What’s Kenner French Thinking!

R. Kenner French and Liliana Falconer discuss the top three things that new entrepreneurs need to do to set themselves up for success. The three main themes are: passion, preparation, and business structure. They emphasize the importance of being passionate about what you want to do as an entrepreneur, as it will help you push through tough times. They also highlight the need for preparation, both financially and emotionally, and suggest having a good support system in place, such as a CPA or virtual assistant. Lastly, they stress the significance of understanding the logistics and structure of your business, including choosing the right business entity to protect your personal assets and optimize tax benefits. Takeaways • Passion is crucial for success as an entrepreneur. Be clear on what you want to do and have a strong belief in it. • Preparation is key. Have your finances and emotions in order, and consider having a support system in place. • Understand the logistics and structure of your business. Choose the right business entity to protect your personal assets and optimize tax benefits. Sound Bites • Be clear on what it is that you want to do. Don't be swaying between, well, should I do this or should I do that? I think you definitely need to have a clear, concise idea and have passion behind it. • Have your ducks in a row, make sure you're prepared. So meaning financially and emotionally. • Having a good, concise structure around the types of business that you should be filing for and having are really, really important. If you have any questions in general you can reach our office at: VastSolutionsGroup.com Phone: (888) 808-8278 Email: info@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!

Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Many self employed small business owners are rushing to do the same. With the fact that 401(k) assets can now be invested in cryptocurrency they are hot right now. For owners of profitable one-person business operations, a relatively new retirement plan alternative is the solo 401(k). They provide the potential for retirement growth and tax mitigation. The main solo 401(k) advantage is potentially much larger annual deductible contributions to the owner’s account — that is, your account. Good! New to the fold now is that under the right circumstances you can invest your 401(k) assets into cryptocurrencies like Bitcoin, etc!

Kenner and Lily introduce themselves as co-hosts of the podcast 'The Vast Voice: Telling Business Secrets to Entrepreneurs.' They discuss the benefits of podcasting for entrepreneurs and the importance of choosing a co-host who can connect with the audience. They also talk about the logistics of podcasting, including the technology and platforms they use. Kenner shares his experience of how podcasting has helped strengthen relationships with clients and increase brand visibility. They encourage entrepreneurs to start their own podcasts and embrace the vulnerability and excitement that comes with it.

Ever dreamt of owning a towering skyscraper or a sprawling shopping mall, but the price tag left you speechless? In this episode of Vast Voice, we bring you a titan of the industry, Mr. Irwin Boris, a renowned New York City commercial property financier. Get ready to unlock the secrets to securing funding for those colossal commercial real estate deals. Mr. Boris will pull back the curtain and share his expertise on navigating the world of commercial financing. We'll delve into: Financing Strategies for Big Deals: Discover the various funding options available for large commercial properties, from traditional lenders to alternative financing solutions. Building Your Case: Learn how to craft a compelling proposal that attracts investors and lenders, showcasing the potential of your commercial property project. De-risking Your Investment: Explore strategies to mitigate risk and make your project more attractive to financiers, boosting your chances of securing funding. This episode is a goldmine for anyone with ambitious plans in the commercial real estate arena. Whether you're a seasoned investor or a budding entrepreneur, Mr. Boris' insights will equip you with the knowledge and strategies to turn your vision into a reality. Tune in to Vast Voice and unlock the secrets to financing your next big commercial property deal!

Yes, it is true, you can lower tax liability with artificial intelligence. Few people realize that there are applications and services out there that utilize sophisticated technology to lower tax liability, while also increasing retirement savings for individuals and entrepreneurs alike.

Maximizing Business Deductions: The Key to Financial Efficiency For any business owner, navigating the labyrinth of tax laws and deductions is not just a matter of compliance but a strategic necessity. By ensuring you take advantage of all available deductions, you can significantly reduce your taxable income, thereby minimizing your tax liability. This approach is not about evasion but about smart financial management. 1. Understanding Deductible Expenses: Firstly, it's vital to comprehend what constitutes a deductible business expense. Generally, these are the ordinary and necessary expenses for the operation of your business. This includes costs like rent, utilities, employee salaries, and supplies. Keeping abreast of tax law changes is crucial as it can affect what deductions are currently available. 2. Cash Flow Optimization: Lower tax liabilities directly impact cash flow – a vital component of business health. More money retained in the business can mean more resources for expansion, hiring, research and development, or as a buffer during lean times. 3. Accurate Record-Keeping: Meticulous record-keeping is the cornerstone of maximizing deductions. This means keeping detailed records of all business-related expenses, no matter how small. Modern accounting software can be invaluable in tracking these expenses and ensuring they are categorized correctly for tax purposes. 4. Leveraging Professional Advice: Tax laws can be complex and ever-changing. Working with a qualified tax professional or accountant can help you navigate these complexities and ensure you're not missing out on any deductions. These professionals can provide tailored advice based on your unique business circumstances. 5. Avoiding Costly Mistakes: Failing to take all the deductions you're entitled to can result in paying more tax than necessary. Conversely, overstepping the bounds of what's allowable can lead to penalties and audits. Understanding the balance is key to effective tax management. 6. Strategic Planning: Beyond just annual tax preparation, understanding deductions plays a role in broader business planning. It can affect decisions on significant purchases, hiring, and investments. Tax planning should be an integral part of your business strategy. 7. Enhancing Business Credibility: Efficient tax management, including the effective use of deductions, reflects well on your business’s operational proficiency. It demonstrates a well-run, financially savvy operation, which can be beneficial in attracting investors, partners, and even in competitive bidding situations.

In this conversation, Kenner and Lily discuss the pros and cons of working with your spouse in a business. Kenner shares that working with his wife has been awesome and they have a good work-life balance. Lily, on the other hand, advises against it but acknowledges that there are some pros. They suggest starting with small projects to test the waters and setting strict boundaries to separate work and personal life. Kenner also mentions the importance of having free days (as defined by Strategic Coach and Dan Sullivan) to spend time with loved ones. Overall, they conclude that working with a spouse can work if done right.

Is bookkeeping important for the IRS? Ask the auditor when he or she knocks on your door. Yes. Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. What kinds of records should I keep? You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes. How long should I keep records? The length of time you should keep a document depends on the action, expense, or event the document records. You must keep your records as long as needed to prove the income or deductions on a tax return. How should I record my business transactions? Purchases, sales, payroll, and other transactions you have in your business generate supporting documents. These documents contain information you need to record in your books. What is the burden of proof? The responsibility to substantiate entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove certain elements of expenses to deduct them. How long should I keep employment tax records? Keep all records of employment taxes for at least four years.

The worlds of finance and technology are on a collision course, and in this episode of the Vast Voice, we buckle up for the ride! We explore the fascinating intersection of Artificial Intelligence (AI), cryptocurrency, and taxation, and how these forces will revolutionize the way we manage money. Imagine AI-powered tax software that anticipates your filing needs, automatically optimizes deductions, and even flags potential cryptocurrency tax pitfalls. We'll discuss the possibilities of AI streamlining the tax filing process for individuals and businesses alike. But what about crypto itself? We'll delve into the complexities of taxing cryptocurrency transactions and how AI can help navigate this ever-evolving landscape. Can AI algorithms identify tax evasion attempts in the decentralized world of crypto? We'll explore the potential benefits and challenges. This episode isn't just about the future; it's about equipping you for it. We'll provide actionable insights on how to stay informed and prepared as these technologies continue to develop. Join us as we untangle the complex web of AI, crypto, and taxation. Whether you're a crypto enthusiast, a tax professional, or simply curious about the future of finance, this episode is a must-listen!

While tax laws are intricate and vary based on individual circumstances, there are relatively simple strategies entrepreneurs should use to reduce tax liability. This episode should help a ton.

You can sum up the appeal of a Roth IRA in three words: federal tax benefit. Add on top of that the new potential of huge earnings in cryptocurrency and you have a powerful combination. Earnings in a Roth IRA grow tax free as long as the owner abides by the Internal Revenue Service (I.R.S.) rules, and withdrawals are federally tax free once you reach age 59½ and have held the Roth IRA for at least five years. Unfortunately, some people make too much money to contribute to one. There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy. High-income taxpayers may create Roth IRAs indirectly. This involves a little maneuvering, but may be of interest to certain investors — and also can also be invested in crypto nowadays. The “backdoor” IRA strategy typically starts with the creation of a traditional IRA. The contributions to this new IRA are usually non-deductible, because of the IRA owner’s high modified adjusted gross income. This new traditional IRA is fully or partly funded, and with a financial professional’s help, it is quickly converted to a Roth IRA, and any tax liability is paid. Sometimes finding an investment professional who has knowledge in cryptocurrency is a challenge but they are out there. Backdoor Roth IRAs are great potential environments for crypto.

If you are not using technology, specifically AI, to lower your tax liability, something is wrong. Technology is now more readily available, even at relatively low prices than ever. Therefore, you should be using it to lower your tax liability, save you time, therefore making it so you can spend more time doing the things you enjoy maybe even spending time with your family. By implementing AI technology in tax/financial planning several benefits are enjoyed, including: Increased Accuracy: AI algorithms can analyze vast amounts of financial data with precision, reducing the risk of errors and inaccuracies in tax calculations and filings. Advanced Tax Optimization: AI can identify potential tax deductions, credits, and strategies tailored to your specific financial situation, helping you maximize tax savings while remaining compliant. Time Efficiency: Automation of routine tax tasks frees up time for tax professionals to focus on strategic planning and providing personalized advice to clients. This also allows individuals to spend more time on activities they enjoy, such as spending time with family. Real-time Insights: AI-powered analytics provide real-time insights into tax implications of financial decisions, allowing for proactive tax planning and decision-making. Cost Savings: By reducing manual effort and optimizing tax strategies, AI technology can lead to cost savings in tax preparation and compliance efforts. This episode will help you to understand the benefits and potentially how to implement AI in lowering taxes and increasing wealth all at the same time.

In this episode of Tax Tuesday, Kenner and Lili go over a very brief and SMART idea to tax mitigation. Listen up to see what it is. It is something ALL and EVERY entrepreneur should live by. Wait, in fact, all tax payers to a certain extent should abide by the suggestions that Kenner and Lili cite.

For many people, retirement income may come from a variety of sources but before that many people may need familiarizing as to where they are.

Though so many people are seemingly "sitting on the sidelines," right now is the time to be actively investing in real estate. Do not be one of the those people who buys at the top of the market because of a craze buy when things are at the bottom and people are fleeing. Be a contrarian. You will be glad you did. Plus, in the this episode we go over some of the future episodes where awesome guests appear for example: JCron (Jonathon Cronstead) of Kajabi fame, David Sanghera, JD Gibson, Stephen Hilgart and, of course, Rob Flick of real estate team fame.

What a first guest we have on our special guest Thursday!! None other than Stephen Hilgart joins us to talk about his view on how to grow a business of any kind into the next Google. Man, his ideas are mind blowing. Stephen advises and consults with Fortune 500 companies, executives, managers and sales professionals in the areas of Peak Performance, leadership, organizational behavior, psychology of achievement, and sales. Stephen has personally taught and used Tony Robbins’ strategies and techniques to start, build, and sell 3 successful businesses and created a unique “rags to riches” story that has inspired thousands. Stephen is an expert at using Tony Robbins peak performance strategies to get results for the most successful and influential leaders, entrepreneurs, and business people around the world. His greatest passion in life is to see people succeed at a level they never thought possible and to help them unleash their full human potential! In this episode he goes over what it was like to live in his car all the way to now being known as a true business guru. People from Bainbridge Island, WA to Palm Beach, FL will learn from this episode. What an incredible story.

Your host, R. Kenner French, wrote an article years ago titled that well before the big AI wave. Little did he or society know that AI is basically essential to success in today's marketplace. In this episode we briefly go over the importance of using AI to keep ahead, grow, and hopefully truly prosper.

Too many times do people completely disregard taxes and simply pay the tax bill on April 15th. An entrepreneur should start planning for their cash flow, tax situation, well before Tax Day. May you be on Bainbridge Island, WA, SoCal, NYC, to Palm Beach, FL, just take at least an hour a quarter to take a look at your financial situation - well before it is too late. In this brief episode, we go over this concept and also a plea - look at your taxes quarterly, you will be glad you did!

Accounting fees Advertising Amortization Auto expenses Banking fees Board meetings Building repairs and maintenance Business travel Business association membership dues Charitable deductions made for a business purpose Children on payroll (Models?) Cleaning/janitorial services Cameras (Yes, people have them still) Collection expenses Commissions to affiliates Computers and tech supplies Consulting fees Continuing education (conventions and trade shows also) Costs of goods sold Credit card convenience fees Depreciation Dining and office food Drones Education and training for employees Equipment Exhibits for publicity Franchise fees Freight or shipping costs Furniture or fixtures Gifts for customers ($25 deduction limit for each) Group insurance (if qualifying) Health insurance Equipment repairs Health Reimbursement Arrangement (HRA) Health Savings Account (HSA) Home office (280a) Interest Internet hosting and services Investment advice and fees Legal fees Leased vehicle or equipment License fees Losses due to theft Materials Maintenance and janitorial Mortgage interest on business property Moving Newspapers and magazines Office supplies and expenses Outside services Payroll taxes for employees (Social Security, Medicare taxes and unemployment taxes) Parking and tolls Pass-Through 199A Deduction Pension plans Postage Prizes for contests Real estate-related expenses (rent included) Rebates on sales Research and development Rental (Investment) property Retirement plans Royalties Safe-deposit box Safe Spouse on payroll (oh, employees also) Social media advertising Software and online services Storage rental (rental lockers) Subcontractors Taxes (personal and real property) Telephone Travel that is business oriented Utilities Website design/consulting Workers’ compensation insurance

Want to do a smart thing? Max out your retirement account. Yep. It’s smart and very beneficial to strive to put the maximum amount into your retirement account(s) every year. When you do so, you can greatly reduce your taxable income and tax burden as well as boost your retirement income. Even if you find yourself behind schedule late into the calendar year, all is not lost; there are still things you can do. Take advantage of these strategies to make the most of your retirement accounts: 1.“Catch Up” contributions. If you’re age 50 or older, you can make additional contributions to your IRA or other qualified plan. You can contribute an additional $6,500 on top of the current maximum of $20,500 to qualifying plans. For IRAs, you can contribute an additional $1,000. 2. Roth conversion. In many situations, it can benefit you to convert a portion of your traditional IRA or other plan to a Roth IRA before December 31st. With a Roth IRA, you pay regular income tax on the funds before you put them in, but once they’re in a Roth IRA, they grow income-tax fee and you pay no income tax when you withdraw them in your retirement (provided you’ve had the account at least 5 years). Plus, unlike your traditional IRA, you’re not required to ever withdraw the money if you don’t want to, so they can continue to grow tax free as long as you like. You can even pass them down tax-free to your heirs. So the potential value of funds in a Roth IRA is greater than the potential value of the same amount of IRA funds. If your current taxable income has some room for growth because your tax deductions and credits wipe out your taxes, then the additional taxes for rolling over the traditional IRA might be a non-issue for you. Also, if you expect to be in a higher tax bracket when you retire, you’ll pay fewer taxes on the rollover now than you would if you kept the old IRA and had to pay taxes on your distributions in retirement. 3. Start a Self-Employed Retirement Plan. If you’re self-employed and currently are not utilizing a retirement plan, you potentially can contribute almost $61,000 towards your retirement each year (in what is called a defined contribution plan). Not only are you planning for your retirement, but also you’re reducing your taxable income by a considerable amount. There are a lot of options available for self-employed retirement plans. Investigate your options and choose the best one for your situation. Seek out professional advice if you need it. 4. Play the calendar game. If you find yourself nearing the end of the year and can see that you’re not going to reach the contribution limits for your 401(k), do what you can to increase your payroll deductions, even if it’s just for a few months. The same goes for any IRA contributions; do what you can to reach the limits.