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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:

Are They Your Employee or a Contractor? Mar 06, 2023

Show notes

Let's talk about relationships - business relationships, to be specific. As your business grows, you will inevitably need to bring in additional help, whether in the form of employees or contractors. Although it can be somewhat of a gray area, it's crucial to accurately categorize the individuals who work for you.

While hiring contractors may offer more tax advantages, there has been a rise in the overuse of this classification, which has prompted the IRS to take a closer look. It may seem trivial, but the IRS wants to ensure that you are correctly classifying your workforce, and paying the appropriate taxes too! That's why it's essential to ensure that you are classifying your employees and contractors correctly, and documenting the reasoning behind your decisions.

What you'll hear in this episode:

[1:15] The difference between an employee and a contractor

[3:15] Considering how the relationship looks to the IRS, with examples; do you truly have a contractor or are they an employee?

[7:30] The different levels of control: relationship, financial, and behavioral

[12:15] Examples from my business

[15:30] What happens if you misclassify an employee or contractor and how you make it right

* Related episodes:

237. Tax Tips for Short Term Rental Owners with Ryan Bakke

238. Why Your Tax Pro Says No to Creative Strategies

241. Five Key Financial Building Blocks for Your Business

* 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.

How to Take the Home Office Deduction Mar 03, 2023

Show notes

Nowadays, your office can be wherever your laptop is, but you may be unaware that having a home office can lead to tax savings. Let's explore how you can legitimately and legally claim the home office deduction without any disputes from the IRS.

One of the requirements for claiming a home office deduction is that the space must be used exclusively for business purposes. This means it cannot be your couch, bed, or kitchen island. The IRS is very strict about this!

Once you've determined you have a qualifying space, there are two major approaches to deducting a home office if you're a qualifying sole proprietor or owner of a single member LLC: using the simplified method or the actual cost method (spoiler alert, the actual cost method has the potential to save you more). Even if you're an employee of your S Corp or C Corp, you can take a home office deduction, the benefits are actually even greater this way!

What you'll hear in this episode:

[1:30] Qualifying your home office - what you can and cannot do

[5:00] If you aren't a W2 employee in your business, use this method

[7:00] The simplified method and the actual cost method

[10:00] What to do when you're a W2 employee of your business - the accountable plan

[13:00] Is the home office deduction a red flag for audit?

[14:30] What if you moved during the year?

* Related episodes:

237. Tax Tips for Short Term Rental Owners with Ryan Bakke

238. Why Your Tax Pro Says No to Creative Strategies

241. Five Key Financial Building Blocks for Your Business

* 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.

Building a Better Financial Future with Marc Russell of BetterWallet Mar 02, 2023

Show notes

If you're just starting out in the area of financial management and you haven't received formal financial education it can seem like there's so much conflicting advice out there. It can be confusing to know what to do with your money and it may even become so overwhelming that you do nothing and you're missing out on opportunities. I wanted to go back to basics with today's guest, Mark Russell!

Marc is a foster child turned full-time financial educator. While excelling in his Wall Street career, he noticed his finances needed serious attention. Marc was living paycheck-to-paycheck with $80,000 of debt. He then used the same financial tips he was teaching his clients to remodel his own finances, become 100% debt free, and grow a thriving business that teaches new investors how to strategically manage their money. Now as a full-time entrepreneur and founder of BetterWallet®, Marc teaches families all around the world how to make money work for them through practical investing.

Tune in for tons of practical advice on how to break down barriers, overcome hardship, and make it to your end goal. Marc has so much practical advice for paying off debt and investing in generational wealth.

* Connect with Marc on IG @betterwallet

* Get the Financially Bulletproof Checklist: financesincheck.com/checklist

* Join his Free Investing Webinar: financesincheck.com/registration-page

* Related episodes:

192. "If I Started Over..." with Jason Weinstein

203. 2022 Recap: Bold Financial Mindset Shifts

216. The Most Undervalued Trait of an Accountant

* 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.

Feeling Tempted to Change Your Offers? Mar 01, 2023

Show notes

It can feel really daunting to be selling all the time, marketing all the time, launching all the time. And yet you're not getting the results that you want, you're not getting the results you expect. It's not for lack of trying, it's not for the lack of effort, but it's really tempting that when these things don't work, to blame the offer itself or to give up completely.

It's tempting, because you think that this didn't work. So the whole thing didn't work, nothing about it worked but that's the problem is with entrepreneurship, right? We don't know what didn't work. It's a science experiment, this game of entrepreneurship and what I wanted to unpack on this feeling of checking all the boxes, but not cashing in and why. There are three things that you can do to help you realign your offer for more success. Re-evaluate your goals, revisit the messaging, and consider the packaging of your offer.

What you'll hear in this episode:

[2:30] When and how to re-evaluate your goals and expectations

[4:00] Calling out and inviting the right person in, calling out the right pain points with the right messaging

[5:45] Recognizing the difference between the beneficiary of your services is vs. the client or buyer

[7:00] Analyzing possible issues at the audience level - getting clear on who they are and whether they'd make good clients

[8:30] You assume the problem is the pricing? When you can change it and when you shouldn't

[10:15] An example of things that may be repellant within your offer

[14:00] Summing it all up

* Related episodes:

225. Short-form Content Strategies for Brand Growth with Hilary Billings

229. Optimizing Your Email Marketing Strategy with Jeff Felten

233. I Want to Upgrade My Services - Will My Clients Stay?

* 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.

Staying Small on Purpose with Keila Hill-Trawick Feb 28, 2023

Show notes

In case no one's told you lately, building a small business and intentionally choosing to stay small is actually a really good strategy. I think that we can get really caught up in expectations that are put on us and the types of pressures to grow and to scale and to do better, more and more and more. Sometimes, it really comes down to simplifying and really understanding your goals and what you want.

That's what we're unpacking with Keila. Keila is the founder of Little Fish Accounting which helps small businesses thrive through her transparent easy to understand approach to accounting. She assists by advising freelancers, solopreneurs, and small businesses on how to reach their financial goals and build and grow the businesses of their dreams. In addition, Keila educates the community through her informative fish food podcast. She has years of experience in the accounting and auditing industry for various federal agencies as well as Home Depot and Georgia Pacific.

We're chatting all about what it means to build a small business and stay small (it's not a bad thing!). This is a really fun conversation, I love chatting with fellow accountants, especially those who have a unique perspective and are very modern minded when it comes to business finances. So if you're trying to start a small business, and you want to alleviate some of the pressure you feel to succeed and drive forward and grow immensely, this is the episode for you.

What you'll hear in this episode:

[2:30] How Keila got into accounting and decided that she wanted to serve small business owners

[7:30] Her response to people who make assumptions about why she wants to keep her business small

[10:30] The cost of growth

[14:00] Building your business to assist you in your personal life goals

[16:30] Common growth mistakes

[21:30] Examples of what makes a strong business and what allows certain businesses to charge more

[29:30] The mindset of staying small in business, does staying small apply to you?

[33:00] What do you want your business to look like? What do you want your role to be?

Follow Keila on IG: @littlefishaccounting

Keep up with Keila on the Fish Food Podcast: https://podcasts.apple.com/us/podcast/fish-food/id1463428656

Visit the little Fish Accounting Website: https://www.littlefishaccounting.com/

* Related episodes:

217. Designing Systems to Scale with Ernesto Mandowsky

224. The Person With the Most Financial Control in Your Business

228. Setting and Measuring Progress Toward Your Business Goals

* 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.

How to File Taxes as a Single-member LLC or Sole Proprietor Feb 27, 2023

Show notes

When you start a business, you may think your taxes will get very complicated or that you'll need to find a new accountant to handle your taxes. That may not be the case! When you're a sole proprietor of single-member LLC, your taxes tend to be pretty simple (as long as you've kept up with the books).

You don't even need to file a separate tax return for your business. You'll be adding a Schedule C to your personal tax return to show your business income and deductions. I'm diving into the requirements and things to consider for your taxes as a single-member LLC or sole proprietor!

What you'll hear in this episode:

[1:30] How the state views your LLC vs how the IRS see your LLC

[4:45] Can your current CPA handle the business portion of your return?

[6:30] Yearly requirements for a sole proprietorship or single-member LLC

[9:00] Electing to be taxed as a C Corp or S Corp if you already have an LLC

* Related episodes:

221. How Do I Use the S Corp Strategy?

226. Deducting Business Travel

232. Questions You MUST Ask Your Accountant Before Signing a Return

Schedule C information and form available here: https://www.irs.gov/forms-pubs/about-schedule-c-form-1040

* 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.

Multi-Owner Business? Don't Miss The March Deadline Feb 24, 2023

Show notes

If you have an S Corp or Multi-Member LLC, the tax filing deadline for your business is March 15th. You're basically reporting how well you did last year; your expenses, income, profit, and distributions.

If you need to extend, you can, up to September 15th but you may not want to. Why? You and other partners in your business need a page from that return called the K-1. So if you extend the March deadline you also have to extend your personal taxes, and it just throws off the whole timeline.

* Related episodes: 208. Live Q&A: How Much Money Am I Actually Making in My Business?212. How to File 1099s 214. How to Track Your Business Miles

* 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.

Turning Tweets to Customers with JK Molina Feb 23, 2023

Show notes

You may be tempted to think that Twitter is not the greatest place to monetize your brand, or the greatest place to show up right now. But we're going to be talking about that in today's episode and how you as a business owner can actually monetize your Twitter, use it a little bit more thoughtfully and actually create a strategy that is built around Twitter if it is a preferred platform for you.

I've brought JK Molina to share his expertise. JK is a Twitter expert and founder of Tweet Hunter, which he scaled to a $1.5 million a year business and 15 months. He says that if you want to grow your Twitter audience, he's not your guy. But if you want to monetize your Twitter audience, welcome.

Together, we're unpacking all of the types of things that you can do to create a business a thriving business, utilizing Twitter as a platform and a tool in your business. We're diving into solid strategies, different ways to monetize your account, and selling tactics that work well on Twitter!

What you'll hear in this episode:

[1:45] About JK and his background

[2:30] How JK got involved with Twitter and monetizing his account and others'

[5:00] Not all followers are created equal, more followers doesn't necessarily mean more income

[8:00] The importance of proof when you're trying to sell and give advice to others

[10:45] Twitter monetization case study and the importance

[15:00] Creating content that opens the door for conversation

[17:15] Niching down: How far should you niche down?

[20:00] Pricing offers based on the size of your following and engaged audience

[25:30] Selling in the DMs

[27:00] Will Twitter changes affect any of the strategies you may want to use?

[29:00] Why you should start using Twitter ASAP

Connect with JK on twitter @OneJKMolina

* Related episodes:

227. Website Elements that Convert with Ari Krzyzek

229. Optimizing Your Email Marketing Strategy with Jeff Felten

233. I Want to Upgrade My Services - Will My Clients Stay?

* 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.

Five Key Financial Building Blocks for Your Business Feb 22, 2023

Show notes

These are the fundamental building blocks of any business, whether it's online, brick-and-mortar, service-based, or product-based. It's your job to create systems and structure that allow your business to thrive, you are the nurturer and sustainer!

You need to decide whether you'll operate as a sole proprietor or not, if you opt not to, you'll need a business entity. Then you need a payment processor so you can make the big bucks! From there, it's all about data and planning with your money. You need a bookkeeping system to get data and you need a tax strategy to know what to turn that data into decisions. I also recommend having a 'money date' with you and your business on a regular basis!

What you'll hear in this episode:

[1:30] A bit of encouragement before we begin. Even if you don't think your business is serious or you're just making money on the side, you're still in business!

[2:30] First building block: You need a business entity or the decision to operate as a sole proprietor.

[4:00] Second building block: You need a payment processor, a way for customers to pay you!

[7:30] Third building block: You need a bookkeeping system. This data is the backbone of your business, it drives decisions

[10:20] Fourth building block: You need a tax strategy and tax planning

[12:20] Fifth building block: A Money Routine

[14:30] Bonus tip: hiring a pro to work with on your business finances

* Related episodes:

221. How Do I Use the S Corp Strategy?

226. Deducting Business Travel

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

* 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.

Facebook Ads Strategies that Work with Daria Kotenko Feb 21, 2023

Show notes

When it comes to Facebook ads, I feel like it's the Wild Wild West. I get super confused by how to strategize with them! It almost feels like trying to win a game at the casino; it feels like the house always wins or that you're trying to somehow fight this uphill battle. This is why I've brought Daria Kotenko on.

Daria is a Facebook and Instagram Ads Strategist and the founder of Yellow Iris Marketing. She is on a mission to help business owners amplify their magic and scale their businesses with the power of Facebook and Instagram Ads.

I'm asking a ton of questions of Daria out of genuine curiosity, because Facebook ads feel super confusing to me! We're talking about boosting posts, simple Facebook ads strategies you can implement today, and common mistakes people make. I got the chance to better understand Facebook ads for myself and for my clients through this conversation and I'm sure you will too!

What you'll hear in this episode:

[6:00] What's the deal with boosting posts? The many reasons you should resist the temptation to boost a post

[9:50] Who ads can be good for. The importance of knowing you can sell and your messaging

[14:30] Factors of an ad that sells, how to put your message in front of your ideal client

[17:00] Is it possible to invest a small amount in ads to test them or do you have to invest more to get a better idea?

[20:45] High ticket vs. low ticket advertising. Which can bring greater ROI?

[24:00] Creative low cost Facebook ad ideas

[26:35] Metric analysis and how to know if it's working

[29:45] When to call it quits, how much flexibility is there?

[33:00] What you should (and should not) expect from an ads strategist

[38:30] The top ads mistakes and top successes

Find Daria on IG @adsbydaria

Find more information on her website: https://yellowirismarketing.com/

* Related episodes:

227. Website Elements that Convert with Ari Krzyzek

229. Optimizing Your Email Marketing Strategy with Jeff Felten

233. I Want to Upgrade My Services - Will My Clients Stay?

* 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.

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