The Untrapped Podcast With Keith Kalfas

Jan 4, 2021

Sharing with you guys the five things I've learned to do BEFORE Year-end Taxes. I know these things could be very annoying to you, because it happened to me, right? That is why here are the tips that I learned based on my own experience. You could follow these steps, or don't. It doesn't matter. What's important to me is. You get debt-free, whether you get help or do it in your own way. Let's dive in.

"I have a mentor who's one of my best friends who went from having a $2.3 million business to ending up going bankrupt, and going $1.4 million in debt, losing everything and getting audited, he lived out every entrepreneur's nightmare. He used to tell me these nightmare stories A long time ago in vivid detail that scares the crap out of me to make me understand that the taxes thing is a non-negotiable, right? I'm very thankful for that. And I want to share some of this with you" - Keith Kalfas

Topics Covered:

1:01 - Quickbooks account - start here, it will save you time to manage all your books to reconcile your finances.

1:23 -  Bookkeeper - hire someone who could help you manage your books. And hey, I have this awesome bookkeeper who is great doing this stuff, Dan Platta and he is super awesome. He is the CEO of Blue skies Bookkeeping and I assure you what he did for me he can do for you.

4:34 - Write all your finances

5:28 - Have a quick talk with your accountant or bookkeeper, talking to them and allowing them to give you advice on your finances could really help you settle your finances.

7:11 -  Be organized.

7:29 - Don't hesitate to ask your accountant and/or your bookkeeper about your finances. It is better if you initiate the move to ask, it is better to know more about this stuff than avoiding these things.

Key Takeaways: 

"Call your bookkeeper and your accountant or your CPA and I wouldn't recommend if you don't have an accountant, go find an accountant who specializes in taking care of small service-based businesses just like ours."

"So you go to your accountant, you sit down, and right in the middle of getting your taxes ready, you say hey, I've written a quick list of you know, five or seven things that I wanted to ask you while we're here face to face because I want to learn, right? Okay, whatever, okay? And then you just go down the list and get your questions answered and learn. And now not only are you not blindly just having your accountant take care of your or your take care of your taxes, but you're also learning the process as well."