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Keep What You Earn — Business
Keep What You Earn

Keep What You Earn is the podcast for aesthetics and wellness practice owners who want to scale profitably and build a business that is actually worth something.

Hosted by Shannon Weinstein, CPA and Fractional CFO, this show is designed for med spa owners generating $1–5M in revenue who are ready to move beyond reactive decision-making and into disciplined, strategic growth.

If you’re trying to break past the $2M ceiling, improve cash flow predictability, increase margins, open additional locations, or prepare your practice for a future sale, this podcast gives you the financial clarity to do it confidently.

Each episode focuses on the financial building blocks that determine whether your practice scales smoothly or stalls under pressure, including pricing discipline, operating margin control, cash flow forecasting, customer lifetime value, and enterprise value planning. This isn’t about more spreadsheets. It’s about financial leadership.

Whether you’re preparing for expansion or positioning your practice to sell, Keep What You Earn helps you think like a CFO and operate like a CEO.

[Disclaimer: Any opinions, recommendations, and tips offered on this podcast or other social media forums do not constitute individual tax or accounting advice. This content is designed to provide education and awareness about financial topics and responsibility for the benefit of the general public. Please consult a professional before implementing any of the suggestions made by Shannon or Keep What You Earn Co.]

Copyright: © 2021 All rights reserved Fitnancial Solutions.

Latest Episodes:

The Hidden Costs of Not Hiring a Tax Pro Apr 17, 2023

Show notes

I am discussing why tax professionals are finding it more challenging to showcase their value in an era where machine learning and artificial intelligence can help taxpayers obtain a larger tax refund. Although receiving the biggest refund possible may seem like the goal, our focus should be on achieving the best outcome possible.

I will be sharing some of the hidden costs associated with either doing your taxes yourself. Paying more in taxes, making mistakes on your tax return, bookkeeping errors, and finding ways to maximize your deductions are all areas where you could be making mistakes if you you are doing your own taxes. Tune in to learn how a tax professional can help you keep more of your earnings.

What you'll hear in this episode:

[1:30] Why it's hard for tax professionals to argue their value when machine learning and artificial intelligence can help you get a bigger tax refund?

[2:26] The goal of your taxes is not the biggest refund. The goal is the best outcome possible.

[3:30] Let's talk about some of the hidden costs of doing your own taxes or shopping for the cheapest tax preparer.

[4:30] #1: You can end up paying more in taxes if your tax pro does not understand what deductions are available to your business.

[5:00] #2 If you make mistakes on your return and they're discovered by the IRS, you can get stuck with penalties and interest.

[6:36] #3 Good tax professionals can help you uncover blind spots in your bookkeeping.

[7:24] You need to work with a tax preparer who asks questions that potentially brings about more deductions.

[8:30] #4 If your time is worth more than your money, you need to manage your time well.

* Related episodes:

What is Considered Tax Deductible?

How to Win the Game of Taxes and Wealth with Tom Wheelwright

The Essential Numbers to Review on Your Tax Return

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

The Essential Numbers to Review on Your Tax Return Apr 14, 2023

Show notes

I am breaking down how to read your federal tax return and understand what it all means. Of the most important aspects of your tax return is understanding what taxable income is and how it's calculated, understanding the differences between itemized and standard deductions, and knowing how to determine how much you actually owe in taxes versus what you've already paid in.

The goal of this episode should help you understand the meat of your tax return and help you formulate questions to ask your accountant about anything that doesn't quite look right or that you do not understand.

What you'll hear in this episode:

[3:33] What is contained on the first half of the first page of your 1040?

[5:35] What is contained in the income section of your 1040?

[7:10] Should I take itemized or standard deductions?

[11:34] What goes into your total income?

[15:25] Where is your total tax shown on the 1040 and what goes into it?

[16:11] How to figure out the difference between what has already been paid in taxes and what you owe.

[19:18] If you are short on time, these are the keys to understanding the meat of your tax return.

[20:44] Challenge your accountant to explain any questions to you.

Federal Form 1040

* Related episodes:

Listen to This Before Shopping For a New Tax Pro

3 Myths About Extensions

Investment and Retirement Planning for Business Owners with Pat Darby

How to Hire a Tax Planner with Jackie Meyer Apr 13, 2023

Show notes

I had the pleasure of speaking with Jackie Meyer, a seasoned CPA and tax professional with over 20 years of experience. We delved into the topic of tax planning, how taxpayers can save money on their taxes, and how taxpayers can determine if their tax preparer is truly saving them money vs just filing their return.

We discussed how to communicate with your tax professional to ensure you are receiving comprehensive tax planning services, not just tax filing. Jackie explained the differences between a tax preparer and a tax advisor and shared the questions that taxpayers should be asking their professionals to determine if they are getting the best advice.

We also talked about the impact of AI and technology on taxpayers' approach to taxes, and how they can be utilized to save money.

Jackie's wealth of experience and knowledge provided valuable insights for both taxpayers and tax professionals. On Keep What You Earn, our goal is to help you keep more of your hard-earned money, and Jackie's expertise has certainly contributed to that.

What you'll hear in this episode:

[4:30] Who is Jackie and how did she get into accounting?

[7:15] Is your tax preparer saving you any money in taxes? If not, how do you start looking into finding additional savings?

[8:44] How to communicate with your tax professional that you are looking for tax planning, not just tax filing services?

[11:20] As a taxpayer, what questions should you be asking your professional to start understanding what their capabilities are to help save you money in taxes?

[13:45] What kind of differences can you expect between a tax preparer and a tax advisor?

[16:20] What can taxpayers take away from the new advancements in AI and technology in relation to their taxes?

[21:00] As a tax professional, how should you describe tax advisory services to a client and what are the bare minimum requirements that it contains?

[23:00] The tax code is not made for W2 standard employees, it is made for business owners and real estate investors.

[26:30] What is Jackie's counterargument to those that say tax strategy is a cheat?

jackiemeyercpa.com

* Related episodes:

269: Listen to This Before Shopping For a New Tax Pro

271: 3 Myths About Extensions

272: Investment and Retirement Planning for Business Owners with Pat Darby

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

CFO vs Accountant: Which is the Right Fit for Your Business? Apr 12, 2023

Show notes

We're diving into the difference between a CFO and an accountant in your business. We'll explore the key differences between a CFO and an accountant, including the key distinction of being a client service provider vs a member of your team. I'll also discuss the benefits of having a CFO by your side and the prerequisites you need to consider before hiring one.

When it comes to financial planning and strategy, it's important to know whether you should be looking through the rearview mirror or out of the windshield. Join me as we break down the differences between a CFO and an accountant and provide insight into the value each can bring to your business.

What you'll hear in this episode:

[2:02] What are the main differences between a CFO and an accountant?

[4:23] Difference #1: Is this person looking through the rearview mirror or out the windshield?

[6:49] Difference #2: Are they like a client service provider or are they a member of your team?

[8:48] Difference #3: CFO work is transformational, not transactional.

[10:00] The importance of having a CFO at your side.

[12:10] What are the prerequisites to hiring your first CFO?

* Related episodes:

228: Setting and Measuring Progress Toward Your Business Goals

236: How to Know if Your Overhead is Too Large

259: Financial Operations vs. Financial Management

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

How to Win the Game of Taxes and Wealth with Tom Wheelwright Apr 11, 2023

Show notes

I am joined by Tom Wheelwright, CPA, CEO of WealthAbility®, Rich Dad Advisor, entrepreneur, international speaker, and bestselling author.

In our discussion, we discuss a variety of topics including the common belief that it's patriotic to pay more in taxes to support the government, the difference between conservative and aggressive tax deductions, and advice for entrepreneurs to find better financial professionals to fit their needs. We also address some common tax myths and offer tips for entrepreneurs who feel they're overpaying in taxes, and discuss the common misconception surrounding the idea that the rich pay no taxes.

If you're looking to build your knowledge base or expand your team to improve your tax strategy as a business owner or entrepreneur, this episode is a must-listen. Tom's expertise and insights will help you navigate the complex world of tax advice and make informed decisions to keep more of what you earn.

What you'll hear in this episode:

[3:24] Tom's origin story and how he became an accountant.

[6:45] Tom's passion for educating entrepreneurs and early-stage business owners.

[8:45] When someone feels that it is patriotic to pay more in taxes to support the government, what are some ways that Tom challenges this thought?

[11:40] The difference between conservative and aggressive tax deductions.

[13:40] How can tax professionals better advise their clients to make better decisions?

[15:40] How can you tell which professionals will be good advisors?

[19:30] Dispelling some common tax myths

[22:20] As an entrepreneur that thinks they are overpaying in taxes, what are some tips to begin working towards resolving this?

[27:00] Why you should give your accountant a hug after the last three years with all of the tax law changes.

[30:30] What is there a common misconception that the rich pay no taxes?

[34:45] Is it actually possible to live tax-free?

Connect with Tom:

wealthability.com

The WealthAbility Show

WealthAbility for CPAs

* Related episodes:

220. How Much Should I Pay Myself as an S Corp Owner?

241. Five Key Financial Building Blocks for Your Business

265. Taxes for Real Estate Investors with Chris Picciurro

* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG @shannonkweinstein

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

What is Considered Tax Deductible? Apr 10, 2023

Show notes

Today we'll be discussing tax deductions for entrepreneurs. As a business owner, understanding what is deductible and what isn't can be crucial to keeping more of what you earn.

We'll dive into what deductions are and how they work. We'll explore what makes an expense actually deductible and what qualifies as a business expense. It's important to know the boundaries and risks involved in claiming deductions on your tax return, so we'll discuss a few methods that may help reduce the likelihood of getting flagged. We'll also talk about the importance of being able to defend the business case for the expenses you're claiming.

Join us as we navigate the world of tax deductions for entrepreneurs and learn how to take advantage of the deductions available to you.

What you'll hear in this episode:

[3:00] What actually is a tax deduction?

[4:53] What makes an expense actually deductible?

[6:26] What is considered a business expense?

[8:53] What are the risks and boundaries of taking deductions?

[10:00] The 3 D's necessary to take a deduction.

[12:23] Tip to spread out your expenses between categories.

[15:30] The importance of being able to defend the business case as much as the deduction.

Free Tax Deduction Guide

* Related episodes:

231: Questions You MUST Ask Your Accountant Before Signing a Return

238: Why Your Tax Pro Says No to Creative Strategies

248: How to Take the Home Office Deduction

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

How to Measure What Matters with Carlyn Bushman Apr 07, 2023

Show notes

I have the pleasure of speaking with Carlyn Bushman, founder of Carlyn Bushman Consulting, a consulting group that helps female entrepreneurs accelerate their businesses to create reliable, sustainable revenue streams. We discuss the critical pillars of building a successful business, including financials, sales, marketing, technology, and management.

To succeed, it's crucial to understand your business's behavior and analyze alternative metrics beyond profit margin and subscriber numbers. As entrepreneurs, it's easy to get caught up in day-to-day tasks and lose sight of our long-term goals. She shares the potential negative impacts of not measuring progress and the costs it can have on your business's growth and success.

Throughout the episode, Carlyn's wisdom and experience provided valuable insights for female entrepreneurs looking to build successful businesses. From her first experience with entrepreneurship to her mission of empowering women, her passion for helping others succeed shines through.

What you'll hear in this episode:

[3:15] Why Carlyn started her business and focussed on female entrepreneurs.

[6:00] What is Carlyn's first memory of entrepreneurship in her own life and how has it impacted her career trajectory?

[16:45] How do you start building, identifying, and monitoring your metrics?

[20:40] How do you establish meaning behind these metrics and connect them to the direction of the business?

[22:40] What qualitative, less structured metrics, do you recommend individuals track that may not have hard numbers associated with them?

[29:15] How do you determine the root cause of a change in one of your key metrics?

[31:30] What is the cost of not measuring your key metrics?

[34:30] How do you help business owners overcome the feeling that their self-worth is the success of their business?

Connect with Carlyn:

carlynbushmanconsulting.com

IG: @carlynbushmanconsulting

* Related episodes:

236: How to Know if Your Overhead is Too Large

245: Staying Small on Purpose with Keila Hill-Trawick

264: 3 Ways Your Business is Leaking Cash

* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG @shannonkweinstein

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Investment and Retirement Planning for Business Owners with Pat Darby Apr 06, 2023

Show notes

I'm excited to share with you my conversation with Pat Darby, Certified Financial Planner™ (CFP®) and Enrolled Agent (EA). Pat and I dive deep into the world of investing and retirement savings for business owners.

Pat stresses the importance of having the right mindset to save for retirement and encourages us to ask ourselves the right questions to ensure we're on track to reach our retirement goals. We discuss how to start with individual accounts, investing in what you're an expert in, and when business owners should start thinking about retirement savings. Pat also shares insights on what financial professionals make sense in your life at different times.

As entrepreneurs, we know the importance of setting clear expectations and communicating effectively with our team. That's why Pat offers tips on how to get your team on the same page with your business goals.

Pat's valuable insights and actionable advice will help any entrepreneur looking to take control of their financial future and plan for retirement.

What you'll hear in this episode:

[4:18] Pat's story of how he got into the finance industry "by accident"

[11:30] Recommended avenues that new business owners should begin looking at to invest their money.

[13:30] Tips to approach the question "How do I know what to invest my money in?"

[20:09] How do business owners know when it is the right time to start looking at investing their money in retirement savings or other wealth-building avenues?

[25:50] How do you know what kind of financial professional to use to help you manage your investments?

[34:45] Why is your CPA not the right person to ask investing questions?

[38:00] The importance of having all of the financial professionals in your business communicating with one another.

[48:00] Advice for business owners on where to look for help with their long-term financial planning strategies.

Connect with Pat:

Online: Darbyba.com

IG + TikTok: @thepatdarby

* Related episodes:

226: Deducting Business Travel

241: Five Key Financial Building Blocks for Your Business

265: Taxes for Real Estate Investors with Chris Picciurro

* Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG @shannonkweinstein

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

3 Myths About Extensions Apr 05, 2023

Show notes

We're talking about tax extensions and busting some common myths around them. Many people worry that filing for an extension could increase their risk of being audited and don't fully understand what filing for an extension means for the payment of their taxes.

We will break these myths down in today's episode. I'll share some tips for using the extra time provided by the extension wisely and prioritizing timely filing and payment to reduce stress for both you and your tax preparer.

What you'll hear in this episode:

[0:55] Breaking down myths around filing extensions for your taxes.

[1:20] Myth 1: You cannot file for an extension until the tax deadline

[2:32] Myth 2: If you file an extension, you increase the likelihood of being audited.

[4:05] Myth 3: Extensions extend the payment date of your taxes

[6:19] Bonus Myth 4: Can I extend my date beyond my initial extension?

* Related episodes:

104: What to Do When You Owe a Large Tax Bill with Jessica Smith

238: Why Your Tax Pro Says No to Creative Strategies

248: How to Take the Home Office Deduction

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Investing the Lazy Way with Chloe Daniels Apr 04, 2023

Show notes

I am beyond thrilled to be joined by Chloe Daniels, better known as Clo Bare Money Coach on the internet. Whether you're an experienced investor or starting out, Chloe shares valuable insight and a few concrete takeaways in today's show.

Chloe's online journey started by being transparent about her experiences, successes, and failures, through her mental health struggles. As she came out the other side, she realized her next largest hurdle in life was her comfort around money. and investing She educated herself and realized the power that this education possessed and is now on a mission to share how easy it can be with the world.

One of Chloe's tag lines is about investing the lazy way. It's all about taking a hands-off approach that helps you build a diversified portfolio without the stress of constant monitoring. It's easy to fall into the trap of thinking "I don't want to learn", but as individuals responsible for our own futures, it is important to have an open mindset and be willing to learn as a little effort now can save you significant stress and hardship down the road.

I think Chloe's story will resonate with many of you and her unique approach to investing makes it possible for anyone to confidently manage their money.

What you'll hear in this episode:

[0:50] Episode and guest introduction.

[5:18] Where does "Clo Bare". come from?

[9:22] What are the key things that Chloe helps her clients work with?

[12:08] What does it mean when Chloe says " Investing the lazy way"?

[19:40} Understanding the difference between someone telling you where to invest your money and actually learning about how to invest your own money.

[22:40] How do you decide who to work with for financial assistance and advice?

[28:35] The importance of having a base level of financial knowledge, regardless of how you choose to manage your money.

[34:00] What does Chloe think about the impact of AI and investing in the future?

[40:20] Where can listeners find more information about Chloe?

Connect with Chloe:

thelazyinvestorscourse.com/guide

IG @clobaremoneycoach

* Related episodes:

247: Building a Better Financial Future with Marc Russell of BetterWallet

253: Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On

258: Things You Should Not Hire an Accountant to Do

* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/

* Hire us: https://www.fitnancialsolutions.com/accounting

* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

* Find me on IG https://www.instagram.com/shannonkweinstein/

* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

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