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Vast Voice produced by VastSolutionsGroup.com

By VastSolutionsGroup.com
Our podcast is engineered by entrepreneurs for entrepreneurs helping them to pay the RIGHT amount of taxes using proprietary artificial intelligence technology.
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Employing your spouse WILL save you MONEY!
Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner). But this arrangement can backfire if you don’t do it the right way. Here are five key things to know about employing your spouse. 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages 2. Establish a Medical Reimbursement Arrangement 3. Take Advantage of Certain Other Fringe Benefits 4. Beware of Certain Tax-Free Benefits 5. Make Sure Your Spouse Is Your Bona Fide Employee Takeaways Hiring your spouse can result in substantial tax savings, but only if you pay your spouse solely, or mainly, with tax-free employee fringe benefits instead of taxable wages. The IRS doesn’t require you to pay your spouse any W-2 wages. The most valuable fringe benefit you can provide your spouse-employee is reimbursement for health insurance and uninsured medical expenses. You can accomplish this through a 105-HRA plan if your spouse is your sole employee, or through an ICHRA if you have multiple employees. Tax-free employee fringe benefits are not limited to health benefits — for example, you can provide certain education, life insurance, and working condition fringe benefits. For your spouse-employee deductions to withstand attack by the IRS, you must be able to show that your spouse is a bona fide employee. To do so, your spouse should use a time sheet to keep track of the work performed and submit that time sheet to you on a regular basis; be regularly paid a reasonable amount; work under your direction and control; and not be a co-owner of your business. Few people realize that employing a spouse can save a ton of tax dough — but it can. Doing so is complicated, as you can see, but in most instances it can be quite beneficial to an entrepreneur. A few resources can be found at VastSolutionsGroup.com or at the IRS website. Either way, good luck and have fun saving some money as a result of this article.
08:38
May 26, 2022
Roth IRAs: A Tax-Free Strategy to Increase Wealth!
Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs. Here a few more interesting tidbits you might not know about: 1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer. Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement. 2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000. 3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades. 4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year. 5. It can outlast you. If you or your spouse happens to die, the two accounts can be combined without any penalty. Whoever ever said the government never did anything nice for you didn’t know everything there was to know about IRAs. 6. It’s inheritable. Your IRA can be passed to your heirs without any penalty. With some planning, it’s a great way to pass money along after your death. Roth IRAs are very probate friendly, but see your attorney for more details. 7. Even if your spouse doesn’t work, they can still have a Roth IRA. Many people believe that you have to be working to contribute to a Roth IRA, but that simply isn’t true. Contribute to your spouse’s retirement, as well as your own. It’s beneficial to you both.
04:59
May 19, 2022
Time to Max Out Your Retirement!
Here is some info that will help increase retirement savings and also decrease your tax liability!
05:49
May 12, 2022
SEP IRA vs Solo 401(k): Which Makes You Rich?
SEP IRA vs Solo 401(k): Which Makes You Rich? The answer is…it depends! One nice thing, the government does help you in both types of plans. Uncle Sam, with both the SEP IRA and the solo 401(k) retirement plans, allows your investment in your tax-favored retirement: to be deductible when you invest the money in the plan, 2. grows tax-deferred inside the plan, and 3. suffers taxes only when you take the money from the plan. Example. You invest $1,000 a month in your retirement. You are in the 40 percent tax bracket (combined federal and state), and you earn 10 percent on your investments. At the end of 30 years, you have $1.58 million in after-tax spendable cash, which comes from (in round numbers): $1.2 million in after-tax cash from the retirement plan ($2 million gross less 40 percent in taxes — we’re taking the entire amount out of the plan in this example) $380,000 in the side fund (created by investing the $400 of monthly tax savings — $1,000 deduction x 40 percent) If you had no government help on the taxes and invested $1,000 a month in an investment that earned 10 percent (6 percent after taxes), you would have a little more than $950,000. Winner. The retirement plan wins by $630,000 — after taxes ($1.58 million vs $950,000). Okay, that’s the big picture. It tells you that tax-advantaged investing multiplies profits. So, do it. Which Plan Is Best for You? When it comes to picking a retirement plan, you have many choices. If you have no employees in your business, none of the choices are bad. Let’s start there and say you have no employees. And let’s say further that you are going to choose between the SEP IRA and the solo 401(k). Planning point. As a one-person business, you can operate as a C or S corporation, single member-LLC, or proprietorship and have either the SEP IRA or the solo 401(k).
10:28
April 21, 2022
Roth IRAs (especially Crypto ones) are Brilliant - and Tax Free
Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs. Here a few more interesting tidbits you might not know about: 1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer. Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement. 2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000. 3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades. 4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.
04:46
April 07, 2022
75 Expenses the Government may allow you to Deduct!
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
08:05
March 31, 2022
Maximize Your 2022 Retirement Contribution to Save on Taxes!
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.
07:24
March 24, 2022
Tax Free Crypto - NICE!
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.1 Unfortunately, some people make too much money to contribute to one. In 2021, joint filers with modified adjusted gross incomes (MAGI) of $206,000 or more and single filers with MAGI of $139,000 are not eligible for a ROTH IRA. There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy.2 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.3 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.
07:37
March 17, 2022
Looking for $100?
If you email Deb@VastSolutionsGroup.com and are the first to do so, you will get $100 with no strings attached.  Put "Anchor Offer" in the subject line of the email.  We want to do some research on the reach of Anchor.fm.  Good luck.
00:57
March 10, 2022
2022 Top 5 Tax Tips
It is time to strategize ways to lower tax liability and one good way is to look at the top 5 tax tips!
04:09
March 03, 2022
A Crypto and Blockchain Q&A
Years ago when I started investing in cryptocurrency I had seemingly millions of questions about it. Back then, there was nobody to turn to. It was the wild, wild west. People thought I was crazy for investing in virtual money that probably was going to go away like a ridiculous fad. Well, here we are years later and the same people who ridiculed me back then are asking me questions as they start to invest in crypto, NFTs, and the blockchain. Funny how things change. Anyway, I have compiled this list of questions and answers to make it easier to get started in such investments (by the way, no guarantees but I bet you will be happy if you invest in crypto, etc). Here goes… What is the “Blockchain?” Blockchain is a relatively new technology that has the potential to change the way we do business. It’s taking over in some areas, like finance and government services, but what is it? Blockchain can be defined as an online ledger of transactions that are secured by cryptography. It’s essentially a decentralized database with records organized into “blocks” which cannot be altered without changing all subsequent blocks. If you do a transaction, it is recorded forever and can not be redone. Is blockchain technology growing? Blockchain technology is growing at an exponential rate. It’s projected that blockchain will be worth $60 billion by 2024. That’s a huge jump from about $1 billion in 2017! If you’re not familiar with blockchain, it can be daunting to try and wrap your head around what blockchain is — let alone why it matters for the future of our society. Don’t worry, in the not too distant future, your everyday life will be somewhat based upon the blockchain. You will see. Are blockchain and cryptocurrency the same thing? Blockchain is a type of database that can store digital data in a way that makes it difficult for people to tamper with it. Cryptocurrency is money created by encryption techniques as opposed to being printed or minted like regular currency. For example, Bitcoin was the first blockchain-based cryptocurrency ever made. Crypto uses the blockchain as a foundation. Without the blockchain, there is no cryptocurrency, generally speaking. Can I get rich by investing in blockchain domains? Just like getting into real estate can get you rich, buying blockchain domains are a great way to get rich Blockchain domains are the newest form of asset available on the blockchain. Not only do blockchain domains potentially provide high financial returns, but they also provide high utility returns for blockchain application developers, blockchain service providers and blockchain project owners. The number of blockchain projects is expected to grow dramatically in 2022 with an expected increase of more than $9 trillion market capitalization in 2022. Blockchain domain investors will benefit from this massive growth in blockchain services because it creates demand for blockchain domain names much the same way that internet domains were all the rage in the 1990s. The result was that some investors made tremendous amounts of money. It is not too late to be before the crowd.
14:48
February 17, 2022
Need Money for a Business? Use your 401(k) Money
In today’s world it is tougher and tougher to find money to start businesses. One way you could do so in 2022 is to use your retirement assets. Yes, you can fund a business with your IRA dough. While most people are aware of the option of using their 401(k) to purchase a home, most are not aware that the option exists to use their 401(k) to fund a business. Let’s look at how you can do that. Here is the process to set it up: Set-up a C Corporation. You can do this yourself or hire an attorney. There is no shortage of information available online to guide you. Your C Corporation will need to create — but not issue — stock. Have the corporation adopt a 401(k) retirement plan. This retirement plan should be a profit-sharing plan that permits all of the plan assets to be invested in company stock. Rollover your 401(k) or IRA to the new 401(k) in your C Corporation. Keep in mind that you can have multiple sources and even multiple people involved. That includes your spouse or anyone else that’s interested. Issue stock and transfer it to the profit sharing plan. This is in exchange for the cash that was in the plan. You can then use this cash to go out and invest the money in your business. The process is simpler than it appears. You can do it with a little help. Some companies will set everything up for you for about $5,000. They will also administer the retirement plan for ~$800 / year. If you’re not already familiar with this process, it’s important to get professional help; the government dishes out penalties when errors are made with regards to retirement plans. So contact a professional that knows the details. What are the Potential Pitfalls? Lack of diversification. If you’re putting all of your retirement funds into one investment, you only need one investment to fail to potentially lose all of it. Ensure you know what you’re doing before you dedicate all of your funds to your business. It might be prudent to have other investments as well. Tax issues. The IRS expects you to operate the business on a daily basis. Absentee owners aren’t looked upon favorably from a tax standpoint. There are exemptions for investing in an operating company. It cannot be a hobby and you must be attempting to sell a product or service. Proper valuation of the investment. If you purchase a business and pay too much, you could be penalized if the business turns out to be worthless. For this reason, franchises tend to be popular because they’re easier to place a value upon. Your salary. There are two things to consider. The IRS expects you to pay a dividend of some sort. Also, you’re taking some risk if you pay yourself from the retirement money. If you’re paying yourself well and not paying a dividend, the IRS is going to look at you closely. Your salary should come from the income generated by your business. Now you have the nuts and bolts to at least get started. Your 401(k) can effectively be used to fund a business if you take the time to do it the right way.
05:55
February 10, 2022
What is a Blockchain Token? We have answers
People are just becoming acquainted with the idea of digital money in the form of cryptocurrencies like bitcoin, where transactions are recorded on a secure distributed database called a blockchain. And now along comes a new concept: the blockchain-based token, which I’ve been following as a blockchain researcher and teacher of courses about cryptocurrency and blockchain tokens. In the last 18 months, digital developers have raised more than US$20 billion through a funding process called “initial coin offering” – many of which use tokens. There are two common categories of them: “utility” tokens and “security” tokens. Utility tokens Utility tokens are essentially cryptocurrencies that are used for a specific purpose, like buying a particular good or service. For example, if you want to store information online, the most common way today is to become a customer of a hosting service like Google Drive, Dropbox or Amazon Web Services. You reserve a certain amount of storage space on those companies’ servers and pay for it with dollars, euros, yen or other national currencies. Security tokens A security token, sometimes called a “tokenized security” or a “crypto-security,” is more than a currency – it often represents ownership in an underlying real-world asset. Like traditional stocks or bonds, they’re regulated by the U.S. Securities and Exchange Commission. Regular securities are tracked either on paper or – more likely these days – in a centralized database. Security tokens use a blockchain system – a decentralized database – to do the tracking of who owns which assets.
07:53
February 03, 2022
Should you invest in crypto (and get rich)?
To answer:  Question #1: Bitcoin or Cryptos? The first question you should ask yourself is whether you want to invest in bitcoin directly or cryptos as an asset class? Did you know that there are over 2,000 cryptocurrencies besides bitcoin? Question #2: What About Inflation? When you invest in bitcoin or any other currency or commodity – including gold, oil or pork bellies – you are investing on the prospects of price appreciation alone. More specifically, you are investing on the prospects of the price of bitcoin rising relative to the U.S. dollar. And while the recent price surge makes inflation look silly, you should evaluate currencies and commodities with respect to inflation. Question #3: Can you Tolerate Extreme Volatility? The price appreciation of bitcoin in 2020 underscores the extreme ups and downs. Consider this: Bitcoin went from $7,300 to $29,000 in 2020. But it also dipped to about $5,000 in mid-March during the beginning of the pandemic. Bitcoin rocketed to a new all-time high of almost $42,000 on January 8th. But then it plunged to about $31,000 on January 11th. Question #4: Do You Really Understand It? This one requires you to be completely honest. Do you understand how cryptos work or even why bitcoin’s price has skyrocketed? Do you understand bitcoin mining and how it works? Can you explain it beyond the headlines or the 5-second stories? If you don’t really understand an investment, should you make it? And if you can’t explain an investment to a 5th grader, should it be one of your investments? Could bitcoin or cryptos make sense as an investment for you? Sure, it could. But you should strongly consider limiting your investment to an amount you can afford to lose and prepare yourself for a long and choppy ride.
12:60
January 27, 2022
Crypto liquidity, buying, selling and making money!
Liquidity of Crypto Think about it - the Bitcoin system is capped at 21 million coins. Currently, there are roughly 18 million or so Bitcoin in circulation. What does that all mean? Lots. There is a lot of speculation about what will happen to the value when the 21 million-Bitcoin limit is reached, however this won’t happen until around the year 2140. In general, the US stock market is very liquid. You can quickly sell most stocks, bonds, or mutual fund shares at the going rate without concern. There’s always someone willing to buy from you or sell to you, provided the price is right. Selling crypto online: There are websites that offer direct trades. A few examples include Coinbase, Binance, and BitBargain. Most direct trade sites require you to register as a seller. This means you have to reveal your identity. The website will post your wish to sell your cryptos and buyers can accept your offer. Exchange trades are another way to sell your cryptos online. You’ll still have to identify yourself, but exchange trades require less work on your part. You list the number of cryptos you wish to sell and your desired price. When someone else places a purchase order that matches your requirements, the exchange will complete the transaction. How You Can Get Started Now that you know how to purchase and sell cryptos, you may wonder how to get started. There’s little to be done once you have the software on your electronic device. The software is referred to as a wallet. Get started with crypto in just a few minutes: Create a crypto wallet. There is a variety of wallets available for different platforms: mobile, web, and desktop. Different wallets have different features. Be certain to understand the features and choose your wallet wisely. Secure your wallet. It’s important to back up your wallet regularly. Remember, if the file is lost, your cryptos are lost forever, too. Encrypt your wallet. Encryption ensures that no one can use your wallet without knowing the password, including you. Use a password that you can remember.
12:52
January 20, 2022
Live outside of US borders now? You still have to deal with the IRS. Sorry.
Out of the Country? Pay Tax! Income Tax Requirements When Living Out of the Country Living in a foreign country holds a lot of appeal. It gives an exotic impression and seems like a never-ending vacation. But it doesn’t matter where you go, because the US government still expects you to file a tax return and pay taxes. This is true even if you become a citizen of the other country and live there full time. The United States might be the only country in the world that does this. If you were a citizen of Italy but living and working in Argentina, Italy wouldn’t expect you to pay any taxes! You would have to pay them in Argentina, though. The US would expect you to pay both. For your peace of mind and to keep you out of jail, become familiar with the income tax rules that apply to you as a citizen of the United States living outside the country. Income tax rules for US citizens living abroad: No matter where you live, you must file a tax return. It’s entirely possible that you won’t owe any taxes, but you must file an income tax return each year. You’re still subjected to all US tax laws. This includes income tax rates and the same credits and deductions. There are 2 primary ways to reduce your taxes owed in the United States. The United States has a reputation for double taxation, but in practice that only applies above certain income limits. Foreign tax credit: This credit is intended to protect American citizens from paying taxes twice on the same income. In essence, you can deduct any income taxes you’ve paid in the foreign country from your taxes owed in the US. There is a limit, however. If you paid $12,000 in foreign taxes, you could reduce your US tax bill by $12,000. Simple enough. Income exclusions: This is the other option. You can’t claim both. The income exclusion allows you to reduce your gross income by up to $97,600. You can also subtract housing costs up to a maximum amount. As an example, if you earned $100,000 in a foreign country, your taxable income would be only $2,400. It would be even less after the housing cost credit. The housing credit is equal to the cost of housing minus $15,216. The maximum is 30% of $97,600. If your housing costs were $25,000, you could claim an additional deduction of $9,784 from your gross income. Self-employed folks are not eligible for this housing exclusion.
06:38
January 13, 2022
Cryptocurrency and the Myths About All of Them
Common (Totally Wrong) Myths About Cryptocurrencies! As with any other fringe product or service, there are many myths surrounding cryptocurrencies. Cryptocurrencies aren’t just for computer geeks and drug dealers trying to avoid the government. Relieving yourself of these myths will permit the formulation of a more accurate opinion. It’s easier to make informed decisions when your knowledge is sound. Myths regarding cryptocurrencies abound: Cryptocurrency is illegal. It depends on the country. It’s legal in the United States, but there are other countries, such as Russia, that have deemed it illegal. It’s unlikely the legal status will change anytime soon in the United States. It’s possible that it will become regulated, however. Bitcoin is the only relevant cryptocurrency. There are several other cryptocurrencies. All have their strengths and weaknesses. Bitcoin, released in 2009, is the oldest and most well-known of them. Most of the other cryptocurrencies are less than three years old: Auroracoin Blackcoin Dash Dogecoin DigitalNote Ethereum Litecoin Mastercoin There are several others. Only criminals have a use for cryptocurrencies. While cryptocurrencies continue to be used for illegal activity, cash is still king for illegal transactions. There are reputable retailers that accept cryptocurrencies, including Microsoft and Dell. I can get rich with cryptocurrency. The potential for profits does exist. People have gotten wealthy through increases in the value of cryptocurrencies. However, just as many people have lost a tremendous amount of money, too. It might happen, but you’re unlikely to retire on your cryptocurrency purchases. Cryptocurrencies are fiat currencies. Most of them are. That’s true. But so are the Euro and the US Dollar. All major world currencies have abandoned a gold standard. The US decoupled the value of gold and the US Dollar in 1933. The value of all fiat currency is based on the willingness of the public to agree that it possesses value. The government can shutdown cryptocurrencies. The government could make cryptocurrencies illegal, but shutting down the system would be next to impossible. There’s no central server or location that houses a cryptocurrency system. The information is stored on the computers of every user. Unless the government can find a way to shut down the internet, it would be challenging to put an end to cryptocurrencies. It’s easy to mine cryptocurrencies and make money. Entire companies have been built for the sole purpose of mining cryptocurrencies. It requires a tremendous amount of computer hardware and electricity to be successful. Unless you have several hundreds of thousands of dollars, you can’t even begin to compete. Cryptocurrencies are subject to hacking. Bitcoin merchants and wallets have been subject to hacking activities. However, Bitcoin itself has never been hacked. Other cryptocurrencies have similar security profiles. Insufficient security is always a potential problem with cryptocurrencies and cash. Protect your wallet and you should be fine. It’s impossible to trace cryptocurrency transactions. It’s not easy, but it can be done. Regarding Bitcoin, the blockchain ledger lists all the transactions that have ever occurred with Bitcoins. The challenging part is linking the wallet address with the owner.
07:33
January 06, 2022
NFTs, Blockchain, and how to make money from them!
Keys and blocks Cryptography is the technique used to protect privacy of a message by transforming it into a form that can be understood only by the intended recipients. Everyone else will see it as only an unintelligible sequence of random characters. This message manipulation is enabled by a pair of keys, public and private keys: You share your public key with your friend, who uses it to transform his message to you into an unintelligible sequence of random characters. You then use your private key to put it back into its original form. The special mathematical properties of these two crypto keys are widely used to provide secrecy and integrity. Two crypto keys play the role of digital signatures and are commonly used in blockchain to enable both authentication and anonymity for transactions. Blockchain is a crucial technology for creating NFTs. It uses cryptography to chain blocks into a growing list of records. Each block is locked by a cryptographic hash, or string of characters that uniquely identifies a set of data, to the previous block. The transaction records of a chain of blocks are stored in a data structure called a Merkle tree. This allows for fast retrieval of past records. To be a party in blockchain-based transactions, each user needs to create a pair of keys: a public key and a private key. This design makes it very difficult to alter transaction data stored in blockchain.
13:19
December 23, 2021
Cryptocurrency (Tax) Questions & Answers!
The IRS’ take on Cryptocurrency, or as the Service calls it, "Virtual Currency" is becoming more and more essential to investing and holding the  assets. Why? Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency  may have to report those transactions on their tax returns. WHAT IS VIRTUAL CURRENCY?  Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency (i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance), but it does not have legal tender status in the U.S. Cryptocurrency is a type of virtual currency that utilizes cryptography to validate and secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other assets.
11:09
December 16, 2021
Crypto’s Advantages and Disadvantages
Crypto is a unique currency. It’s completely virtual. Crypto is unsupported by any central bank or other authority. It’s not the official currency of any country. Yet all of these are both advantages and disadvantages. Whether or not crypto is an advantage for you is dependent on your situation. Crypto have several advantages over conventional currency: 1. Crypto can’t be physically stolen, generally. There is nothing physical to steal. In theory, however, someone could force you at gunpoint to send your cryptos to someone else. 2. It’s possible to avoid taxes. The onus is on the taxpayer to be honest about crypto transactions. There are many disagreements regarding the government’s ability to track cryptos through the system. Most of the investigative activity regarding cryptos is centered on major crimes, such as drug trafficking. 3. Crypto is extremely flexible. You can pay anyone in the world at any time. Holidays, exchange rates, borders, and 10 A Quick, EZ Guide to UNDERSTANDING Crypto the time of day are irrelevant. Crypto hasfar greater flexibility than any other type of currency system. 4. There are no transactional costs. As there is no central authority, transactional costs are unnecessary. All of the computers on the system, including your own, are doing the heavy lifting. There’s no one else to pay. You could send your child a million dollars’ worth of cryptos without it costing a single penny. Try doing that with yourlocal bank or PayPal. • However, providing a small transactional fee will guarantee that payments are processed more quickly and most trusted exchanges charge fees fortheir services. 5. Privacy is maintained. Your personal information isn’t required as part of the transaction. There’s no risk of identity theft. The entire process is encrypted. Keep in mind that it’s not entirely anonymous. All transactions are recorded and posted for anyone to view. However, your name isn’t publicly associated with yourtransactions. 6. Transactions cannot be reversed. This is good news for merchants, but may be a disadvantage for consumers or anyone that sends crypto to the wrong wallet. 11 A Quick, EZ Guide to UNDERSTANDING Crypto 7. The crypto code is open source. There are no secrets, otherthan the identities of the parties involved in the transactions. It’s easy to see why cryptos are useful in certain situations. You have a greater degree of privacy and a lack of transactional costs. Crypto can be used at any time and on any day. You can still make or accept a payment
08:09
December 09, 2021
The History of Cryptocurrency: An Essential Guide
Cryptocurrency (now termed “Crypto”) is a digital monetary system. Instead of “dollars,” the unit of currency is referred to as a “Bitcoin.” Like traditional money, cryptos can be used to store and transfer value among other crypto users within the crypto community. Bitcoin is considered a cryptocurrency. The currency utilizes blockchain technology and cryptography for management and creation of the currency.  There is a crypto protocol, which resides primarily on the internet. It’s possible to utilize the protocol on your smartphone, computer, tablet, and other computing devices. It’s easily accessible to anyone with common available technology. Essentially, anything that can be done with conventional currencies can be done with cryptos. It’s possible to buy and sell goods and services, give money to other individuals or organizations, or even provide credit to others. Crypto can be bought, sold, and exchanged for other currencies.
09:13
December 02, 2021
Non Qualified Plans 101 (These plans can make you WEALTHY)
A nonqualified deferred compensation (NQDC) plan is an elective or non-elective plan, agreement, method, or arrangement between an employer and an employee (or service recipient and service provider) to pay the employee or independent contractor compensation in the future. In comparison with qualified plans, NQDC plans do not provide employers and employees with the tax benefits associated with qualified plans because NQDC plans do not satisfy all of the requirements of IRC § 401(a). Under a nonqualified plan, employers generally only deduct expenses when income is recognized by the employee or service provider. In contrast, under a qualified plan, employers are entitled to deduct expenses in the year contributions are made even though employees will not recognize income until the later years upon receipt of distributions. Despite their many names, NQDC plans typically fall into four categories. Salary Reduction Arrangements simply defer the receipt of otherwise currently includible compensation by allowing the participant to defer receipt of a portion of his or her salary. Bonus Deferral Plans resemble salary reduction arrangements, except they enable participants to defer receipt of bonuses. Top-Hat Plans (aka Supplemental Executive Retirement Plans or SERPs) are NQDC plans maintained primarily for a select group of management or highly compensated employees. Excess Benefit Plans are NQDC plans that provide benefits solely to employees whose benefits under the employer’s qualified plan are limited by IRC § 415. Despite their name, phantom stock plans are NQDC arrangements, not stock arrangements.
08:21
December 02, 2021
End of the Year Financial Essentials!
The end of the year provides an ideal opportunity to reflect on the status of your personal finances and review your evolving goals and objectives for the year ahead. Below are seven things you MUST do to be prepared for a fun New Year’s Eve: Get Organized. Pull together all of your important papers, including any wills, trusts, life insurance policies, homeowners insurance, and other pertinent financial records. Prepare a Tax Strategy. Begin to gather tax information and arrange a time to meet with your accountant, if necessary. It is important to file income taxes on time. Paying late can be costly. Schedule Legal Consultations. Consider scheduling a meeting with your attorney to discuss, and possibly update, your estate plan. You may need to establish or amend wills or trusts as necessary to adjust for changing goals or circumstances. Review Insurance Coverage. Get together with your insurance professional to review your life insurance policies to ensure you have the appropriate amount of coverage, as well as the proper beneficiary arrangements. Remember Your Reimbursement Account. If you maintain a flexible health care or dependent care account to achieve pre-tax savings, make sure you have submitted all related expenses in order to receive reimbursement. Remember that unused funds are lost if not spent in the current benefits period. If any funds still remain in the account, try to accelerate some expenses that normally would come due after the New Year in order to use up this year’s funds. If your account was either insufficiently funded or overfunded, adjust your commitment to the account for the year ahead to better match expected needs. Don’t Forget About Retirement. Sit with your financial professional and make sure all is set before going out for a fun night on the town. There may be some last minute things that can be accomplished that could better your financial situation. Write It All Down. After meeting with your advisors as outlined above, write down the goals that you can realistically attain. Make the commitment now to plan your finances to help assure yourself a comfortable, secure future. R. Kenner French is an executive at VastSolutionsGroup.com and a CIO at Vast Holdings Group. He has authored two books — with another on the way, written numerous articles, and speaks all over the country on topics of interest to entrepreneurs.
04:42
November 18, 2021
Do a Roth IRA — and add Crypto!
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.1 Unfortunately, some people make too much money to contribute to one. In 2021, joint filers with modified adjusted gross incomes (MAGI) of $206,000 or more and single filers with MAGI of $139,000 are not eligible for a ROTH IRA. There is a way for high earners to bypass these limits, however: the “backdoor” Roth IRA strategy.2 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.3 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.
07:30
November 11, 2021
The One Crypto Tax Strategy to Know!
Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale. You just have a garden-variety short-term or long-term capital loss depending on your holding period. No wash-sale rule worries. This favorable federal income tax treatment is consistent with the long-standing treatment of foreign currency losses. That’s a good thing, because folks who actively trade cryptocurrencies know that prices are volatile. And this volatility gives you two opportunities: profits on the upswings loss harvesting on the downswings
06:39
November 04, 2021
A crypto 401(k) might be the right solution for you!
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!
07:22
October 29, 2021
There ARE other Cryptocurrencies besides Bitcoin!
Everyone has heard of Bitcoin, even if they don’t fully understand it. There are numerous other cryptocurrencies besides Bitcoin. There are seemingly hundreds of cryptocurrencies, and most of these were released in the last couple of years. Coinmarketcap.com lists 100 cryptocurrencies. Many experts believe the numbers will continue to climb. In fact, with creator coins now available the space could increase by the thousands soon. Bitcoin has a considerable head start on the other offerings. Several cryptocurrencies are slight variations on the Bitcoin platform and may be more attractive to conventional financial institutions.
07:39
October 22, 2021
2021 IRS Top 10 Tax Tips
People think April 15th is Tax Time but actually if you get things organized at that time it is too late. Get ready now — June, July, August. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think if you attack it the right way.
07:53
August 19, 2021
What is an IRA?
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us, as Kenner explains IRA's plus the advantages of having them. The known definition of IRA's are individual retirement accounts (IRA) which are tax-advantaged accounts that individuals use to save and invest for retirement. Are you maximizing your retirement potential? As always, one of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. This includes looking at their qualified plans. If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701  Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!
09:57
August 05, 2021
Strategies to Help Lower Tax Liability for Entrepreneurs NOW
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us, as Kenner delves into some unique tax strategies that can be utilized to lower tax liability for entrepreneurs. Whether you are an established entrepreneur or starting a side hustle to supplement your income.   As always, one of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings.  If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!
19:42
July 29, 2021
Five Easy Essential Tax Tips for Entrepreneurs
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us, as Kenner outlines Five Easy Essential Tax Tips for Entrepreneurs.  1) Tax Harvesting 2) Using Long Term Capital Gains vs short term capital gains 3) IRA contributions 4) Using backdoor Roth IRAs 5) Qualified plans One of Kenner's top recommendations are for entrepreneurs to schedule consultations with their tax and financial advisors quarterly in order to maximize their tax savings. If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!
15:01
July 22, 2021
Top Tax Savings Tips for Entrepreneurs
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com. Join us on this podcast, as Kenner outlines the top tax tips that has helped VastSolutionsGroup.com save their clients a wealth of taxes for their businesses. We will touch upon: 5) Qualified retirement plans - 401(k)s 4) 831(b) 3) Roth IRA Conversions 2) 453(a) 1) R&D Tax Credits If you have any questions or would like a complimentary one hour tax review you can reach our office at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!
19:12
July 15, 2021
News for New Business Owners: A Lawyer's Podcast
On today's episode, we are joined by Kenner French, CIO of VastHoldingsGroup.com and executive at VastSolutionsGroup.com and Asset protection attorney Robert “Bob” Bluhm of the Asset Defense Team. Join us as Attorney Bob Bluhm explains how to use legal entities to reduce liability and lower the risk of being sued, with a brief introduction to entities and their meanings.  If you have any questions on this podcast or just questions in general. Please reach us at: VastSolutionsGroup.com Phone: (888) 808-8278 Extension: 701 Email: admin@vastsolutionsgroup.com Monday-Thursday 8:00 AM – 5:00 PM (Pacific) Thank you for listening!
24:45
July 08, 2021
Cryptocurrency and the IRS
So much confusion about cryptocurrency and how the IRS judges it. This podcast outlines some of the specifics surrounding the cryptocurrency world which is becoming so popular and appears to be mainstream with the IRS will help investors tremendously. This was the first podcast of its kind on the green room platform to be live and include tax issues.
06:33
July 01, 2021
Have questions about your S-Corp Salary? Answers are here!
The IRS has given little guidance about the “right” amount of S corp salary. This episode provides some guidance.
04:58
April 15, 2021
Wills 101
Everyone with property or children should have a will. It is especially important if you have children, since a will can provide instruction of your wishes regarding who will take care of your children. A will must meet several requirements in order to be considered legally valid: There must be testamentary intent. This is fancy way of saying that the will was created with the intention of acting as a will and this fact is understood by the testator. The testator is required to have testamentary capacity at the time of signing the will. That means the extent and nature of the property in the will must be understood. The distribution of the property must also be understood. The will must be executed freely. This means the testator cannot be under undue influence, duress, or fraud. It must be signed. Depending on the state, this may include a notary or witnesses. Just as with estate planning in general, wills also have their own terminology that the average person isn’t exposed to on a regular basis. Understanding these terms will greatly increase you understanding of wills in general.
07:16
April 08, 2021
Seven Steps to Organizing Finances for the Entrepreneur
7 Steps to Organizing Your Finances You might not consider yourself to be an organized person, but your finances are the last place you want to be disorganized. Having too little cash at the end of the month is a challenge, but overdraft fees and late fees every month are an even bigger concern. By getting organized you dramatically cut down on the likelihood of these things happening. Follow these steps and you'll be more organized that you ever thought you could be: Look at your budget every month. Ensure that your budget is accurate. No two months are ever the same, so be sure your budget reflects reality for the upcoming month. For example, electricity bills can be much higher in the summer if you use air conditioning or in the winter if you have the heat turned up. If you don’t have a budget, make one now! There are an unlimited number of resources available to make the job a lot easier. Budgets are critical. Your budget is your key to having your money work for you! Utilize financial software. Some of the software available now can really help you to get organized, track your spending and bills, and help with budgeting. Many programs are free. You might actually find working with your money to be enjoyable when you can use a computer and specialized software. It’s a whole different experience than laboring over your hand-written figures on paper. Keep all your bills in one place. Avoid leaving some of them on the kitchen counter, some in the junk drawer, and some on the desk. Having one specific location for all your bills will ensure that nothing gets lost, and it’ll also give you the best chance to ensure that everything gets paid on time. Store your bills close to where you normally sit and pay them. Keep them out in the open where you can see them regularly. When you're done paying them, retain any records you need and shred everything else to protect yourself from identity theft. Pay your bills weekly. Each week, pay any bills that are due in the next couple of weeks. Choose a day and make a habit of paying your bills on that same day each week. Developing good habits is a big part of staying organized. Make a checklist of your bills. This should include all your recurring bills. Then, when the bill arrives, you can note the day it arrived, the amount due, the date it's due, and the day you actually paid it. Any non-recurring bills can be added to the checklist when they arrive. Communicate regularly with anyone who shares your account(s). Whoever pays the bills needs to know what the other person is doing with the account. Develop a system to ensure that the bill payer is kept in the loop at all times. Financial matters can be a source of stress in relationships, so work out an effective system before it becomes a challenge. Have two accounts. Mishaps are a lot less likely to happen if you have one account that is only used to pay bills. Use a separate account for everything else.
07:16
April 01, 2021
Custom warranty programs
In today’s ever changing environment, it’s important for any successful business to develop a competitive advantage in the marketplace and mitigate the risks that come along with day-to-day operations. Customers are looking for added benefits when choosing a product and, with the amount of competition in the marketplace, customer retention is becoming increasingly difficult. Custom warranty programs were created with these things in mind. They are warranty programs modeled after those used in other industries and applied to any specific product a business offers. There are several warranty programs currently being utilized by businesses today, however, these programs tend be costly and time consuming for a small to mid-sized business to implement effectively. Retailers such as Best Buy allow you to purchase an additional warranty that covers damage to an electronic device excluded by the manufacturer’s warranty, such as accidental damage. In the auto industry dealerships offer extended drivetrain warranties and tire companies offer warranties for every new tire purchased. The programs allow any size business that manufactures, distributes, or sells a tangible product to build a warranty program. Not only is it a strong marketing tool, but it also allows the business to generate an additional source of revenue. Because of the simple application requirements and a transparent claims process, customers have an increased value of the services offered, leading to greater customer retention. This gives the businesses a strong competitive advantage within the marketplace. Implementing the custom warranty program also highlights the business’s inefficiencies, allowing the owners to understand what products have the highest warranty claims.
06:53
March 25, 2021
Travel related deductible business expenses
When traveling for business related purposes, the majority of your expenses are deductible. Costs ranging from your plane ticket, a portion of your meals, lodging and even entertainment are tax deductible.
06:36
March 18, 2021
Tax Deductible Home Office Deductions
In addition to receiving a tax deduction for the portion of your home expenses that applies to your home office, these expenses for your home office are also tax deductible: 1. Phone. In order to write off your phone expenses, you'll need to separate your home line from your business line. If you're seeking a landline phone, you can score a deal for about $30 per month. However, you can also get a second line for your cell phone in order to offer you more flexibility as to when and where you take business calls. • An affordable alternative to a landline phone would be MagicJack. It costs $40 for the initial purchase of the device. And the recurring costs are $19.95 per year thereafter. MagicJack operates under VOIP (Voice over Internet Protocol); therefore you need to plug it into a computer in order to turn on the reception for your phone. • If you need more mobility, most cell phone companies allow you to add an additional line to your account for as little as $10 per month and you can share the minutes given on your primary line. 2. Internet. Whether you work strictly from home or work on your business from home during your spare time, it's highly unlikely that 100% of your internet use is strictly for work related purposes. Therefore, you won't be able to deduct your internet bill in its entirety. • Deduct your internet charges according to the percentage of its usage that is dedicated to your business use. 3. Home office furniture and equipment. You can also take deductions for your home office furniture and equipment designated for business use: • Desks, chairs, and other furniture • Filing cabinets • Computers and monitors • Laptops • Printers • Fax machines • Software you need for your business 4. Maintenance and repairs. Any maintenance and repairs strictly for your home office, such as new carpet or paint in the office space, is 100% tax deductible for your business. 5. Your child's allowance. Pay your children for keeping the home office tidy. Even a small child can dust the desk and computer! It encourages responsibility in your children and you get a tax deduction for what you pay them. • Let older children help you keep your files, papers, and receipts organized. They can even enter your daily income and expenses into your bookkeeping software. • If your child is under age 17, you can employ them without paying social security on their wages.
05:51
March 11, 2021
Ten Retirement Plan Errors - Don’t make them!!
Don’t be the Entrepreneur who makes these mistakes that seemingly everyone makes. Listen to this podcast to learn how to not make the same mistakes that so many entrepreneurs make in there entrepreneurial journey.
06:37
March 04, 2021
Estate Planning 101: Time to learn about the thing you keep putting off!!
Estate planning is the thing that people have heard of but really do not know what it is.  Is it law, legal, finance, etc?  Well, it is all those things and more.  This podcast will provide the basics and essentials of estate planning so you have a foundational knowledge of the very important topic.
09:15
February 25, 2021
Advantages of being an Entrepreneur
Entrepreneurs have it good and have it bad. People in many ways do not realize that the good far outweighs the bad - by a long shot. Listen to this podcast to learn more.
04:36
February 18, 2021
Calling Entrepreneurs who Want lower Risk and lower Taxes. Listen up!
With the consistent year over year growth of data breaches, it’s becoming more important for successful businesses to develop a comprehensive Enterprise Risk Management (ERM) program that provides the capital and tools needed to mitigate the enormous cost of a breach. An effective ERM program can mitigate your data breach risk, address gaps in cyber insurance policies, and create a rainy day fund of tax-advantaged dollars to use in the event of a breach.
08:27
February 11, 2021
Clubhouse and Free Tax Advice: YES!
Do you want to get your tax questions answered by some leading tax experts for free, that’s free?  Again, free?  One extremely innovative way to do that is by joining the app Clubhouse that everyone is talking about.  Join Clubhouse for free and have your tax questions answered for free.  Not bad, huh? Clubhouse is a San Francisco-based social media app that was founded by Paul Davison and Rohan Seth in March 2020. As a matter of fact, one of my friends is an early investor.  The app is voice-based where people can create or join voice chat rooms. These chat rooms appear based on who users follow. And users, once in a voice chat room, can listen to a conversation or they can be invited to speak through a "raise hand" feature. The room's creator can also "tap" a person to allow them to more actively participate. As of today, Clubhouse has gained a lot of interest while remaining in beta and requiring an invite to join. Part of the interest has grown out of the guests which have held conversations through Clubhouse, including Mark Cuban, Jack Dorsey, Eric Siu, MC Hammer, Marc Andreessen, Matt Andrews, Grant Cordone, and Kevin Hart. Some conversations with individuals have been curated, such as MC Hammer's discussion of the effect of Coronavirus on prison populations. Part of the interest in Clubhouse, besides these conversations, has come from these individual's tweeting for people to join their conversations.
05:26
January 31, 2021
S Corp specifics
Save tax money by starting an S Corp!
16:11
January 28, 2021
Get Started In Commercial Real Estate
Many investors believe that all commercial real estate is too complicated for them. Another common belief is that you need a million dollars to get started. Neither is true. It’s possible to invest in commercial real estate with zero investing experience and an average salary. Commercial real estate can be a safer and easier investment than single family homes. Commercial real estate encompasses a wider range of properties than many beginning investors realize. Really, commercial real estate is not as daunting as people think.  People really can make real money as an investor in commercial real estate. 
07:26
January 28, 2021
Captives and 831(b)s: A Risk Reduction Strategy Second to None
With the consistent year over year growth of data breaches, it’s becoming more important for successful businesses to develop a comprehensive Enterprise Risk Management (ERM) program that provides the capital and tools needed to mitigate the enormous cost of a breach. An effective ERM program can mitigate your data breach risk, address gaps in cyber insurance policies, and create a rainy day fund of tax-advantaged dollars to use in the event of a breach.
06:39
January 21, 2021
The Entrepreneur's Ultimate Tool Kit - Insurance Secrets (Twelve of a Twelve Part Series)
As you consider the wide range of life insurance coverage available, you may wonder what type really fits your needs now, and what will suit your needs in the future. A good, first step is to ask yourself why you are buying insurance, and how it will fill your personal and family financial security requirements. Do you want insurance to cover a new home or mortgage? A college education? A business investment? Your retirement? Your final expenses? Once you have the answers, you can look at the basic types of coverage, whole life, universal life, and term.
13:49
January 14, 2021
The Entrepreneur's Ultimate Tool Kit - Estate Planning Trusts (Eleven in Twelve Part Series)
Many of us may perceive trusts as a complex subject better left to wealthy people. However, a trust is simply a contract initiated by a grantor who agrees to transfer assets to a beneficiary, who then receives the assets as stipulated in the trust contract. A trustee, who may also be the grantor, manages the trust assets and ensures the stipulated terms of the trust are faithfully executed.
09:00
January 07, 2021
The Entrepreneur's Ultimate Tool Kit - Glossary of 401(k) Terms (Ten of Twelve Part Series)
You new to the 401(k) world? You need to brush up on your qualified plan terms? You simply interested in learning a bit about all the terms involved with 401(k)s and other qualified plans? If so, this article is for you. Otherwise, move on. It could put you to sleep :).
11:32
December 17, 2020
The Entrepreneur's Ultimate Tool Kit - Tax Deduction Reminders (Nine of a Twelve Part Series)
Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come tax time. Read on to learn more.
06:48
December 10, 2020
The Entrepreneur's Ultimate Tool Kit - IRS Tax Tips (Eight of Twelve Part Series)
Even with the best intentions, filing taxes often becomes an event that is put off until the very last minute. Tax laws can be confusing, leaving many unsure of what they may deduct and how they should file. However, according to the Internal Revenue Service (IRS), the process can be simpler than you may think.
06:03
December 03, 2020
The Entrepreneur's Ultimate Tool Kit - Financial Planning (Seven of Twelve Part Series)
If I am going to San Francisco to Los Angeles without a plan I may end up in Las Vegas.  What happens if I need to be in LA for an important meeting? To see my son?  Maybe to go to Disneyland with my family?  I would miss out.  Without a plan there could be issues.  Same with retirement.  If I do not plan I may just miss out.  By missing out in retirement I may mean having to go back to work.
05:32
November 26, 2020
The Entrepreneur's Ultimate Tool Kit - Financial Tips (Six of Twelve Part Series)
Small businesses owners should conduct an annual assessment of their personal finances. Owners of small businesses have much the same concerns as everyone else, except they are personally responsible for the fortunes of their enterprise. In a sense, a small business is like a family. And these are important families in American economic life. After all, small business is vital to the U.S. economy, employing half of private-sector workers and creating two-thirds of net new jobs, according to federal data.
07:21
November 20, 2020
The Entrepreneur's Ultimate Tool Kit - Smart (Cheap) Marketing Ideas (Five of Twelve Part Series)
Marketing is a challenge when the amount of money your business can afford to spend on advertising and public relations is limited. But with a bit of creativity you may find you do not need a big marketing budget to build your company’s reputation and spread the word about your products and services.
09:22
November 12, 2020
The Entrepreneur's Ultimate Tool Kit - Entrepreneurs CAN Implement AI (Four of Twelve)
If an entrepreneur is not at least thinking about implementing artificial intelligence (AI) they will soon be looking to leave the entrepreneurial ranks soon. Implementing AI is almost as important as a business buying computers — it will be absolutely essential to a company’s success going forward. No doubt.
06:20
November 05, 2020
The Entrepreneur's Ultimate Tool Kit - Business Entity Types (Three of Twelve)
Here’s an overview of the four basic legal forms of ownership for small businesses: sole proprietorships, partnerships, corporations, and limited liability companies (LLCs). Sole Proprietorships The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietors own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, the owner is the business. Partnerships In a partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. The partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, or what steps will be taken to dissolve the partnership when needed. Yes, it’s hard to think about a “break-up” when the business is just getting started, but many partnerships split up at times of crisis, and unless there is a defined process, there will be even greater problems. They also must decide up-front how much time and capital each will contribute, etc. Corporations A corporation—chartered by the state in which it is headquartered—is considered by law to be a unique entity, separate and apart from those who own it. A corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes. Subchapter S Corporations AKA S Corps A tax election only, this form of ownership enables the shareholder to treat the earnings and profits as distributions, and have them pass through directly to their personal tax return. The catch here is that the shareholder, if working for the company, must pay herself wages if there is a profit, and those wages must meet standards of “reasonable compensation.” This can vary by geographical region, as well as occupation, but the basic rule is to pay yourself what you would have to pay someone to do your job, as long as there is enough profit. If you do not do this, the IRS can reclassify all of the earnings and profit as wages, and you will be liable for all of the payroll taxes on the total amount. Limited Liability Companies (LLCs) The LLC is a relatively new type of hybrid business structure that is now permissible in most states. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Formation is more complex and formal than that of a general partnership.
09:39
October 29, 2020
The Entrepreneur's Ultimate Tool Kit - A Roadmap (Two of Twelve)
A Brief Entrepreneurial Roadmap to Success Being an entrepreneur rules…but there are rules! Whether you’re planning to start a new business, trying to grow a fledgling business, or working to keep an already established enterprise competitive, your business plan is your “roadmap” toward success. And, since running a business is a little like embarking on a journey without a final destination, it may be necessary to consult, or even reconfigure, your map from time to time.
05:30
October 22, 2020
The Entrepreneur's Ultimate Tool Kit - Hobby to Profit (Part One of Twelve)
Get a Hobby, It Can Make You Rich …and save you taxes! Many people dream of turning their passionate pursuit into a money-making venture. Creating a successful and profitable business is seldom easy, but the Federal government offers tax incentives to business owners that could make converting an avocation into a business start-up an effective part of your overall tax planning strategy. If you are thinking about turning your hobby into a business, you would need to realistically appraise your chances of building a profitable enterprise before you declare yourself a business owner.
07:49
October 15, 2020
Do I Need a Financial Plan?
If I am going to San Francisco to Los Angeles without a plan I may end up in Las Vegas.  What happens if I need to be in LA for an important meeting?  To see my son?  Maybe to go to Disneyland with my family?  I would miss out.  Without a plan there could be issues.  Same with retirement.  If I do not plan I may just miss out.  By missing out in retirement I may mean having to go back to work. Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have different concerns: funding retirement; educating children; protecting assets; and coping with unexpected changes in health, employment, and marital situations. But, whether your goal is to build or protect assets, the sooner you start, the better.
06:23
October 08, 2020
Guaranteed Financing for Commercial Real Estate Loans
Small business owners seeking to purchase or renovate commercial real estate may want to consider the U.S. Small Business Administration’s (SBA) 504 Loan Program. This program provides long-term, fixed-rate financing for small businesses to acquire fixed assets, such as real estate or equipment, for expansion or modernization.
04:47
October 01, 2020
Will You Be Needed In The Future? Artificial Intelligence Answers!
You will learn in twenty years if you are needed any longer.  It is expected in year 2040 that a computer’s action will be indistinguishable from that of a human.  Think about that.  You could be emailing in the year 2040 and truly not know who or  what is on the other end.  Scary.
06:40
September 24, 2020
Entrepreneur, You Need Business Insurance
Since you never know when a disaster may strike causing severe damage and disruption to your business operations, it is important to expect the unexpected and manage your risks accordingly. For that reason, business insurance should be factored into your regular cost of doing business. Generally, the best way to protect yourself and your business against the unforeseen is to prepare before an incident occurs by taking steps to reduce risks and by purchasing the appropriate insurance.
05:30
September 17, 2020
Life Stages and Investment Management
Life Stages and Investment Management Investment management is determined by age! On the way to developing and maintaining your financial well-being, the ability to successfully manage your personal finances will play an important role. A solid financial strategy can help you build a more financially secure future for your family. To start, it is important to have an emergency fund in a separate savings account. Once you have accumulated up to six months’ worth of income to cover housing, food, utilities, transportation costs, etc., you can work toward defining your short- and long-term financial goals, and then constructing a plan to help ensure you meet your objectives.
07:12
September 10, 2020
Top 20 Little Financial Hacks
Here is just a little sampling... 1.  People often have twice the credit they actually need. Avoid temptation by never charging more than 50% of your total credit limit. 2. Join your company’s retirement plan and try to contribute as much as you can, especially when the contribution is made from before-tax earnings. 3. Can you imagine your heirs receiving only half of your hard-earned assets? That’s what could happen if you don’t take estate planning seriously enough.
05:51
September 03, 2020
Top 3 Benefits of Using Artificial Intelligence in Retirement Planning
Whether you realize it or not, artificial intelligence is already part of your everyday life. AI predicts your web searches, personalizes your social media feeds and optimizes your online purchases – just to name a few examples. In the future, it will also play a major role in your long-term financial planning as an entrepreneur.
06:03
August 27, 2020
Forbes.com Countdown: Top 15 Important Small Business Trends We’ll See by the End of 2020.
There is no doubt that 2020 has been a challenging year for small businesses. With the COVID-19 pandemic, racial equality protests and a looming economic recession, the business landscape has been transformed, and new trends are cropping up as a result.
12:49
August 20, 2020
AI on a Budget IS Possible - and Vital!
If an entrepreneur is not at least thinking about implementing artificial intelligence they will soon be looking to leave the entrepreneurial ranks soon. Implementing AI is almost as important as buying computers nowadays. It will absolutely be essential to a company’s success going forward. No doubt!
06:16
August 13, 2020
In-Kind IRA Distributions Can Help You - A Ton!
An in-kind distribution from a traditional IRA is fully taxable, just as a cash distribution from a traditional IRA becomes taxable income. Just how is the cash value of the in-kind withdrawal determined? The fair market value of the asset is reported to the IRS as a step in the distribution
04:11
August 06, 2020
Retirement planning is Insanely Easy – for Artificial Intelligent Computers
Think you can outsmart a computer? Probably not. If we are not as smart as a fifth grader why would you think that you could outsmart a computer that could do billions of calculations per second? That said, why would you want to leave your retirement in the hands of a financial advisor who is not using advanced technologies to help you?
05:31
July 30, 2020
A Ride On The Wealthy Train: Fully Insured Defined Benefit Plans
Pension plans come in all shapes and all sizes. Long favored by employers for a variety of reasons, the defined benefit plan allows an employer to make contributions to a plan that guarantees to pay employees a defined benefit in the future. These plans can equate to large retirement and tax savings savings. If an entrepreneur has no employees, the retirement and tax savings are even bigger.
04:43
July 23, 2020
Countdown: Top 5 Items in the Way of Entrepreneurs’ Retirement
Are you an entrepreneur and it seems like retirement is years and years away? While it may appear this way, you owe it to yourself to look ahead and begin giving thought to a time in your life that may account for 20 or more years of not working.
05:06
July 16, 2020
To Get Rich Entrepreneurs Can Use Solo 401(k)s!
A solo 401(k) is simply one that has no other participants except for the business owner themselves, generally speaking. These can be great ways to amass wealth in today’s competitive environment.  It helps with increasing retirement assets and also potentially lowering tax liability - two good things.
07:03
July 09, 2020
Forbes.com’s Top 15 Countdown of Top Customer Success Metrics for Enterpreneurs.
You as a business owner should know the top 15 metrics you should measure to gauge client satisfaction. This podcast count down was chosen from the editors of Forbes.com from submissions of its esteemed Forbes Business Council.
11:52
July 02, 2020
What is Vesting?
Here we explain what it means to “Vest” in a 401(k) plan.
04:55
June 12, 2020
Yes, You CAN Put Real Estate in an IRA or 401(k) Plan.
So few people know that you, indeed, can put real estate assets in an IRA or 401(k) plan. Sometimes you could potentially have a rate of return as high as 20% per year or even more. It just may be the ticket to you becoming wealthy.
12:17
June 09, 2020
Having a Spouse Can Save You Taxes! Employing Them Can Help!
If you are an owner of a small business employing your spouse and children can potentially help reduce your family’s effective tax rate. What does that mean? That means you can save some dough. Sometimes you can save a lot of money in taxes!
08:56
June 07, 2020
5 “Streets” To Your Retirement: Easy Directions Toward A Relaxing Time!
Do you need a roadmap for your retirement plan? Going without a plan is like driving from New York to Los Angeles without a road map. Do you want to get to your destination don’t you? Same thing for your retirement plan.
07:39
June 05, 2020
10 Essential Tips for Any Entrepreneur
Too many times does an entrepreneur say they are too busy to talk about their personal finances. These tips are must-dos which will help an entrepreneur with their personal finances.
09:43
June 04, 2020
5 Crazy Good Tax Strategies for Entrepreneurs
Every entrepreneur should be thinking about easy solid tax strategies and we have them here...
05:10
June 04, 2020
Surefire Retirement Plans for Solopreneurs!
Solopreneurs (entrepreneurs with no employees) feel like they are alone. They are not. We have 7 surefire ways for them to prepare for retirement and get tax deductions.
09:17
June 04, 2020
A Uni-K Plan Can Make You Wealthy
A good retirement/tax mitigation strategy for an entrepreneur with no employees is called a Uni-K Plan. It’s similar to a 401(k) but no employees are eligible thus making the entrepreneur rich.
08:26
June 04, 2020
Artificial Intelligence Will Make You Wealthy
Do you want to get rich? You could try and do so the old fashion way, and walk there or you could get in a Ferrari and get there quicker. AI is a means to lowering taxes and increasing rates of return. By listen to this audio you will understand the possibilities that are around us for machine learning.
06:13
June 04, 2020
10 Essential Tips to Business Succession Planning
You want to leave a headache to your family when they need them least? Plan youe business succession planning NOW!
12:53
June 04, 2020
Top 10 IRS Tax Tips
Want to know the IRS top 10 tax tips? Listen up and you’ll be glad you did.
05:31
June 04, 2020
Getting the Workforce Back To Work. Now!
As a result of this crazy COVID-19 issue it is of vital importance for many entrepreneurs to get their workforce back up and running so the company can move forward. This podcast gives a few helpful tips in getting workers back to work.
04:44
May 16, 2020
Overlooked Tax Deductions For Small Business Owners
Surely, you wouldn’t be one of the people who are overlooking business deductions even though there are so many entrepreneurs who are doing just that. In this podcast we will discuss a few different business deductions that so many entrepreneurs overlook
05:10
May 16, 2020
The Major Retirement Planning Mistakes Entrepreneurs Make
Don’t fall prey to the major retirement planning mistakes that so many entrepreneurs make. This audio should help you in staying away from some of the all too frequent mistakes.
06:48
May 16, 2020
You Need a (Han) Solo 401(k) Plan
Very briefly here we go into some specifics of solo 401(k)s. Sometimes these can be very flexible and help a small business owner to prepare for retirement while also lowering taxes
05:02
May 16, 2020
Saving Your Parents from Financial Fraud
The time to save your parents from financial fraud begins now. Don’t wait until it’s too late and they’ve lost $100, $1,000, $100,000, or more.
04:56
May 16, 2020
About Vast Solutions Group and Tax and Financial Engineering
In very quick form after we just started doing the podcast we have received a number of questions as to what is tax and financial engineering and what is it that Vast Solutions Group is about. In this quick podcast we outline just a little bit about those two items.
03:34
May 16, 2020
Retiring Single?
There are some real issues to think about when retiring single and this audio will indeed help.
05:54
May 16, 2020
Selling Your Company? Prepare!
In the short audio we go over the specifics of preparing for someone to sell their pride and joy, their business.
06:18
May 16, 2020
Major Risks To Family Wealth
In this podcast we go through a few of the issues confronting those with considerable family wealth. Listening to this podcast might make you take a look at, and better your own, situation.
06:53
May 16, 2020
Estate Planning After a Second Marriage
There are many special considerations after a second marriage as these do provide complexities beyond typical estate planning.
05:05
May 16, 2020
Is Your Company’s 401(k) Any Good?
Two recent court rulings may want you as an entrepreneur to double check your company‘s 401(k) plan to make sure that it is doing exactly what it should be doing
03:49
May 16, 2020
Ten Bad Money Habits Entrepreneurs Need to Break
Do bad money habits constrain your financial progress? Many people fall into the same financial behavior patterns year after year. Listening to this podcast will help you to identify if you’re doing any of these bad money habits.
04:48
May 16, 2020
Are You Committing Financial Illegalities?
We outline a number of things that many people may be currently doing illegal but not realize.
05:23
May 16, 2020
Audit Red Flags
What raises the eyebrows at the Internal Revenue Service?
04:22
May 16, 2020
Midlife Money Errors!
If you are between 40 and 60, beware of the so common financial blunders and assumptions outlined in this podcast.
04:56
May 16, 2020
Reducing the Risk of Outliving Your Money
What steps might help you sustain and grow your retirement money?
04:29
May 16, 2020
Where Will Your Retirement Income Come From?
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.
04:57
May 16, 2020
Hey Entrepreneur, Are You Gonna Get Audited? Likely not!
Of the 330 million people in the US a small fraction get audited. If entrepreneurs aren’t doing anything so why are they so worried?
02:23
May 16, 2020