in/lancebelline Email: [email protected] Facebook: www.facebook.com/lance.belline Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Lance Bellinetax strategiesretirement planning

Twitter Spaces Replay 10/3/22 | Ep. 145

Oct 11, 2022132 min

Every Monday at 9 PM exclusively on Twitter, Tiffany hosts a Space called FinNoir: A Space for Black Money Talk. This Space features a variety of black voices in personal finance to give their perspectives, information, and thoughts on money topics that affect the black community. In this session, we discuss our favorite books and key takeaways from each. We also talked about taxes! Hosts: Tiffany Grant (http://www.moneytalkwitht.com) & Rahkim Sabree (https://RahkimSabree.com) Speakers: Markia Brown (http://Www.MarkiaBrown.com), Steven Stack (https://StevenLStack.com), Camari Ellis (https://youtube.com/channel/UCzraqCajunpvtkDwnakByqA), Nia Adams (http://Www.perspectiveschange.com), Jonathan Thomas (https://youtube.com/channel/UCh6j8npR7TSMij5sJ88js3g), Renita Young (https://Instagram.com/renitadyoung), Tamika Howell (https://www.instagram.com/organizeyourmoney/) This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

personal finance booksBlack wealth buildingfinancial trauma

Essential Small Business Tax Tips with Aimee LaLiberte | Ep. 65

Aug 7, 202131 min

In this episode, Tiffany Grant sits down with Aimee La Liberte, the owner of My Virtual CFO, to delve into crucial tax strategies and financial management for small businesses. Whether you're a new entrepreneur or a seasoned business owner, this episode is packed with essential insights to help you navigate your financial needs effectively. Key Discussion Points Identifying Financial Support Needs Aimee emphasizes the importance of understanding specific financial support requirements. Options include hiring a bookkeeper, a fractional CFO, or a CPA based on your business's financial complexity. Tiffany’s Experience Tiffany shares her journey in managing business finances, initially considering only a bookkeeper but realizing the need for strategic financial assistance from a CPA or fractional CFO for tax strategy and growth. Tool Spotlight - QuickBooks Online Highlighted as a valuable tool for handling payroll and basic bookkeeping tasks efficiently. Profit Creation and Tax Payment Profit signifies wealth creation for the business owner. Paying taxes is an indicator of business profitability and supports societal infrastructure. Positive Perspective on Taxes Reframe your mindset to view tax payments as a positive contribution to governmental services and a marker of business success. Business Structure Recommendations Start with an LLC to establish credibility and legal entity status. Transition to an S Corp as profits increase to take advantage of tax benefits and structured payroll. Financial Management Strategy - Profit First Implement the "Profit First" methodology by Mike Michalowicz (https://amzn.to/4erSlUK): Create five bank accounts for better cash flow management: Income, Profit, Tax, Owner’s Pay, Operating Expenses. Distribute incoming funds according to preset percentages to ensure saving for taxes and allocating profit. Budgeting and Mindset Using separate accounts for different financial needs alleviates financial fear and ensures budget management. Structure finances to allow consistent owner pay and expense management without disruption. About Our Guest As the owner of My Virtual CFO, Aimee is a trusted profitability advisor to six and seven-figure business owners who are tired of being behind in their books and are ready to uncover blind spots, course correct, and ultimately get more profitable. Aimee also is a certified life and money coach and works with business owners who seek greater confidence and unwavering drive to attract and build wealth in their businesses and lives. Connect with Aimee Website: https://myvirtualcfo.co/ This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Aimee LaLiberteMy Virtual CFOLLC

Listener Request: What are Roth IRAs? | Ep. 5

Aug 15, 201911 min

Always wondered about Roth IRAs? Join Tiffany as she breaks down what they are and how to best utilize them. This is a listener request episode. If you want to have your question featured, please submit on our website (https://www.moneytalkwitht.com/asktiffany.html). Like what you heard? We are now on Patreon! Support the movement and become a Patron (https://www.patreon.com/moneytalkwitht) to get exclusive content and insider information! Links Visit our blog: www.moneytalkwitht.com IRS Website: https://www.irs.gov/retirement-plans/roth-iras Connect on Social Media Facebook: Money Talk With Tiff (https://www.facebook.com/moneytalkwithT/) Twitter: @moneytalkwitht (https://twitter.com/moneytalkwitht) Instagram: @moneytalkwitht (https://www.instagram.com/moneytalkwitht/) LinkedIn: Tiffany Grant YouTube: Money Talk With Tiff Channel Pinterest: Money Talk With Tiff (https://www.pinterest.com/moneytalkwitht/) This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Roth IRARoth 401kTraditional IRA

Byron Wolfe on Working Smarter, Not Harder for Small Businesses | Ep. 299

Feb 1, 202425 min

In this episode of Money Talk with Tiff, Tiffany interviews Byron Wolfe, a CFO, to discover how small business owners can work smarter and not harder. They discuss the impact of hustle culture, the importance of maximizing profit over revenue, and strategies for outsourcing tasks to focus on your strengths. Byron also shares insights on leveraging research and development tax credits to increase profitability. Tune in for priceless tips on optimizing your business's financial health and freeing up time for what truly matters. About Our Guest Byron's gift for translating the complexities of business financial principles with a focus on small businesses into easily understood communication has made him one of the most highly sought financial and business consultants. He is the Founder of CFO•AF, a financial services and business consulting firm specializing in industries ranging from construction to crypto. Byron is Chief Financial Officer for an INC 5000 company and is the fractional CFO of various companies with annual revenues from 3-25 Million. His certification in the Crypto, NFT, and the Metaverse space has led to many projects with DAOs and crypto companies and he is considered one of the first experts in crypto tax strategy. Byron’s true passion lies in helping small business owners expand their financial reach and success through various tools like the R&D tax credits, proactive tax plans, creative funding and high contact financial management. Connect with Byron Website: https://www.cfoaf.com/ Facebook: https://www.facebook.com/cfoaf Instagram: https://www.instagram.com/the_cfoaf/ LinkedIn: https://www.linkedin.com/in/byron-a-wolfe-cpa/ Connect with Tiffany Website: https://moneytalkwitht.com Facebook: Money Talk With Tiff (https://www.facebook.com/moneytalkwithT/) Twitter: @moneytalkwitht (https://twitter.com/moneytalkwitht) Instagram: @moneytalkwitht (https://www.instagram.com/moneytalkwitht/) LinkedIn: Tiffany Grant (https://www.linkedin.com/in/tiffanygrant1) Timestamps [05:18] Replace disliked tasks, focus on strengths, delegate. [08:52] Analyze spending to maximize profitability and productivity. [11:30] Optimize percentages, maximize profit, increase revenue efficiently. [15:01] Evaluate marketing spend based on return on investment. [18:23] Investing in tech can lead to tax benefits. [20:23] Research and development tax credits reduce taxes. Key Takeaways Work-Life Balance: Reducing workload while being profitable. Outsourcing: Delegate tasks to focus on strengths. Profit Maximization: Focus on keeping more money. Business Efficiency: Getting more accomplished in less time. Expense Management: Understanding the impact of spending. R&D Tax Credits: Utilizing tax incentives for research. Fractional CFO Services: Professional financial guidance for businesses. Support this Podcast (https://moneytalkwitht.com/donate) Copyright 2024 Money Talk With Tiff This podcast uses the following third-party services for...

Byron WolfeCFO•AFsmall business

Retirement Daily with Robert Powell | Ep. 113

Jun 16, 202223 min

Robert Powell joins Tiffany in this episode to talk through all things retirement planning! Robert drops gems on how to start planning for retirement, where you should be investing your money, and he answers frequently asked questions about retirement. About Our Guest Robert Powell, CFP®, is an award-winning financial journalist whose work appears regularly in MarketWatch.com, USA Today, TheStreet.com, The Wall Street Journal, and AARP. He is the editor and publisher of TheStreet’s Retirement Daily (www.retirementdaily.net (http://www.retirementdaily.net/)), editor-in-chief of the Investments and Wealth Institute’s (IWI) Retirement Management Journal, host of IWI’s Exceptional Advisor podcast; co-founder of finStream.tv; and co-founder of Salem State University's Online Elder Planning Specialist program. Connect with Robert Instagram: https://www.instagram.com/retirementdaily/ Twitter: @rjpiii (https://twitter.com/RJPIII) Facebook: https://www.facebook.com/RetirementAdviceandWisdom Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

Retirement PlanningI-Bonds401k

Tax Strategy