Is Your Finance Sh*t Together?

Katelyn Magnuson: 00:00:17

Hey, welcome back.

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This is the final episode in season one.

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Thank you, preemptively for everyone that has DMD on Instagram sent me emails,

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told me how much they've loved the information and the season and how much

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they're looking forward to future seasons.

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This was such a big.

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Adventure to take.

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I'd been wanting to do it forever.

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I've been told by multiple people, oh, you should do it.

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You should do it.

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You should do it.

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But it's been really validating to hear back from all of you,

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how much you appreciated the information that we've been covering.

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So stay tuned.

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And in season two, we're going to delve into all of the personal finance basics.

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So we spent this season covering basically everything you need to

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know as a small business owner.

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And we're going to wrap that up in this episode and then

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next season we'll go over.

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All of the details you need to know on the personal side.

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So stay tuned again.

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Make sure you are.

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Sharing this with anyone that you think would find it beneficial or informative,

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and that if you haven't already left a review, please go leave a review.

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It is a super validating for me.

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I read all of them.

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and B it really helps the podcast get more reach.

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So I cannot tell you how much we appreciate the reviews and the feedback.

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And additionally, you get entered to win a session with me.

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We do a drawing at the end of every month, and you will.

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Have a chance to win a free session with me if you leave a review for the podcast.

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Okay.

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So we have gone through what kind of entity you should be

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as a small business owner.

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Why you should keep your finances separate what you should do for accounting

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setup, how you should price yourself.

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Um, we got into a little bit of the Wu behind the intentions and the

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reasons for why you're doing things or why you're purchasing things.

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And we chatted about how to pay yourself the right.

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So these are a lot of the foundational basics that you need to have a really

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good grasp on as a small business owner, whether you end up outsourcing

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your finances to a bookkeeper and accountant, a finance team, you

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need to understand these basics.

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It'll also make your relationship with any future companies that you work with so

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much more easily understood because you'll at least have a foundational knowledge

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of what they're talking to you about.

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So, We cover.

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And I know you want to know this.

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Get your financial together self study course, we cover business, entity types,

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and registration, and how to do it.

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10 90 nines w nines and of your processes, which we are hot and heavy

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in right now, because a reminder 10 90 nines, which you need w nine spore

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are due by January 31st of this year.

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So that deadline is coming up really quickly.

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We talk about how and when to hire are you bringing on employees?

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Are you bringing on contractors?

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Do you know the difference between those two?

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Because they're not interchangeable.

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Tech tools, tips and tricks other than being a really, you know, fun

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alliteration, what we recommend, what we use and what we really

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like and some good options that are either low cost or no cost as well.

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The legal side to your business.

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We have a guest speaker, Christy Westerfield, that goes over all of those

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little details that you need to know, and then income and expenses, mileage

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tracking, which we're going to pause on.

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Mileage tracking is one of the biggest deductions that most of our clients take.

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And it is really frequently missed.

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So make sure whether you do this course or you just buy the mileage tracker

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on my website, which comes with its whole explanation video for what, when,

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why, and how to use it the right way.

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Same thing with home office expenses.

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So you get to write off generally a portion of your home office expenses.

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How do you do that?

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What can you write off?

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What do you need to have in there?

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All of that is covered.

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We get a little bit what some people might think boring.

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I get really excited for it.

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Accounting software and systems set up how to use your accounting software

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audit, proofing your business, which like, please don't panic, but that's,

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you know what receipts you need to be keeping how you need to be.

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Keeping records are digital receipts.

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Okay.

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Why do you need receipts?

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And which ones do you need?

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And then we go over how to price.

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Business budgeting and reports so that you can review the most important

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ones and then advanced accounting.

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So things like depreciation, manual journals, or journal entries, um, which

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hopefully none of you ever have to do, but you have a basic rundown on.

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And then we have some really fun things.

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So quarterly estimated taxes, how to file your own taxes in TurboTax, how

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to pay IRS quarterly estimates, how to pay your IRS taxes online, which if you

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are not already doing that, oh my God.

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Please pay your taxes.

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Both your quarterly taxes and your federal end of year taxes and state

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taxes, wherever possible on line.

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It is.

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Oh my God.

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It is so nice.

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Like saves you so much time.

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You don't have to get a check.

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You don't have to like, go deal with any of that.

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Cause I have a client that had no idea that they could pay online and they've

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been paying for years with that little voucher, having to go to the bank, get

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checks printed, do the whole thing.

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Highly overrated.

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Highly overrated.

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And then.

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Also what retirement options you have as a self-employed individual and how to set

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up 120 day IRS installment payment plan.

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Because we talked a little bit about that during the episode where we

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covered quarterly estimated taxes, but the IRS has payment plans available.

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If you ever have a year.

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Your taxes sneak up on you, you made more than you realized, or

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maybe you didn't have a lot of extra money to be setting aside those

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ratios that you needed to for taxes.

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You know, maybe you had a dip in income and you were just

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trying to make ends meet.

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There are some really good options there.

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And lastly, state resources, federal resources, email templates, which I

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think are a really cool addition for.

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10 90 nines requesting w nines from people.

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And then there are some miscellaneous resources in here that have, you know,

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like the ultimate basically puts all of these into a checklist for you.

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So you have a lot of the key dates by month, by quarter by year, so that you

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can be keeping track of all of this.

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So that is a lot of information and we have literally only touched on.

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Probably half, maybe even less than half a third of what we cover in there.

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But so many of them are really visual and have downloads or worksheets that did

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not lend themselves to podcast topics.

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So while you've gotten a ton of value from the podcast and you have a lot of

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the information that you need, if you are not going to take action, whether

Katelyn Magnuson: 00:07:34

it's taking this course, whether it's implement, implementing what you've

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learned, nothing's going to change.

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So I know we harped on this.

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We, the mouse in my pocket I harped on this in our last episode, take action.

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Whether it's buying this course, whether it's implementing something that you've

Katelyn Magnuson: 00:07:53

learned, whether it's opening a separate bank account, taking these small steps

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we'll help you build confidence in your knowledge and your

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ability to handle your finances.

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And that is priceless because taking those little steps shows that you can do this.

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You can show up for yourself.

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You can be here, you're reliable, and that continues to build the story in your head.

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That you've got this, you can manage your finances responsibly

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or with confidence because Googling is only going to get you so far.

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And that's the whole reason I created this course in the first place,

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because I, there was actually this, um, meme quote that one of my clients

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made, um, of something that I'd said.

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And I said, stop Googling shit, because.

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So many people.

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And if you know what you're looking for, I'm going to preface this.

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If you have the knowledge to know what you're looking for and to be able to

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search it, read through it and make sense by all means the information is there.

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However, even if you find the right information, do you have the confidence

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to know that it's the right information?

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Do you have the confidence to understand that that's exactly what you need.

Katelyn Magnuson: 00:09:16

Do you have the confidence to understand that it's exactly what you need.

Katelyn Magnuson: 00:09:20

It's exactly right for your business right now?

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Because I've had clients come to me that are making two, three,

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$400,000 and are set up as a sole proprietor or a single member, LLC.

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And they're literally overpaying 20, 30, 40 grand a year in income taxes

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that just doesn't need to be paid.

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Because no one told them or they didn't know to ask.

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And I don't fault them.

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You know, they're, they're not an accountant, they're

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not a financial expert.

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They don't have a bookkeeper working with them.

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So why would they know that they weren't doing the right thing?

Katelyn Magnuson: 00:09:54

So a, should you be doing something different?

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Do you know that?

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Just by Googling B if you hear everyone throwing around,

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oh, you should be an S-corp.

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Oh, you should be this.

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Oh, my brother's sister did this, which would be your

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sister by the way, generally.

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But you'll gain the confidence from this course to know, should I be an S-corp?

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Should I be a sole proprietor?

Katelyn Magnuson: 00:10:18

Are these things the right fit for me, for my business now?

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And are there earmarks occurs or waypoints that I can watch out

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for as I go along and as I grow?

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Which I think is really overlooked as being important.

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If, you know when you get started, okay, cool.

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When I'm making 50 or 60,000 a year in profit, I should

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probably look at being an escort.

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You know, when that next action point is going to hit, and that is so

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beneficial for a building confidence, but be easing a lot of fear and anxiety

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that comes with being a business owner and wondering like, am I overpaying?

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Like I get a massive tax bill every year.

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Is there anything I could be doing differently?

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So you're not going to be leaving constantly wondering,

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did I categorize that right?

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Is that actually a write off?

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What's the deduction?

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Am I doing it all right.

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Am I going to be audited and ended up in jail?

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And that is a really, really common fear that people that I work with

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deal with, you know, they're worried that like maybe they haven't filed

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their taxes in two years because they got super overwhelmed and then

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they ended up in that shame spiral.

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Get your finance shit together.

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Self study course does exactly that.

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It gets your business, finance shit together.

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It moves you from a place of feeling unsure, anxious, overwhelmed, stressed

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to a place of confidence, peace, clarity, and understanding next

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steps for yourself, which brings a modicum of control to your life.

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You get to be the driving factor in your life, the driving force.

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You are not simply along for the ride.

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You're actively, you know, steering the train or steering the bus

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or whatever we want to call it.

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You're taking a real active role instead of a passive role in your finances.

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So you're no longer going to get lost in a sea of Googling.

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You're not going to Google for hours.

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Think you understand.

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And then actually ended up picking the wrong thing.

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You'll be able to take what you've learned and implement it, and you can implement.

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Immediately.

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I mean, even these podcasts episodes, you should be making changes every

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time you're listening to them.

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Whether that's automating a bill, separating your business accounts,

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I'm literally going to harp on this like 17 more times, because if you're

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a business owner and you do not have a separate checking account, like.

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Do it do it now there's no excuses.

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You might have to go in in person.

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It kind of sucks.

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Not gonna lie.

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Separating that out will make a huge, psychological difference in your business

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and how you treat your business finances.

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And it's going to make such a massive difference if you

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outsource your bookkeeping ever.

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Or if at the end of the year, you want to go through and pull your bookkeeping

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together, which I've been doing with all my clients and they're going through.

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Or they're sending a VA through, after going through one of my courses or going

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through a training with me and they're having them categorize everything so

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that their books are ready for taxes.

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And so that they're not leaving deductions on the table and

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they're not overpaying their taxes.

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So we have this course that covers everything in here.

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There's some optional support that you can add on when you're done with it.

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It's totally prerecorded.

Katelyn Magnuson: 00:14:10

You can go at your own pace.

Katelyn Magnuson: 00:14:11

And what I really like about how I set this up, we're going to pat

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myself on the back here because when I've taken courses in the past, I.

Katelyn Magnuson: 00:14:19

Being neurodivergent ADHD, I don't want to always work through everything

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in the exact order that I'm given.

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I made this so that you can skip around.

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It's flows, I think semi chronologically, but it is not required in order for you

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to get the information that you need.

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So if you get into this right now and you're like, oh shit, I have 10 90 nines

Katelyn Magnuson: 00:14:38

and w nines and it's almost tax season.

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You can dive straight into the 10 90 nines and w nines right now.

Katelyn Magnuson: 00:14:45

And there standalone within this course.

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Do they work in conjunction?

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Are they potentially referenced in other videos?

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Absolutely.

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But you don't have to have gone through a bunch of other things in

Katelyn Magnuson: 00:14:56

order to make those work on their own.

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If you're ready to be able to watch the video content, download

Katelyn Magnuson: 00:15:03

the workbooks, we made Excel.

Katelyn Magnuson: 00:15:07

Sheets with instructions that are very simple for things like the quarterly

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estimated tax calculator, for the income and expense tracker for the

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mileage tracker, so that these are ready to be implemented right now.

Katelyn Magnuson: 00:15:20

And if you're not ready to put a whole accounting software into place, you can

Katelyn Magnuson: 00:15:24

take the information that's in here.

Katelyn Magnuson: 00:15:25

You can take the worksheets and you could do your entire year's

Katelyn Magnuson: 00:15:29

worth of bookkeeping, and be ready to file your own taxes.

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Or at the very least know that you're not missing any of your deductions and be

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able to send everything to a tax preparer.

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So take some time for yourself.

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Take action instead of continuing to put it off.

Katelyn Magnuson: 00:15:45

And again, whether it's this course, whether it's a smaller course offering

Katelyn Magnuson: 00:15:49

that I have on my website, this one is just the most comprehensive and gets

Katelyn Magnuson: 00:15:54

rave reviews because of how much time, effort, and energy I put into it to make

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sure that it covered all of the bases.

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I'm not here to patronize.

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I'm not here to talk down to you.

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I am here.

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To basically be your best friend when it comes to finances.

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I talked to you, like I talked to my friends, I talked to you, like I

Katelyn Magnuson: 00:16:14

talked to my sister or my parents.

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I want you to succeed.

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I want you to do well.

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And more than that, I want to see that moment, that things click for you.

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And you.

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You get to be excited.

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You get to feel at peace.

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You get to have this just immense feeling of clarity and that you

Katelyn Magnuson: 00:16:36

know where you're going, because life can be really hard sometimes.

Katelyn Magnuson: 00:16:41

Being a business owner can be lonely, difficult, exciting, wonderful,

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you know, a whole gamut of the human experience and emotions.

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And this is one area that I can make so much less stressful and so

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much less anxiety inducing for you.

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So confident money podcast.com.

Katelyn Magnuson: 00:17:02

This program is linked there.

Katelyn Magnuson: 00:17:04

You are always welcome to send questions over.

Katelyn Magnuson: 00:17:07

Make sure it's the right fit for you.

Katelyn Magnuson: 00:17:09

There's Even a money back guarantee, you get access preemptively to

Katelyn Magnuson: 00:17:13

some of the modules so you can make sure it's a good fit for you.

Katelyn Magnuson: 00:17:16

So take the time and I'll see you the next season.

Katelyn Magnuson: 00:17:21

I'm really excited.

Katelyn Magnuson: 00:17:23

I loved this season and I'm so excited for the next season.