J. Shoff • Business Accountant
@JonathanShoff
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Helping business owners make more money by clarifying their financial and tax situation.
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Joined December 2018
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Helping business owners grow. 📈
We do:
- Bookkeeping/Advisory🧑💼
- Financial Reports that actually help you increase profits 💸
- Tax Management to simplify business taxes and suggest strategies for savings 💰
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@XavierHelgesen
Yahoo has failed a lot, I agree.
One thing they do (kind of) well is their website
It does a good job of providing stock price and chart information.
The articles written by their staff are laughable. But the access to the numbers is nice.
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New End -of-Year Deadline you may have heard about: If you have a business (LLC, C-Corp, etc.), you likely need to file a BOI report by year-end.
Fines are up to $500/day (or worse).
I'm not a fan of this requirement at all 👎, just a messenger.
What is this exactly?
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@Codie_Sanchez
For it to be as passive as possible you have to have property managers, then, you'll have to have managers to manage the property managers.
Only then can you go days, weeks, and months without having to handle inquiries about your properties.
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@TravisBiziorek
It would depend on the friend, but I'd lean towards yes if they weren't messy.
Maybe only make them pay the cleaning fee? 🤷♂️
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@djxdomo
I recommend QuickBooks for processing payments...the bookkeeping features aren't bad either.
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@NickSauvage
It's hard to imagine not living with our it...then again, I live in Alabama, high heat and humidity.
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@shl
I've recently come to realize building a team of people (and managing them) is one of the most valuable skills anyone can have.
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@Budgetdog_
That's tempting to just pay cash, but I would probably finance to keep cash reserves as high as possible during these uncertain times.
(Note: I'm a business owner so I may have different goals than others).
4.99% is a small price to pay to keep cash reserves high.
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@dorse054
This is scary.
Note that the IRS will never call you to ask you for money or your personal information.
They will communicate with you via snail mail.
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@irentdumpsters
Either give them some money as a gift, or hard pass.
Don't loan money to friends and family. It changes the relationship for the worse.
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@shawngorham
$200?
I live in a college town....What you're describing is the scam of the town.
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@GuyDealership
Imagine if the average Joe put $777 in savings every month and invested it properly...
30 years of that...is what it would feel like to hit the jackpot.
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@NicoleEdmun
Great perspective! Here's my thoughts:
Long term stocks with dividend = rentals
Long term stocks no div = buying and holding property
Short term trades = flips
Options = buying property at auctions sight unseen
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@realEstateTrent
If I had to guess this comes down to two things:
1.) The income derived from the property dropped significantly.
2.) Interest rates are up bringing multiple implications to pushing the price down.
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@roblabonne
Were they wanting you to do a backup withholding on your payments to them as a 1099 contractor?
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@TheDrugMoney
It's fun to see everyone again and connect in-person.
For mine, I had in-depth conversations with close friends AND with folks I rarely or never hung out with in high school...and it was great.
I'd do it again for sure.
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@dollarsanddata
It's not a lie.
Math says you'll be richer if you cut your spending.
What the personal finance gurus often leave out is increasing your income.
You can become rich much faster if you make chess moves to increase your income, but the sacrifices required to do so are unpopular.
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Is there such a thing as an insurance consultant?
Someone who could gather info about your SMB, and make recommendations based on the most likely pitfalls?
It seems that it's mostly sales folks in the industry.
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@realEstateTrent
👆 Being the personal assistant of a billionaire could be a MUCH more fulfilling endeavor compared to a law career.
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@realEstateTrent
Forms were filled out by a typewriter or hand written then mailed B2B.
One of the things that was done by hand in these offices was accounts receivable and their 3 way match.
Purchase order matched with packing list matched with the vendor's invoice.
All in the cloud now.
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@realEstateTrent
You can get an even better deal than that with Series I bonds.
They have their purchasing limits though...
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Open a business bank account ASAP when starting your business.
A business credit card can be a good addition too, if you're disciplined.
Have all of your business transactions flow through your biz accounts.
Don't mix them up with your personal accounts!
Here's why: 👇
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@TheDrugMoney
Communication skills.
This should be mastered in high school or before.
This probably shouldn't be a college major.
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@JamesonCamp
This is part of the reason why my firm has a policy to get paid up front on all of the work we do.
Another reason is it lowers the cash conversion cycle...that's a big deal too.
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@PeterBonerzz
@sweatystartup
IMHO: You're overthinking this.
In most areas of the USA there is a shortage of lawncare services. Even where I live...Opelika, AL.
Here's how I would start:
1. Tell friends and family you're starting
2. Do a few social media posts
3. Call some realtors
Ask for referrals
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@realEstateTrent
An accounting degree is way better.
You actually graduate with a marketable skill...
...and understand how money moves better than those with a bachelor's in finance.
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One thing that isn't talked about a lot is how you have to change the way you measure yourself when you take the big leap from a W-2 job into biz ownership: 🧵
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Using QuickBooks Online? READ THIS:
Starting 8/19/24, they'll email your customers asking for reviews of YOUR service right after they pay your invoice.
To opt out, turn off the feature. (See Image)
I'll be turning it off, but you might want it on.
More info in next post...
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@FluentInFinance
Any major you can't quickly get your money back on the tuition you paid isn't worth the investment.
Why spend decades in debt after college when you could have done something else and been debt free?
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@SMB_path
@TheDrugMoney
@Investmentkage
I totally agree. Way better experiences all the way around.
And if it isn't, you're in the wrong $200 restaurant.
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How to pay yourself through an S-Corp, tips for tax efficiency, and pitfalls to avoid 🧵:
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@ShannonJean
The mistake here is planning for an inheritance when you could have been working hard all this time to increase your own income, build your own nest egg, and control your own destiny.
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@realEstateTrent
Chick-fil-A...all the way.
They have products, service, supply chain, and culture dialed in to a "T".
All of the others are not as refined.
Some of those others are very unrefined.
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@realEstateTrent
If you restrict a buyer's ability to INCREASE the rental income of a property they'll value the property at a lower amount.
Solution: Give your buyer as many options as possible.
Let them renew the current tenants.
Let them choose the new rental rates...ect.
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Sales is one of my favorite things to do for my business.
Arguably one of the most important for all business owners depending on your field/industry.
Here's my Sales Call guide to selling high-ish ticket services (but could apply to many other situations) 🧵:
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@IAmClintMurphy
One way I think most people cheat themselves when it comes to personal finances is the lack of effort to increase their income.
Don't get me wrong, cutting expenses and living below your means is very important...
But if you pair that with increasing your income:
Game Changer!
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@realEstateTrent
Buy a Brother MFC-L8900CDW.
Color Laser.
It's probably the best ~$600 I've spent on my biz (2021 purchase, still going strong).
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@realEstateTrent
IMHO:
It's very difficult to retire well.
It may be better to just scale back your career a few notches instead of going full-time into retirement.
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Save a ton on taxes by having your bookkeeping done correctly...the first time.
Today I found my clients old bookkeeper categorized several owners contributions transactions as sales revenue, falsely pushing profit and tax liability upward.
Easier if done right the first time.
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One of the best personal finance threads of all time:
Controversial money advice learned in 34 years.
My parents didn't teach me this... yours didn't either.
Time for some straight talk on $$$. No BS
👇🧵
68
450
3K
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New client (biz owner) mentioned that they were able to withdraw significantly more cash out of their business bank account every month that what was stated as profit on their P&L.
They were baffled, old bookkeeper had zero explanation.
Turns out...
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@bethanyjbabcock
Stories sell.
Every property has a story.
Most of them are at least semi-interesting.
If you can tell them well, you can sell.
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@realEstateTrent
IMHO this situation will sustain for longer than most people are expecting.
2% inflation is the goal, not a surplus.
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@realEstateTrent
Twitter is super underrated.
It's probably the most underrated platform on the business side of things.
You get out of something what you put in to it.
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I'm going to be hit or miss here on X today.
My wife and I are taking on our third foster kid this afternoon.
That will put us having 3 toddler boys in our house all at the same time, all of them brothers, ages 2, 3, and 4.
It sounds hard, but it's actually awesome.
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@Codie_Sanchez
I believe this is what the world will transform to.
Corporate certifications will end up returning a better ROI than 4 year degrees. They'll be more popular.
That's what happens when they make engineers and accountants take pointless art classes before they'll graduate them.
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My wife and I decided NOT to invest in real estate.
Some pair biz ownership or their W2 job with real estate investing, which can be great, but people may start too soon/get tripped up by some key metrics:
Here's why:
Large Amount of Cash Needed to Start (and do it right):
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@realEstateTrent
Interesting. Where are you seeing these rates?
I've stayed at some nicer Marriott's in San Antonio, South Beach, and Savanah GA in the last year or so and we paid around $400/night.
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@matthew28111015
@mhp_guy
Some folks are hugely fond of aviation, have their own plane, fly it often, and consider all of the extra aircraft noise a positive.
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@dividendology
The tax code is complicated, but in some unique situations your claim is most likely correct.
The key would be to not have other types of income or very little income of anything other than dividends.
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One of the worst things you can do is take on under priced work if you run a biz limited by capacity...serious money is left on the table by doing this...
Don't fill up your limited spots up with low profit customers.
Get it dialed in so you can reach for the stars.
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Today I had the privilege of working remotely from the Great Smoky Mountains.
Highly recommended!
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@realEstateTrent
No, but in the accounting world its a must.
The difference is... accounting degrees are still producing excellent ROIs while a lot of degrees do not.
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@realEstateTrent
Amen brother!
If you have considerable printing needs you got to go with a LaserJet.
I have a Brother 8900 that serves my accounting firm well.
Highly recommend.
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@realEstateTrent
This shows how cheap credit was in the recent past compared to credit's cost right now.
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Wow, 1000 followers...🔥
Thank you folks, you guys are awesome!
I look forward to continuing to share each other's success.
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If you own several businesses, get a routine in place of reviewing the financials regularly...of all of your businesses, not just the top few.
We'll be rolling out a system to make this process much efficient for one of our clients.
Looking forward to increasing their success!
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@gas_biz
I have spent a lot of time researching this situation for the last few months.
I've sought many different viewpoints from smart people who site a ton of qualified sources and data.
The reality is nobody really knows.
"The future is unknowable."
@leadlagreport
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Looks like I'm going to be making my first podcast appearance. 😎🚀🔥
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How to pay yourself if you're a partner in a partnership 🧵:
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Monday's are great days to follow up with your prospects.
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@realEstateTrent
Seems like a disservice to the public to me...unless Uber and Lyft were causing a disruption of the flow of people at the airport.
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@sweatystartup
I like Hubspot for it's email sequence feature.
It makes it easy to follow up with prospects automatically.
There are drawbacks, it is pricey, it's total features are limited unless you are paying through the roof.
I'd look for similar features in another platform.
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@Codie_Sanchez
My take away: The key to closing this awesome deal is connections to great people who are trustworthy.
Buying businesses at a fair price is GOOD, having somebody to run them well is GREAT.
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@MasonKFaust
It's because Cardone Capital's leverage is backed by real estate that holds it's value and produces a fairly reliable stream of income.
FTX's assets severely dropped in value and produces almost zero income.
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@roblabonne
You're totally on point!
The IRS uses Form 688-A to effectively levy a businesses' accounts receivables.
That is exactly what happened in this case.
While these levies are less successful, they can levy a taxpayer's bank account(s) and wages.
Don't MESS with the IRS!
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@realEstateTrent
Some claim brokers don't "add value".
But if I have an illiquid asset that I want to move quickly...
It seems connecting with someone that can make it happen at the highest selling price possible is worth their fee.
Remember folks...your asset is illiquid...
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@gas_biz
Based on my observations it's a rare that people retire well.
A multi-year vacation isn't at all fulfilling, in fact, it's the opposite.
Retiring to a job that you like better or building a business is a good solution.
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Unpopular Opinion?:
The best generational wealth is teaching your kids how to create wealth from scratch.
------
I've seen many rich kids fall to the wayside. I don't want that to be my kids.
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@Austen
Some people pay $50K per semester, but they don't graduate being any smarter or more skilled than those at a low cost in-state college.
Those graduating trade schools at a community colleges that know how to weld or do machinery...now those people have skills worth money.
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Apparently the laundromat acquisition pursuit for "passive income" has been going on long before SMB Twit has been discussing it.
I spent time with mom today and I learned there is an Andy Griffith episode where Andy buys a laundromat.
He does this out of an impulse of a
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Is your S-Corporation or Partnership running at a loss?
Do you think you can take the loss and deduct it against your other sources of income? (Such as the salary from your S-Corp or your spouse's job)
Not so fast!🧵
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How my client was able to take their $5M/yr biz from breaking even to huge profits :🧵
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My weird way of recharging:
Caffeine-Free Weekends.
Yep, after my Friday morning fix, I cut off caffeine until Monday.
The result? Longer, better sleep.
My weekends are for quality family time and very little deep work, all of that helps too!
Give it a shot!
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@realEstateTrent
The key to the Emmitt Smith example is that he had the humility of a 1st year intern. This humility allowed him to absorb all of the valuable insights and use them effectively later on.
The average person does not have this kind of humility, and it hurts them, but they don't
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When hiring employees, sometimes you (the biz owner) will have to take a pay cut when putting new folks on your payroll.
If you can swing it, you need to do it.
This kind of pay cut is a GOOD thing.
👇
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If your business is taking on debt for equipment, a partnership might be ideal.
Partnership debt can be used to help reduce tax liability in many cases.
S-Corp debt DOES NOT help reduce tax liability in most cases (unless PG).
Case study on a highly reduce tax liability:
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I was asked yesterday by a business owner:
"Can I deduct my gym membership if I need to stay in shape to run my business."
This business owner had to do a lot of hard physical activity to service his customers...
It would appear that gym memberships are on the table to qualify
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@dcjohnsoniii
@sweatystartup
Hard to staff even with certainty.
Need to raise it to $40 or $50 an hour.
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A few days ago I gave to
@erikkaiser
's kickstarter for his product, CRUSH.
No more forgetting valuable thoughts that pop into your head.
Just speak into this small device and they'll be captured and organized via AI, You can access them on your phone later.
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@MoneyJrod
@Budgetdog_
I feel you, I've been there.
Trading is a fool's errand.
It really is that simple.
Step 1: Buy Index Funds
Step 2: Hold them for 30+ years
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It's sad some people will avoid "pressure" at all costs.
They won't get married, they won't have kids, they won't build a business, they won't chase their dreams...
ALL because of some discomfort...It may be intense discomfort, but THAT is temporary & the rewards are worth it.
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@realEstateTrent
Mine in the accounting profession was somewhat similar.
At my first real accounting job I was expected to spend some time going door-to-door to businesses to ask if they needed accounting services.
I was able to get a surprising amount of new clients by just showing up.
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Many businesses are worthless because they are just jobs.
Nothing wrong with that. The best job can be working for yourself.
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5 reasons SMBs struggle:
(Fix the last one to solve the others)
1. Pricing too low compared to costs
2. Relaxed money collection
3. No budgeting
4. No regular review of finances / KPIs
5. No regular bookkeeping
How often do you review your finances?
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My Inbox gets so cluttered.
IF I had a newsletter I'd send a lower volume of emails...I'm thinking quarterly, and lean into max value
The thing is....once someone marks your email as spam they'll never see it again.
If you annoy them that'll happen. I'm always unsubscribing.
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@realEstateTrent
Similar but different:
I was offered to purchase a restaurant business at zero cost to me.
It was losing $150K per year.
I had no expertise in the industry.
Hard pass.
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@realEstateTrent
Approaching this deal from a "worst case scenario" standpoint is a key lesson.
More folks need to approach all projects this way for optimal risk management.
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