More Money in Your Pocket: Recent Episodes
Jeff Hockett
Real Estate Agents don’t understand the tax part of their business. They are losing the tax game with every transaction and it is costing them money. Join Jeff Hockett weekly to learn the tax rules, basic and advanced strategies, and the basics of running a business so you can keep more money in your pocket and pay as little in taxes as legally required. If you are new to real estate, have been there a long time, or are thinking of becoming a real estate agent, this podcast is for you.
In this episode, we dive deep into:
- Planning for retirement: transitioning from accumulation to distribution
- Understanding Roth conversions and their tax implications
- Diversifying investments to manage risk and maximize returns
- Protecting your retirement with a volatility shield
"Diversification, to me, also means that we have our assets segregated into a number of different buckets. Some of those are fully taxable, some of those are tax-deferred and taxable later, some of those are not taxable." – John Ensley
About John Ensley:
John Ensley is leading a financial planning revolution to help you take back control of your money, your lifestyle and your retirement plan. John is president of J-Ensley Financial, a registered investment adviser firm in Washington State. He holds a Chartered Financial Consultant® and National Social Security Advisor designation and is one of an elite group of highly trained Bank On Yourself® Professionals. John is passionate about helping individuals, families, and small businesses succeed financially, without taking on unnecessary risk.
Connect with John Ensley:
Website: https://retirewellwithjohn.com
LinkedIn: https://www.linkedin.com/in/johnensley/
Facebook: https://www.facebook.com/JEnsleyFinancial
Twitter: https://twitter.com/johnensley
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- End-of-year strategies to maximize tax savings
- Hiring your kids to save on taxes
- Benefits of health savings accounts and Roth IRAs
- Avoiding common tax penalties and misconceptions
"Over the years, I have found that most people put things off until the last minute. Well, if that is you, then you only have a couple of weeks left to finish out the 2024 tax year." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Understanding payroll tax letters and deposit schedules
- Recognizing the importance of S Corporation election letters
- Navigating adjustment, audit, and penalty letters
- Ensuring compliance with address change and identity verification letters
"This time of year, the IRS and the state will send letters to a lot of business owners, and these letters are very important, so it is very important that you open them to see what's in there." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The importance of opening IRS letters
- How IRS systems generate letters and common issues
- Understanding stimulus payments, tax credits, and payment adjustments
- Why timely action on IRS correspondence matters
"The IRS isn’t going to just forget about you or the issue that generated this letter in their system." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The value of time and how to use it wisely
- Prioritizing health as a business owner
- Creating a quiet mind to reduce stress and anxiety
- Embracing travel and meaningful relationships for a fulfilled life
"Stop focusing on those luxuries and pay more attention to these six: your time, your health, a quiet mind, slow mornings, ability to travel, and a house full of love." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Determining your true hourly rate as a business owner
- Tracking time and tasks for effective management
- Understanding the impact of admin tasks on profitability
- Leveraging numbers to make strategic business decisions
"I highly doubt you would want to work for me or anyone else 80 hours per week and get paid for only 40, so why should your business be any different?" – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Knowing your value and setting boundaries with clients
- Tracking expenses to understand profitability
- Recognizing the true costs of "free" consultations
- The importance of hourly rate and time management for business success
"Making money should be your number one goal. When you’re a business owner, if you don’t know your numbers, then chances are you’re being sold out and not making what you should." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Overcoming fears in business and personal growth
- Recognizing the impact of daily habits on success
- The risks of relying on bad advice
- Understanding the P&L as the lifeline of your business
"Your future is going to change. The economy is going to change. The only way to be prepared is by reading your P&L and understanding the money that’s coming in and the money that’s going out." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Roth IRA conversions and tax strategies
- Building wealth through rental properties and 1031 exchanges
- Understanding depreciation and its tax benefits
- Long-term planning for estate protection and retirement
"Wealth building is a process that takes time, and you can’t take a shortcut." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Long-term planning for retirement
- The benefits of Roth IRA vs. Traditional IRA
- Tax planning for retirement income
- Using a Health Savings Account (HSA) for future medical costs
"Building wealth is a long-term goal and not saving a few dollars." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Preparing for the fourth quarter of your business
- The importance of tracking net income vs. gross income
- Understanding when to switch to an S Corporation
- How to save on self-employment taxes with proper planning
"The profit loss statement is your lifeline. If you want to put more money in your pocket, you will need to keep your finger on that net income at tax time." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Understanding the W9 form for business owners
- The distinction between being self-employed and employed
- Steps to correctly complete a W9 form
- Importance of using an EIN number for business protection
- Consequences of incorrect W9 filing
"Completing the W9 correctly can be the difference between putting more money in your pocket or putting more money in the IRS pocket with fines and penalties." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Building consistency in bookkeeping
- Understanding profit and loss for business success
- The importance of staying engaged in your finances
- The power of referrals in real estate
- Navigating business challenges with proper tax planning
"When you do things consistently when you create habits, it's going to be more beneficial to you." – Mark Cannon
About Mark Cannon:
Mark Cannon is a top-tier real estate agent in the Phoenix area, ranked among the top 5% of Realtors. His approach to real estate is centered on one key goal: making his clients so happy with their experience that they naturally refer him to their friends and family. Mark believes in building long-lasting relationships based on trust, integrity, and transparency.
With a background as a trained negotiator from a Fortune 50 company, Mark leverages his skills to ensure his clients achieve their real estate goals, whether buying, selling, or investing. He is committed to staying informed by studying strategic real estate data and trends on a weekly basis.
Mark’s client-focused approach includes a unique Client Appreciation Program, and he places the relationship above any transaction. By taking the time to truly understand his clients' wants, needs, and goals, he ensures that they are taken care of every step of the way.
Connect with Mark:
Website: https://benchmarkforecast.com/
Instagram: https://www.instagram.com/m_cannon888/
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Five things to quit for business success
- Embracing change in business
- Letting go of overthinking
- Managing client expectations
- The impact of tax planning
"Our minds are the most powerful part of our body. If you channel positive thoughts and have big dreams and goals, then there is nothing that can stop you." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Controlling what we can't control
- Managing perceptions and actions
- Dealing with change and people's beliefs
- Focusing on controllable factors
- Tax planning and taking control
"Taxes are out of our control as well, but with proper planning, we can make it a better experience." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Labor day reflections and business ownership challenges
- The 80/20 rule in health and exercise
- Setting boundaries and work-life balance
- Achieving goals and persistence
- Understanding and applying the 80/20 rule
"Success, freedom, and higher income means you have to understand the 80/20 rule." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In our latest episode, join host Jeff Hockett and guest Tilden Moschetti as they delve deep into the intricacies of real estate syndication, discussing:
- Tax strategies in real estate
- Understanding Regulation D and investor roles
- Legal and consulting services for syndicates
- Assessing risks and returns of syndication investments
- Asset protection for real estate investors
- Pitfalls in real estate investment and underwriting
- Alternative investment advantages
"I think a good investor would also want to look at the investment, through the sponsor's eyes, to kind of understand that there's certainly no secrets that should be kept from investors when they're going into a deal." – Tilden Moschetti
About Tilden Moschetti: Tilden is a securities attorney who helps fund managers, venture capitalists, and syndicators (of all deal types and sizes) ensure their deals are legal, their custom-drafted documents are SEC-clean, and their business models work. He has been practicing securities law for over twenty years.
As a Syndication Law and Private Placement Memorandum attorney at Moschetti Law, his firm specializes in providing expert legal guidance for raising capital through Regulation D. Our services cater to various sectors, including real estate, entrepreneurs, crypto-businesses, and private equity. They pride themselves on preparing customized, attorney-drafted private placement memorandums, operating agreements, and subscription agreements. Their primary focus is to ensure compliance with Regulation D, allowing you to navigate the capital-raising process confidently and successfully.
Connect with Tilden Moschetti:
Website: https://www.moschettilaw.com/
YouTube: https://www.youtube.com/@syndicationattorney
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Tax rules and savings opportunities
- Navigating offers in compromise with the IRS
- Financial missteps of business owners
- Tax liabilities for W2 vs. business owners
"Understanding the intricacies of tax rules can not only prevent headaches but can also lead to unexpected savings and financial growth." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The differences between short-term and long-term capital gains across various assets
- Common misunderstandings about tax exemptions for personal and rental properties
- Guidelines on carrying forward losses to offset future gains during tax filings
- The methodology for calculating capital gains upon selling a home, the nuances of personal vs. rental properties, and the impacts of depreciation recapture
"Understanding capital gains tax is crucial for making informed financial decisions and optimizing your tax outcomes." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Understanding 179 depreciation
- Maximizing real estate tax benefits
- Debating cost segregation
- Customized financial planning and tax strategies
"Effective tax strategy is not just about saving money now, but planning your financial future." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The essentials of record-keeping for real estate tax deductions
- Managing and accounting for business vehicles
- The role of detailed logbooks in business expense documentation
- Navigating common issues with business trip audits and legitimate write-offs
"Maintaining precise records is not just good practice; it's a safeguard during audits and a foundation for financial success." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The fundamental value of honesty in tax filings and its broader impact on society.
- The critical role of precise record-keeping in both personal and business finances for tax purposes.
- Strategies to align bank statements with tax returns to ensure accurate reporting.
- The necessity of saving receipts to substantiate business expenses and prevent overpayment of taxes.
"A single thread of honesty is the firmest tie that binds our financial integrity to the fabric of society." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Understanding net income vs. gross income for tax planning
- Setting tangible financial goals with timelines
- Avoiding lifestyle inflation through conscious planning
- Prioritizing experiences over material possessions
- Strategies for retirement preparation
“It’s not just about making money, it’s about making smart choices with the money you make.” – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Achieving tax resolution victories
- Understanding the IRS collection process and time limits
- The nuances of offers in compromise
- Strategies for successful IRS offer acceptances
- Avoiding scams and seeking legitimate tax services
"Helping clients save on taxes is like scoring the winning touchdown in the Super Bowl of finance." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Tax strategies for real estate agents and the significance of quarterly goal assessments
- Dealing with the stress and logistics of IRS audits, and the essential practice of maintaining accurate records
- The critical role of professional counsel in resolving tax issues with the IRS, drawing from personal experiences
"Proper record-keeping and understanding the audit process are vital steps toward regaining your financial independence." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The IRS sending letters to millions of people behind on tax returns or in collections
- Understanding the differences between IRS letters and notices, required actions, and meeting deadlines
- Avoiding IRS audits through accurate tax returns, organized records, and cautious social media usage
"We find most people who file their own taxes are not organized and these are big targets to the IRS." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Navigating IRS letters and tax debts
- Resolving tax issues with the IRS
"The last thing they want to do is put you into jail. They don't want to take your home and they don't want to freeze your accounts, but they can do all of these things if you're not communicating with them and not paying attention to them." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Taxes and financial planning for 1099 workers and sole proprietors
- The significance of monitoring your financial numbers and conducting thorough planning
- The crucial role of estimated tax payments
"Understanding your numbers is the key to winning at business." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Essential interview questions to ask potential employees
- Reflecting on your own strengths and weaknesses in handling stress and challenges
- Aligning a candidate's future goals with your business plan for long-term success
- Understanding a person's motivations to enhance their job performance
- Assessing a candidate's skills, experience, and personality fit for your business
"We all have strengths and weaknesses, and the goal would always be to hire your weaknesses." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- The importance of hiring employees for business success and avoiding burnout
- Overcoming the challenges of hiring to ensure long-term stability
- Real-world examples of businesses thriving with the help of employees
- Shifting the focus to working on your business rather than in it for increased enjoyment and profits
"Successful businesses have one thing in common: they all have employees. Trying to run a business by yourself can lead to burnout and lack of enjoyment." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Writing off credit card interest
- Vehicle expenses and write-offs
"Just because you can write something off doesn't mean that it's a good thing and that you should be doing it." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, we dive deep into:
- Considerations for starting a business
- Investing in specialized software
- Elements of a successful business
- Creating financial roadmaps and smart expenses
"Just because you can write it off doesn't mean it's a smart use of your money." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Join me in this episode as I delve into the invaluable lessons of knowing your worth as a business owner. It touches on a pivotal decision faced by entrepreneurs: the courage to part ways with difficult clients.
In this episode, we dive deep into:
- The importance of knowing your worth as a business owner and making tough decisions for the benefit of your company
- The impact that difficult clients can have on your energy, time, and confidence, and explore the potential benefits of parting ways with them
- How focusing on clients who align with your values and respect your expertise can lead to increased happiness and profitability
"If you want to put more money in your pocket, then you need the right customers and the right mindset." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this week’s insightful episode, we delve into the intricacies of entrepreneurship and the journey of growth. From the formative influence of small-town beginnings to the unique challenges faced by small business owners — we unpack it all.
In this episode, we dive deep into:
- How growing up in a small town can shape one's perception and identity
- The importance of recognizing individual differences in business success
- Dealing with the pressure of predetermined expectations based on others' success
- The role of mindset in achieving business success
- Learning that success is not guaranteed by following the same path as others
"Nobody can limit the amount of money you can make except you in your own mind." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Dive into the complexities of tax preparation with Jeff’s invaluable insights for real estate agents. Get your tax prep checklist, conquer the tax organizer, and safeguard against audits with a robust balance sheet. Tune in now to avoid costly errors and keep your finances in impeccable order.
In this episode, we dive deep into:
- The essential tax prep checklist for real estate agents
- How a comprehensive tax organizer helps clients provide all the required information for their tax returns
- The importance of completing the tax organizer in small steps to alleviate anxiety and ensure accuracy
- The crucial role of a balance sheet in a business during an audit, showing bank account balances, credit cards, loans, and other debts
- Maintaining accurate and balanced bookkeeping
"Whether you do your own taxes or have a tax preparer do your taxes, having all your documents and information ready to go will save you a lot of time and headache." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Is tax season giving you the jitters?
Well, Jeff just dropped a new podcast episode, and he’s unpacking the anxiety behind taxes and how to conquer it once and for all.
Here are 9 anxiety-crushing strategies that'll make you look forward to tax season.
In this episode, we dive deep into:
- The Pomodoro Technique to maintain focus and avoid burnout
- The power of breaking down overwhelming tasks into manageable chunks
- Leveraging the 80/20 rule for efficient business practices
"Most people think that they procrastinate because they're lazy, but honestly, being lazy isn't why people procrastinate. Anxiety is really at the root of it." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, I'm thrilled to introduce my special guest, Brent Bowers of The Land Sharks - an army officer turned seasoned investor and coach.
Brent's story is riveting - transitioning from an active army officer to creating wealth through smart land investments while being present for his family. He reveals why he's switched from traditional rental properties to investing in land and how this strategy could be a game-changer for your portfolio.
In this episode, we dive deep into:
- Brent's transition from rentals to land
- The simplicity and power of land investments
- Building a team for success
- Steering clear of debt and making money work for you
- Coaching clients through investments and taxes
"I'm a firm believer on I want to be making money while I'm sleeping." – Brent Bowers
Connect with Brent Bowers:
Website: https://www.thelandsharks.com/
Email: brentlbowers1@gmail.com
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Jeff steers away from financial tips to address a question of legacy: Do you have a plan for when your time comes? Having a trust or a will isn't just for the wealthy; it's for anyone who cares about the distribution of their assets, no matter how grand or modest.
In this episode, we dive deep into:
- Expect the Unexpected
As Jeff says, "We are all one breath away from death," emphasizing the unforeseen nature of our mortality. Planning isn't just a business strategy but a life necessity.
- Fairness to Family
Is it fair for your family to navigate your passing without a guide? Jeff reflects on the emotional and financial stress that lack of planning imposes on loved ones.
- The Cost of Emotions
With touching sincerity, Jeff delves into the heart-wrenching impulse purchases in the face of loss. A pricey casket or headstone represents love, but he questions if in death, the gesture holds the value it consumes.
"Death is one of those things that we never know when it will strike. So having a plan is more important than anything else in this life." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Dive deep into the essence of trust - both in law and life - as host Jeff Hockett takes a refreshing stance on mixing personal beliefs with business. No more tiptoeing around sensitive subjects. It's all about aligning with clients who share your values!
In this episode, we dive deep into:
- Trust and Align with Your Beliefs
Jeff highlights that with over 332 million people in the US alone, seeking to please everyone is an impossible task. Instead, focus on the fraction of the population that resonates with you – that's where real professional satisfaction and personal happiness lie.
- Trust in Higher Principles
Reflecting on the Easter story, Jeff challenges listeners to consider Joseph's leap of faith, drawing a parallel to our own life's 'limiting beliefs' and the incredible outcomes that can arise from trusting in something beyond our immediate perception, including a divine presence.
- Trust and Taxes
In a bold statement, Jeff notes that many people lack trust in the government's fiscal intentions. This skepticism fuels the pursuit of paying as little as possible in taxes, aligning with the podcast's theme of keeping more money in your pocket.
- The Eternal Reward of Trust
Ending on a thought-provoking note, Jeff invites listeners to ponder their trust in spiritual tenets, such as those taught by Jesus and the Bible. He posits that trusting in a higher power not only enriches one's life journey but may also lead to material benefits.
"When it comes to business or even having happiness in your life, you need to surround yourself with people who align with your beliefs... I say it boils down to trust." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Tired of sifting through endless and conflicting tax advice on social media? Tune in as I explain the nitty-gritty of tax rules and strategies for real estate agents, focusing on how to smartly and legally write off your travel expenses.
In this episode, we dive deep into:
- Debunking Tax Myths
Are you swamped with conflicting advice on what you can write off during your travels? Jeff dispels common myths that could cost you if you're not careful.
- Understanding IRS Guidelines
Find out what the IRS actually considers as a valid travel expense and why not everything on your trip qualifies as a write-off.
- The Right Way to Record Your Expenses
Learn about the importance of keeping a log or daily notebook to make sure you're always on top of your expense records - because when it comes to the IRS, precision matters.
Don't let travel expenses dig into your profits. Jeff is ready to share insights gathered from his own experiences on the road, combined with sharp tax expertise, to ensure that your next trip is as fruitful for your business accounts as it is for your personal growth.
No more guessing games. It's time to play the tax game with a winning strategy.
"Social media can be good for certain things, but I have found getting advice from complete strangers probably isn't one of them." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Owning investment properties might just be your ticket to building wealth, especially for W-2 earners who miss out on those precious write-offs. Jeff shares the golden rule: if you can't afford a property manager, think twice before you leap into property investments.
Learn why paying interest is throwing your hard-earned money away and get actionable advice on how to grow your funds sustainably.
In this episode, we dive deep into:
- Beyond The W-2
A W-2 job might offer security, but when it comes to taxes, opportunities for write-offs are minimal. Learn why diversifying your income could be a game-changer.
- Real Estate as a Wealth Builder
Jeff compares the steady, if limited, income from traditional employment to the potentially larger, but less predictable rewards of business ownership, emphasizing the long-term benefits of real estate investment.
- Investment Property Management
Owning investment property is about creating wealth, but it requires consideration and planning. Jeff advises against investment properties if you can't afford management — hear his reasons why.
- The Cost of Interest
Paying interest can severely impact your wealth-building journey. Jeff discusses smarter ways to manage money that could lead to significant savings over time.
"Buying real estate, having houses or hotels, owning a railroad or utility companies was the way to win the game. And it's the same in the real world." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Want to achieve financial growth and uniquely reduce your tax burden? I've got the solution for you. Tune in to discover unconventional methods of generating passive income through real estate that can lead to effective financial growth and tax burden reduction.
In this episode, you will be able to:
- Discover how tax incentives can supercharge your wealth growth through real estate investing.
- Uncover the often overlooked benefits of investing in industrial real estate for passive income generation.
- Explore the power of Opportunity Zones and 1031 exchanges to optimize your real estate investments for long-term financial gain.
- Learn how syndication groups can provide innovative financing solutions for your real estate ventures.
- Unlock the secrets to maximizing tax benefits within the realm of real estate, paving the way for sustainable passive income growth.
"The tax code is designed to stimulate growth. We do the same thing when it comes to real estate and other ventures that we do because we look at where we can apply tax advantages to people who are maybe in a high income W-two or are entrepreneurs who are making a great deal of money in their business, but their business doesn't offer them a lot." – Shannon Robnett
About Shannon Robnett:
With over 25 years of experience, Shannon has been involved from start to finish on over $350MM in construction projects such as multi-family, professional office buildings to city halls, fire and police stations, schools, industrial projects, and mini storage. Along with his knowledgeable team at Shannon Robnett Industries (SRI), Shannon is dedicated to sharing his expertise and delivering top-quality projects that bring numerous passive income streams to his syndicate partners.
Connect with Shannon Robnett:
Linkedin: https://www.linkedin.com/in/shannonrobnett/
Instagram: https://www.instagram.com/shannonrayrobnett/
Facebook: https://www.facebook.com/shannon.robnett.1
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Want to learn how to attract more of your ideal clients and increase your profitability? Tired of feeling like you're constantly exchanging ten pennies for a dollar? I've got the solution to help you prioritize your clients and maximize your business potential. Let's dive in and uncover the secrets to achieving improved client prioritization and increased profitability.
In this episode, you will be able to:
- Maximize profitability through strategic client prioritization.
- Learn proactive financial management for significant tax savings.
- Enhance client communication and management for increased efficiency.
- Build strong client relationships to foster loyalty and business growth.
- Gain financial literacy and effective tax planning strategies for success.
"Would you rather have five A-clients that are constantly giving you business and referrals or 100 C-clients that burn you out each day? My guess is the A-clients if you want to make money and keep your mindset good." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you struggling to manage your time effectively and execute your business plan? What if I told you there's a surprising twist to maximizing your efficiency and financial success? It's not what you think, and it's not about working harder. Stay tuned to uncover the unexpected solution that could transform the way you approach your business goals and time management.
In this episode, you will be able to:
- Master time management and prioritization to unlock your potential for success in real estate.
- Elevate your real estate agent productivity and achieve more in less time.
- Discover the art of multitasking and efficiency to revolutionize your real estate business.
- Learn the power of setting boundaries for interruptions and reclaim your focus and productivity.
- Uncover the secrets to tracking and managing time and money for financial success in real estate.
"Habits are hard to change and we have to continue to work every day on them if we want to grow." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Uncover the surprising truth about financial management and the mindset of the business owner. Discover how a simple shift in perspective can lead to increased confidence and better financial outcomes. Are you ready to challenge your beliefs and take control of your business's success? Stay tuned for insights that will reshape the way you approach your business and its finances.
In this episode, you will be able to:
- Discover the secrets to pursuing a passion in entrepreneurship and finding success.
- Overcome financial challenges as a business owner and achieve financial stability.
- Conquer imposter syndrome in business and step into your role as a confident leader.
- Make confident decisions as a business owner and navigate challenges with ease.
- Embrace successes and failures in entrepreneurship to grow and thrive in your business.
"There is only one certainty, and that is if you do nothing, nothing will happen." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Discover the essential documents and strategies needed to slash taxable income and claim maximum deductions, as I guide small business owners through the intricate world of tax expenses.
In this episode, you will be able to:
- Maximize tax deductions for small business owners by understanding income tax deductions and proper documentation.
- Discover the benefits of choosing between the standard deduction and itemized deduction to reduce taxable income.
- Learn how to manage medical expenses and adjust gross income for optimal tax savings.
- Uncover the ins and outs of state taxes and deductible expenses to keep more money in your pocket.
- Explore how mortgage interest plays a crucial role in maximizing itemized deductions and reducing taxable income.
"Banks won't loan you money without a PNL. The IRS, if they audit you, they're going to want to see a PNL. If you get audited and doing your taxes, it's going to be a lot easier with a PNL." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Ever felt lost in the maze of tax filing? Real estate agents, you're not alone. But what if I told you there's a surprising twist to this story? Stay tuned to discover the unexpected key to conquering the tax game and keeping more money in your pocket.
In this episode, you will be able to:
- Understand essential tax filing requirements for real estate agents to maximize deductions and avoid penalties.
- Differentiate between employees and independent contractors to ensure proper classification and compliance with IRS regulations.
- Learn about the types of income documents for tax filing to streamline the process and minimize errors.
- Discover the importance of the 1099-NEC form for business owners to accurately report non-employee compensation and avoid IRS scrutiny.
- Identify the income documents for rental property owners to optimize tax planning and minimize liabilities.
"We all have different businesses, and we all have different things going on in our lives. I will give you an overview of some of the things needed. But understand, not all of you will need everything, and there may be more things that are needed that's even on this list. But at least it's a start." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Does this sound familiar? You diligently file your tax returns each year, but have you ever stopped to review them thoroughly? Perhaps you've been told that simply filing them on time is enough, only to discover costly mistakes later on. The pain of realizing errors on your tax returns can lead to financial stress and potential penalties. It's time to take control and ensure accuracy by understanding the importance of reviewing your tax returns.
In this episode, you will be able to:
- Discover the importance of reviewing tax returns to safeguard your financial well-being.
- Avoid potential issues with tax returns by learning crucial strategies and insights.
- Learn about common mistakes on tax returns to ensure accuracy and compliance.
- Uncover the consequences of not reviewing tax returns and how to mitigate risks.
- Take charge of your responsibility in reviewing tax returns to protect your financial interests.
"Don't get in a hurry to electronically sign your name and be done with it. Take 5-10 minutes. It'll save you a lot of headaches and late in those five to ten minutes. It doesn't delay you." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Attention small business owners! Do you know about the Corporate Transparency Act and its implications for your business? Get ready to uncover the hidden complexities of BOI and the potential impact it could have on your operations. But as the deadline looms, will you be prepared to navigate the red tape, or will you be left in the dark? Tune in to find out.
In this episode, you will be able to:
- Understand the Corporate Transparency Act's implications to protect your business.
- Overcome challenges faced by business owners with strategic insights.
- Safeguard your small business from money laundering risks with expert advice.
- Stay informed about compliance deadlines for registration to avoid penalties.
- Learn about the potential penalties for non-compliance and how to avoid them.
"It's hard enough being a business owner and surviving without this added garbage put on top of it." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Get ready to mark your calendars for important dates in 2024, including tax deadlines and crucial milestones. Stay tuned to uncover the truth and learn how to navigate these important dates with ease.
In this episode, you will be able to:
- Avoid tax penalties with timely filing and payments.
- Recharge and boost productivity through regular vacations.
- Increase success by surrounding yourself with positive influences.
- Protect your well-being by avoiding toxic individuals.
- Gain control and flexibility with a deep understanding of tax extension rules.
"Instead of worrying all the time about what you can do to reduce your taxes, how about you just avoid these penalties? Because that's a huge thing." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you ready to take on 2023? Reflect on your past, set goals for the future, and seek support from positive and successful individuals. But what happens when your biggest fear becomes a reality? Tune in to find out.
In this episode, you will be able to:
- Reflect on your past and set powerful goals for the future.
- Embrace failures as opportunities for growth and learning.
- Surround yourself with a supportive network for personal and professional success.
- Confront your fears and overcome obstacles with confidence.
- Find balance and create a solid plan for your future endeavors.
"Life is all about balance, so make sure you have your priorities in check." – Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Uncover the crucial 2024 tax changes that real estate agents need to know for a prosperous year ahead, as I guide you through the IRS updates and potential audits while addressing the postponed reporting requirements and looming penalties.
In this episode, you will be able to:
- Understand the key 2024 tax season changes to optimize your planning.
- Learn how to navigate employee retention credit audits for better business growth.
- Discover the importance of reporting platform payments in 2025 for your financial strategy.
- Master the business owner information (BOI) requirements to stay ahead in the market.
- Maximize the benefits of increased standard deductions and retirement contributions for a stronger financial future.
"As we navigate through these tax changes and business updates, remember, it's not just about saving money; it's about staying ahead of the game." - Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you afraid of receiving letters from the IRS? What if I told you that ignoring them could lead to even bigger problems? Stay tuned to find out what happens when taxpayers don't open these letters and the shocking consequences that follow.
In this episode, you will be able to:
- Understand the importance of addressing IRS letters
- Overcome anxiety and fear of IRS letters
- Identify errors in IRS automated processes
- Seek professional guidance for IRS letters
- Avoid the consequences of ignoring IRS letters
“The IRS isn't going to just forget about you or the issue that generated this letter in their system. So please do yourself a huge favor and open any letters you receive from the IRS or your state.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you a business owner looking to save money on your taxes? In this podcast, I break down the confusing world of electric vehicle tax credits, revealing how you can take advantage of rebates while securing the best price for your new car. But here's the twist: just when you think you have it all figured out, a shocking revelation leaves you wondering if you've missed a crucial detail. Get ready to navigate the intricate web of electric vehicle rebates, because the stakes are higher than you think.
In this episode, you will be able to:
- Maximize tax savings with electric vehicle tax credits.
- Determine your eligibility for clean vehicle tax credits.
- Unlock the benefits of previously owned clean vehicle credits.
- Explore the potential for qualified commercially clean vehicle credits.
- Learn effective strategies for negotiating vehicle purchase prices.
“Don't talk about the rebate yet. Focus on getting the best price possible for your electric vehicle. Once you've reached an agreement, then tell the dealer you want them to apply the credit to the price so they can get the credit on their own.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Discover the shocking truth about the new Form 1099K reporting requirements and how they will impact your finances. From credit and debit cards to PayPal and Venmo, no payment method is safe from scrutiny. Will you be prepared to navigate this tax maze or will you become a target for the IRS?
In this episode, you will be able to:
- Master credit card rules and strategies to take advantage of cashback and rewards programs.
- Discover how the recent Form 1099K reporting threshold reduction may affect your tax obligations.
- Overcome the challenges of accurately reporting personal and business transactions to stay compliant with the IRS.
- Simplify your tax reporting by understanding the benefits of using third-party digital payments like PayPal or Venmo.
- Learn the importance of good bookkeeping practices to minimize the risk of IRS penalties or audits.
“Debt is stupid and credit card debt is one of the worst.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Unlocking the Irony: Join me, your insightful host, as we expose the staggering challenges faced by the IRS, giving taxpayers and business owners the power to navigate the treacherous tax landscape, avoid scams, and ensure compliance with confidence.
In this episode, you will be able to:
- Understand the challenges faced by the IRS and how they impact taxpayers and business owners.
- Gain insights into the negative perception of the IRS and how it can be addressed to improve taxpayer compliance.
- Discover the importance of increasing the number of IRS employees to enhance taxpayer service and reduce processing times.
- Explore the issue of pay discrepancy at the IRS and its potential impact on employee morale and performance.
- Learn about the hiring challenges faced by the IRS and the strategies being implemented to attract and retain top talent.
“The IRS may have a bad rep, but let's not forget that they are like any other business—they need competent employees who are trained and knowledgeable. So instead of criticizing them, let's work on improving our own businesses, keeping proper books, and running our companies according to the rules.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Do you want to maximize your tax savings and enjoy greater financial flexibility? Are you looking for a solution that can help you achieve these results? Look no further, because I have the answer for you. By understanding the benefits of an S corporation, you can unlock increased tax savings and gain more financial flexibility, empowering you to thrive as a real estate agent or new business owner.
In this episode, you will be able to:
- Maximize tax savings and financial flexibility with strategic tax rules and strategies for real estate agents.
- Choose the right business entity to optimize tax benefits and protect your assets.
- Minimize self-employment taxes and keep more of your hard-earned income as a sole proprietor.
- Experience the benefits of an S corporation and enjoy potential tax savings and liability protection.
- Discover the importance of tax planning and preparation to stay organized, minimize stress, and potentially save money.
“Keep your finger on the net income at tax time. By making simple adjustments and staying proactive, you can legally minimize your taxes and maximize your financial success.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Do you want to achieve significant financial growth for your business? Are you eager to enhance your financial management skills and take your business to new heights? In this episode, I will reveal the solution that will enable you to attain substantial business growth through effective financial management. Get ready to unlock the potential of your business and witness remarkable results in terms of increased profitability and overall success.
In this episode, you will be able to:
- Streamline your business finances and unlock growth opportunities with effective financial management techniques.
- Safeguard your business with the right insurance coverage to protect against unforeseen events and minimize financial risks.
- Take control of your business finances and simplify tracking with the power of accounting software.
- Maximize your tax advantages and save money by transitioning your business to an S Corporation.
- Understand the importance of legal separation to protect your personal assets and ensure the longevity of your business.
“Take a few minutes to put your goals and dreams down in writing. Create a clear roadmap for your business and visualize the future you want to achieve. Use a dream board to remind yourself why you do it and stay motivated. ” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Have you heard these tax myths? Myth #1: You can always get an extension to file your taxes. Myth #2: Late filing doesn't come with penalties if you're expecting a refund. Myth #3: Due dates can be ignored if you're experiencing financial hardship. But what if there was a strategy to debunk these myths and help you meet tax deadlines with ease? Stay tuned to discover the truth.
In this episode, you will be able to:
- Learn the importance of meeting tax filing deadlines and how it can save you from unnecessary stress.
- Discover the consequences of missing tax deadlines and how it can lead to costly penalties.
- Find out about the different due dates and extensions available for taxes, allowing you to better plan and organize your finances.
- Clear up misconceptions about tax extensions and understand how they can provide you with additional time without facing penalties.
- Uncover the impact procrastination can have on your taxes and learn strategies to overcome it for smoother tax preparation.
“If you spend a little more time now getting organized, it will give you more time in the future to do the things that you enjoy. Please stop losing time and money. Let us help you today.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- What is a Solo 401K?
- 401K vs. SEP IRA
- Tax strategies
Key Takeaways:
- Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.
- SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.
- In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.
“For us to decide if you should have a SIMPLE or SEP or do the solo 401 K strategy, we really need to review your numbers, we need to review your goal and we need to see if you're willing to max out your plan." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Unleash your fearless drive as Jeff Hockett fearlessly tackles the multifaceted nature of courage in business, defying obstacles and inspiring long-term success.
In this episode, you will be able to:
- Boost your business by unlocking the multifaceted nature of courage.
- Overcome obstacles with resilience, balance, and awareness for long-term success.
- Stand out in social interactions by being authentic and true to yourself.
- Achieve long-term success by consistently doing the right thing, even when it's unpopular.
- Thrive in a rapidly changing business landscape by embracing continuous learning and adaptation.
“To achieve success in business, we must have the intellectual courage to constantly learn, unlearn, and relearn. Embrace change and adapt to stay ahead.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Join me, the fearless entrepreneur, as I embark on a courageous journey to conquer personal and professional goals, revealing the ironic truth that while dreams diminish, a clear roadmap holds the key to success.
In this episode, you will be able to:
- Gain the courage to overcome challenges and take calculated risks, leading to business growth and success.
- Discover how a well-crafted business plan can provide a roadmap for long-term success, helping you navigate challenges and seize opportunities.
- Understand the unique challenges faced by real estate agents and learn how proper planning and support can set you up for success in this competitive industry.
- Master the art of money management to avoid common financial pitfalls and ensure the stability and growth of your business.
- Learn the power of setting clear goals and creating a roadmap for personal and professional progress, enabling you to achieve your dreams and aspirations.
“You get to decide where your time goes. You can either spend it going forward or you can spend it putting out fires. You decide.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Get ready to tackle the tax game head-on as Jeff Hockett reveals why spending more to reduce taxes is a risky move, and instead empowers real estate agents to increase their income and secure their financial future.
In this episode, you will be able to:
- Optimize your tax strategies to increase your take-home income.
- Avoid the pitfalls of excessive expenses and write-offs when reducing taxes.
- Discover the contrasting tax practices of large corporations and small business owners.
- Structure your income as an S corporation for maximum benefits.
- Learn the importance of planning, budgeting, and accepting taxes as a part of life.
“It is the start of the fourth quarter. Are you going to win the tax game this year? Or are you going to continue to fight the idea of taxes, not review your numbers, and hate the results?” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In a world where dreams define our destiny, I challenge you to dream bigger, aim higher, and push past your comfort zone. But beware, because if your dreams don't scare you, they're not big enough. So, what will you do when faced with the possibility of failure? Will you back down or rise to the challenge? It's time to find out.
In this episode, you will be able to:
- Uncover the secret to dreaming big and elevating your ambition beyond traditional paradigms.
- Understand the necessity of affixing a timestamp to your dreams for accelerated accomplishment.
- Discover the alarming effect of debt on your financial progress and how it can prevent you from attaining success.
- Grasp the dominance of mindset over circumstances in the pursuit of fulfilling your dreams.
- Comprehend the true essence of success which extends beyond monetary gains and professional triumph.
“Your goals should be so big that they scare and excite you simultaneously. If your dreams don't scare you, they're not big enough.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you tired of falling for financial myths that prevent you from prioritizing taxes and developing positive financial habits? Here are three common misconceptions that might be holding you back. But don't worry, I've got the truth that will help you take control of your finances and achieve your goals.
In this episode, you will be able to:
- Navigate the intricate labyrinth of taxation and its pivotal role in shaping your financial success.
- Understand the power of thorough business plans and razor-focused financial goals.
- Delve into the intriguing implications of taxes on sudden financial gains.
- Imbibe how to cultivate positive financial habits and always keep taxes as a principal concern.
“Commitment is the bridge between goals and achievements. Without it, even the most ambitious goals remain unfulfilled dreams.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Unleash your inner risk-taker and join me as I guide high-income clients toward financial success by breaking free from routines, embracing calculated risks, and adopting a winning mindset.
In this episode, you will be able to:
- Unveil the essence of embracing risks for molding a successful mentality.
- Grasp the transformative power of routines in shattering comfort zone limitations.
- Realize the strategic value of proactive tax planning for achieving financial triumph.
- Develop strategies to surmount fear and take proactive steps in realizing your ambitions.
- Absorb the importance of fostering self-assurance and honing in on your personal quest in life.
“The most significant achievements often lie on the other side of risk and uncertainty.” – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Unleash the transformative power of your habits as Jeff Hockett challenges negative self-perceptions, embraces change, and guides listeners through small changes to achieve their goals and put more money in their pockets.
In this episode, you will be able to:
- Discover the dynamics of habitual behaviors and their influence on shaping your destiny.
- Identify Change as not an enemy but a pathway to your progressive development.
- Unveil the correlation between your self-image and its efficacy on your performance.
- Understand how minute changes can make substantial differences in achieving your desired targets.
- Experience how adversities and challenges can remarkably contribute to your personal growth and triumphs.
“Embrace a challenge and rise above it. Change in our lives is inevitable. Without change, we can't move forward and sooner or later we will not exist.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you a small business owner burdened by tax issues? Join me as I delve into the complex world of IRS negotiations, revealing how to settle tax debts effectively. But be warned, the road ahead is treacherous, and not everyone will make it out unscathed. Will you be able to navigate the tax game and keep more money in your pocket, or will you become another victim of the IRS's relentless pursuit? Stay tuned to find out.
In this episode, you will be able to:
- Discover the crucial role of tackling tax issues early and smart navigation through the IRS labyrinth.
- Uncover the benefits of using Offers and Compromises (OIC) as an efficacious tool to manage tax debts.
- Learn about the influential part compliance and professional aid play in finding success in the tax arena.
- Grasp an understanding of the application process and potential rewards of pursuing an OIC.
- Acknowledge the potential pitfalls of the OIC process and why it's pivotal to leverage expert guidance.
“The IRS may be one of those people we owe money to, but they're not going to forget about it. So let's face those letters head-on and start working together to make them go away and get you the best possible win.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Discover the untold truth about real estate tax rules and strategies in this captivating podcast. Brace yourself for a no-nonsense host who isn't afraid to lose clients and friends in his quest for the truth. But be warned, as the trailer ends, he finds himself facing a challenging situation, leaving us all wondering what his next move will be.
In this episode, you will be able to:
- Discover the intricacies of tax rules and plans in the real estate industry.
- Learn to base your decisions on hard facts, bypassing the emotional component for better results.
- Unmask the misleading belief that shrouds the current real estate purchase scene.
- Understand the significance of consulting with professionals in the field for successful outcomes.
- Turn every mistake into a stepping stone toward enhanced tax planning and preparation.
“Mistakes are opportunities to learn and grow, making you a better person and a better business owner.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you tired of the constant stress and uncertainty that comes with dealing with the IRS? Have you ever heard these myths: You can hide from the IRS, You can outsmart the IRS, or You don't need professional help to handle IRS issues? Well, I'm here to debunk these myths and share the truth about how to effectively work against the IRS without the added anxiety. Keep listening to discover the proven strategies that will improve your outcomes and reduce your stress when dealing with the IRS.
In this episode, you will be able to:
- Uncover the importance of enlisting professional tax guidance for better decision-making.
- Unleash the benefits of continuous learning and expertise in handling tax laws and cases.
- Discover why professionals in other sectors struggle with complex tax laws.
- Conquer fear and intimidation in IRS dealings with confidence and poise.
- Master the art of tireless negotiation for improved resolutions to IRS matters.
“If you want someone to just do your taxes, you'll be able to find them anywhere. But if you want someone who will fight for you and put more money in your pocket, hire a professional.” –Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Discover the shocking consequences of handling complex tasks on your own. From real estate blunders to tax disasters, follow the gripping stories of individuals who thought they could do it alone, only to find themselves facing audits, penalties, and back taxes. Don't miss out on this eye-opening episode that will leave you questioning whether the risks are truly worth it.
In this episode, you will be able to:
- Recognize the crucial role of engaging professionals for intricate tasks in diverse sectors.
- Understand the pitfalls and hazards of handling intricate tasks without proper knowledge or assistance.
- Discover real-life instances where real estate agents confront properties sold by owners.
- Learn about common blunders people make when preparing tax returns independently.
- Gain insight into the widespread lack of comprehension regarding tax-related issues among the general population.
"When people start putting money as their main reason to not hire a professional, it has been my experience over and over again that will usually cost them a lot more in the end." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In a plot twist that had our hearts racing and minds reeling, we stumbled upon the coveted playbook of the IRS. As real estate agents and tax professionals, this unexpected turn of events gives us a chance to stay ahead of the game, navigate the upcoming changes, and ensure impeccable compliance. Brace yourselves, for the secrets we've uncovered, will change the way we approach our business forever.
In this episode, you will be able to:
- Dive into the ins and outs of the IRS’s latest $87 billion bailout and its potential impacts on your tax scenario.
- Step into a new era of tax filing with the enhanced IRS technology for 1099 forms.
- Expose yourself to the simplicity of direct filing of original and corrected 940 forms and how it can save you time and effort.
- Familiarize yourself with the up-and-coming online accounts for taxpayers and how they offer seamless control over your tax responsibilities.
- Gain vital insight into IRS's intensified attention towards payroll compliance and audits, preparing for any possible future scrutiny.
“We all have past. We all make choices that maybe weren't the best ones, and none of us are completely innocent. But we get a fresh start every day to be a better person than we were yesterday.” – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In the world of real estate, Karen Briscoe was a determined professional seeking success. But little did she know that her journey would take an unexpected twist that would challenge her to her core. As she set out on a mission to sell a house a week, her fears and doubts threatened to slow her down. Yet, Karen pushed forward, seeking guidance and learning from the best in the business. What happened next was beyond anyone's expectations, a testament to the power of overcoming limiting beliefs. Brace yourself, for this is a story of triumph and transformation that will leave you yearning for more.
In this episode, you will be able to:
- Discover the secret to choosing the perfect mentor or coach to accelerate your journey to success.
- Break free from limiting beliefs and fears that are restraining your progress.
- Recognize the power of cultivating a purposeful mindset, to influence your way to success.
- Understand the crucial role you play in steering your way to accomplishment.
- Identify unique opportunities and learn strategies to leverage your potential, tailor-made for success.
"To achieve success, change the way you look at things. Once you put on a different lens, you'll see the world differently and opportunities will abound.” – Karen Briscoe
About Karen Briscoe:
Welcome to the world of Karen Briscoe, a sought-after life and productivity coach, accomplished real estate agent, and savvy investor. Karen's brainchild is the much-loved Five Minute Success concept, which she brings to audiences through her four best-selling books and a hugely popular podcast. Yes, Karen is also an admired author whose works stand tall in the top 1% of Amazon's categories. With her podcast routinely soaring to #1 in Overcast's business category, she maintains quite a catalog of high-achieving guests. But what truly makes Karen extraordinary is her profound commitment to helping others overcome their constraints, increase their efficiency, and reach their fullest potential in a timeframe as brief as five minutes every day.
Connect with Karen Briscoe:
Website: 5MinuteSuccess.com
Twitter: @5MinuteSuccess
Facebook: 5MinuteSuccess
Email: Karen@5MinuteSuccess.com
Connect with Sean Carpenter:
Website: www.CarpsCorner.net
LinkedIn: https://www.linkedin.com/in/seancarp/
Twitter: https://twitter.com/seancarp
Facebook: https://www.facebook.com/seanmcarpenter
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you a small business owner struggling to retain your employees? Looking for a solution to maximize your Employee Retention Credits? Wondering how you can achieve the outcome you desire? Well, look no further! In this podcast episode, I will be sharing an effective strategy that will enable you to secure the benefits and incentives you need to ensure the stability and growth of your business. By implementing the learnings from this episode, you can unlock the key to employee retention and create a thriving work environment that fosters loyalty and productivity. Join us as we uncover the solution to your employee retention challenges and pave the way for your business success.
In this episode, you will be able to:
- Navigate the interesting intersection of technology and taxation, specifically how smartphones and the internet fortify tax schemes and misinformation.
- Discern the red flags of sophisticated scams hinged on the idea of employee retention credits.
- Learn about the variability in tax preparer competence and why this necessitates keen verification.
- Break down the scarcity of information accessible to small businesses about COVID relief initiatives.
- Appreciate why trusting reliable tax experts is of utmost relevance in securing compliance and sound advice.
"Working with a professional is so important, and as a business owner, you owe it to your business to have a professional tax guy in your corner." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode of More Money in Your Pocket, I reveal the secrets to financial success in business. From understanding profit and loss statements to maintaining exceptional customer service, I'll show you how to build a sustainable and thriving business. A chance encounter with a visionary named Bob Tiffin would unveil a secret to unlocking financial triumph. Prepare to be captivated as I share the unexpected twist that altered the course of my business forever...
In this episode, you will be able to:
- Tap into the vital role of analyzing your financial statements for achieving sustainable business success.
- Learn to navigate profit and loss statements and set goals that align with your annual business plan.
- Enlighten yourself about how stellar customer service and meaningful interactions can reinforce the life-support of your business.
- Grasp the need for flexibility, resilience, and adaptive thinking in the face of business uncertainties.
- Recognize the importance of regular introspection and financial tracking for the fine-tuning of your business operations.
"The profit loss statement is the roadmap to your company. It shows the income and expenses, and it shows where we can make cuts or make improvements." – Jeff Hockett
Grab a copy of Jeff’s book, “The Tax Game Strategy: How to Legally Leverage the Tax Code and Put More Money in Your Pocket” here:
Amazon
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Looking to increase your success as a real estate agent? Join me as I discuss the importance of having a solid team of professionals, including the best tax guy, to make your clients successful and boost your success. But what happens when clients need to catch up on their taxes? Tune in to find out.
In this episode, you will be able to:
- Delve into the benefits of a solid team foundation for thriving in the real estate world.
- Understand the essential contribution of tax specialists in real estate teams.
- Identify effective approaches to tackle tax issues affecting clients, such as liens and levies.
- Recognize the importance of versatile lenders in accommodating various buyer profiles.
- Realize how fostering client achievement can boost career success for real estate agents.
"Success is getting a win for your client, becoming the hero for your client, and getting referrals from the client." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Sean Carpenter thought having a vast network was the key to business growth, but he soon learned that relationships were paramount. His four-level approach focuses on strengthening connections with his sphere of influence, clients, and supporters. Sean's philosophy revolves around solving problems, having fun, and building long-term relationships. By consistently providing value to those who support his business, he has achieved personal success and helped others grow theirs. But what's the twist? How did Sean's approach differ from the conventional wisdom of networking? Keep reading to find out.
In this episode, you will be able to:
- Discover the importance of cultivating relationships in your real estate journey.
- Uncover the essential components of a thriving real estate venture.
- Learn how personalized efforts can significantly impact your marketing outcomes.
- Realize the potential of staying engaged with former clients for continued business opportunities.
- Recognize the power of networking and community involvement in your professional development.
"The people on the outside are total strangers. It's the people on the inside that help you the most." – Sean Carpenter
About Sean Carpenter:
Sean is an inspirational speaker, Realtor, and Top Agent consultant with over 25 years of experience in the real estate industry.
His primary focus is speaking where Sean’s mission is to “teach with passion and enthusiasm instilling confidence and excitement in his students,” and he lives by his philosophy - build relationships, solve problems, and have fun.
Connect with Sean Carpenter:
Website: www.CarpsCorner.net
LinkedIn: https://www.linkedin.com/in/seancarp/
Twitter: https://twitter.com/seancarp
Facebook: https://www.facebook.com/seanmcarpenter
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Join me as I unravel the importance of basis for real estate agents, where proper tracking becomes the key to increasing profits and reducing losses amidst the conflict of temporary tax cuts and long-term planning.
In this episode, you will be able to:
- Acquire knowledge about capital gains and losses to improve your investment decisions.
- Explore the rewards of diligently tracking business and personal miles for tax advantages.
- Demystify the process for correctly calculating the basis in stock and cryptocurrency assets.
- Navigate through the nuances of identifying the basis for real estate and rental properties.
- Comprehend the dangers associated with cost segregation and prioritize future-oriented planning for financial security.
"Taxes, basis, net income, profit, loss, mileage. All of these things are so important when it comes to running a successful business." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Discover the irony of starting a real estate business with less than $2,000, and how tracking your basis can help you keep more money in your pocket come tax season.
In this episode, you will be able to:
- Recognize the crucial role of basis in strengthening real estate and business foundations.
- Familiarize yourself with the concept of basis and its correlation with tax estimations.
- Examine the part of initial costs and personal expenses in formulating basis.
- Acquire the skill to manage basis for assets while factoring in earnings and outlays.
- Capitalize on tax preparation professionals to evade audit prompts and enjoy maximal returns.
"Understanding basis is the key to building a successful business." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
From chasing society's idea of success to finding true financial freedom - this story takes an unexpected twist as one person's journey reveals the true meaning of being rich. Get ready for a powerful transformation that will leave you rethinking your own priorities and choices.
In this episode, you will be able to:
• Discover the crucial role that financial management plays in a real estate agent's journey.
• Learn the vital strategy for prioritizing a debt-free life and living within your means.
• Acquire the skill of reserving 30-35% of monthly earnings to address tax obligations.
• Gain insights into effective long-term planning and emergency savings for financial security.
• Ensure complete asset information to avoid unpleasant encounters with the IRS.
"It is always better to live cheap under budget than luxuriously in debt." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Are you tired of hearing the same old myths about financial stability? As someone who prioritizes financial stability, have you ever been told that being rich is subjective or that avoiding status symbols will make you wealthy? Well, let me tell you, these are just a few of the many myths out there. But don't worry, I'm here to share the truth about what it really means to be financially stable.
In this episode, you will be able to:
- Grasp the critical aspects of financial management and tax comprehension to ensure long-lasting financial stability.
- Discover the intangible nature of wealth and learn to avoid the pitfalls of status symbol accumulation.
- Master the art of scrutinizing your spending habits to protect yourself from mounting financial burdens.
- Reassess your financial goals to identify areas that could potentially increase your income.
- Uncover essential write-off strategies for the self-employed to reduce tax liability.
"Happiness is letting go of what you think your life is supposed to look like and enjoying it for everything that it is." – Jeff Hockett
Connect with Jeff:
Website: https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Is it a hobby or a business?
- Deciding whether your project is a business or a hobby
- Know the numbers and see the patterns.
Key Takeaways:
- The biggest difference between a hobby and a business is that a business operates for profit, whereas a hobby exists for pleasure and recreation.
- Keep complete and accurate records and keep a businesslike approach to your project to decide whether it's a hobby or business. Always keep in mind that the IRS will have a lot to ask you if you get audited.
- The people at the IRS are trained to understand patterns and numbers from your previous tax returns, so it's very important that you don't try and lie. To file your taxes as a true business owner, you just have to remember a couple of simple rules: tracking, keeping a P&L, and supporting documents.
“Sometimes the line between having a hobby and running a business can be confusing, so knowing the difference is important." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- The last set of tax write-off items
- Keeping your books in order
Key Takeaways:
- The last set of tax write-off items includes:
- Taxes and licenses
- Telephone
- Tools
- Travel
- Uniforms
- Waste removal
- Other
- Develop an understanding of income expenses and make it a daily habit. Tax time will be much less stressful and if you should receive an IRS audit letter, you will be less stressed and anxious knowing that your books are in order and everything has been accounted for.
“Choose your battles wisely. Because if you fight them all, you'll be too tired to win the really important ones." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Another set of tax write-off items
- The more detailed your books, the better it is when it comes to an audit.
- The secret to success
Key Takeaways:
- Keep in mind these another set of tax write-off items, which include:
- Payroll processing expenses
- Retirement plans
- Permits and fees
- Postage and shipping
- Printing
- Recruiting
- Rents
- Repairs and maintenance
- Salaries and wages
- Security
- Software
- Supplies
- The more detailed your books, the better it is when it comes to an audit. If everything is grouped into different line items, the IRS is more likely to look at it instead of if it's spread out into more different categories.
- You will never change your life until you change something that you do daily. Finding your daily routine and following it are crucial to success, along with tracking your income and expenses daily.
“You don't have to be great to start. What you do have to do is start changing to be great." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Another list of what you can write off as a business owner
- The difference between successful and unsuccessful people
Key Takeaways:
- You can save money by taking advantage of these additional tax write-offs, which include:
- Laundry and cleaning
- Legal and professional
- Marketing
- Meals
- Meetings
- Office expenses
- Outside services and contractors
- Parking fees and tolls
- Payroll processing expenses
- Retirement plans
- Permits and fees
- Postage and shipping
- Printing
- Recruiting
- Rents
- Repairs and maintenance
- Salaries and wages
- Security
- Software
- Supplies
- Both successful and unsuccessful people deal with things they don't want to do and don't enjoy - the difference is that successful people embrace the suckiness and do it anyway, while unsuccessful people never will.
“Just because you spend money out of your business account doesn't mean that it's truly a business expense." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- The list of what you can write off as a business owner
Key Takeaways:
- You can save money by taking advantage of a number of tax write-offs, which include:
- Bad debts
- Bank charges
- Cash
- Cell phone
- Clean fuel vehicle deductions
- Commissions
- Computer
- Consulting
- Delivery
- Depreciation
- Discounts
- Dues and subscriptions
- Education and training expenses
- Employee benefits
- Freight
- Gifts
- Independent contractor
- Insurance
- Interest expense
- Internet
- Janitorial
“There's not a right or wrong way, it's just a matter of getting it on your tax returns somewhere." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- The importance of having a good accounting system
- The biggest questions to ask yourself about business expenses
- What is the difference between advertising, marketing, and promotional?
- Good records is key.
Key Takeaways:
- It will take you less time if you utilize a good accounting system to go through your credit card statements every month, prepare your monthly P&L, and try to find all the expenses.
- The biggest question when it comes to business expenses is to ask yourself is this business related? Second question would be what would I pay for this if it was for my employee? These two questions will help you answer a lot of what you can and can't write off.
- Depending on what you do with your tax return, advertising, marketing, and promotional are all options. The key is to have all your expenses listed somewhere and the numbers are accurate.
- It is important to keep an odometer statement at the beginning of each year so that you can prove that you have put the miles on that particular vehicle, and you should keep a mileage log that shows all the miles you put on for the year.
“As a tax guy, we have what's called an organizer, and we need it completed. But most of the time people complain about it. But how do you expect us to get the information that we need to make sure that we have everything to complete your tax return?" — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Taxes are very similar to going to the dentist.
- How to have a better outcome at tax time
- Consistency is key.
Key Takeaways:
- Whether you've been filing taxes for years, or own a business, you're still worried about tax time - just like going to the dentist and finding out you need work.
- Keeping your books in order will save you money and no longer dread the April deadline. Clean books lead to clean tax returns, which lead to clean audits, while neglected books lead to neglected tax returns, which means you pay more than what you should.
- Don't let the idea of bookkeeping make you a crawler. Get organized with your tax returns and be consistent.
“The only stupid questions are the ones that you're not asking." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Make sure you file your taxes in February, or even March if you can.
- Being disorganized is not a winning strategy.
- Tax preparation is a choice you get to make.
Key Takeaways:
- You lose all those months of planning and getting ahead for next year when you put off doing your taxes. Putting off your taxes into March is one of the worst things that you can do for yourself, and as a small business owner, you do yourself a disservice when you do this.
- Taxes are always due on April 15. Ready or not the IRS wants their money, and they will charge you extra when you are late. It's not a winning strategy to pay interest and penalties because you're disorganized.
- There are many options when it comes to taxes: either have someone do them for you or do them yourself, or hire a professional who can help you save money and plan for the future. The choice is yours.
“I know people think taxes are hard. The taxes really aren't that hard for people who are organized." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Living life with strategy
- The importance of profit and loss (P&L) statement
- Hire a professional tax planner.
Key Takeaways:
- Every time you went around go but never invested that money into anything, you wouldn't win and it probably wouldn't take very long until you were broke and bankrupt.
- It only takes a few minutes to set up your P&L statement, so set it up yourself or get help from professionals as soon as possible. You can not only use a P&L statement to review your net income and make important financial decisions but also makes preparing your taxes a lot easier.
- You'd want a professional and someone who knew what they were doing when it came to your money and taxes. Tax planners can help you save so much more than you can on your own - they aren't cheap, but you'll save so much money and stay out of trouble.
“If you don't have a P&L and a balance sheet, you're never ever going to come out ahead." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- The fear of making mistakes
- The fear of not earning enough revenue
- Taking chances
Key Takeaways:
- Fear of making a mistake keeps many people from doing anything because they are scared of making a single error. All of us make mistakes along the way, and most of the most valuable lessons in life come from them.
- It is the fear of not earning enough revenue that takes over people, but with the right financial advisor and the right tax professional, we can put an end to those fears.
- 90% of businesses don't last five years, and fear is what makes it so difficult for them to succeed. So take risks - sometimes they'll be painful, but you'll learn some new things. You will never know until you try.
“The funny thing about fear is a lot of times, it will make us do something that we really don't want to, or it's going to keep us from doing things that we should." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- What is a Solo 401K?
- 401K vs. SEP IRA
- Tax strategies
Key Takeaways:
- Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.
- SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.
- In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.
“For us to decide if you should have a SIMPLE or SEP or do the solo 401 K strategy, we really need to review your numbers, we need to review your goal and we need to see if you're willing to max out your plan." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- What is a SEP?
- How to figure out your net income
- Traditional IRA vs. Roth IRA
Key Takeaways:
- A simplified employee pension (SEP) is an individual retirement account (IRA) that can be established by employers or self-employed individuals. This is easier to set up than solo 401Ks and allows for much higher employer contributions.
- Knowing your net income is always a part of tax planning purposes. To calculate your net income, subtract all the income you make from the business from all the expenses you incur.
- Both Traditional IRA and Roth IRA offer many investment options for retirement, and you should consider them both as you plan for your future. The key difference lies in whether it makes more financial sense to take advantage of tax benefits today or to benefit from tax-free withdrawals in the future.
“Since we know that saving the extra $1,200 on your taxes today is great, you're also just going to spend or waste that money so why even get to save? Instead, I would rather see you invest $5,000 into a Roth, forget about the $1,200 savings this year, and let it grow so you can take it out tax-free in the future." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- What is a SIMPLE IRA and how it works
- Employee matching contributions for 2022
- The pros and cons of SIMPLE IRA
- How to set up a SIMPLE IRA
Key Takeaways:
- SIMPLE IRAs (Savings Incentive Match PLan for Employees) may be the best retirement plan option for businesses with modest revenue as it allows employees and employers to make tax-deferred contributions to their retirement accounts.
- In 2022, you can contribute $14,000 or 100% of your self-employed income or corporate salary, and if you are taxed and set up as an S corporation, your employer will match your contribution by the lesser of 3% of your self-employed income or the amount of your elective deferral contribution.
- It’s important that you ask your tax professional and financial advisor first about the pros and cons of various types of pension plans, including SIMPLE IRAs, before adding one to your employee benefits package.
- Almost all major brokerage firms will set up your SIMPLE IRA for you with little or no fee, but you need to set it up by October 1 in order to make contributions in that year.
“SIMPLE IRAs are simple, so this is a simple way to put more money in your pocket and reduce your tax liability." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Investing in the 401(k)
- Taking money out of your 401(k) should be your last resort
- Making a few changes in your lifestyle
Key Takeaways:
- Employer-sponsored retirement savings plans, such as the 401(k), offer significant tax benefits as well as help you plan for your retirement.
- When you invest in a retirement plan, you are supposed to let the money grow until you reach retirement age; so if you withdraw the money from it, you will not only be paying taxes, but you will also be paying a 10% penalty if you're under 59 and a half.
- A little change to your lifestyle can yield a $1,000 investment, and keeping a record of everything you spend on a daily, weekly, and monthly basis would amaze you as to how much money you could have.
“With the small sacrifices and a good retirement plan, you will be enjoying the good life and they will still be working after age 65." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Tax filing and procrastination
- Why do people avoid filing taxes?
- How to get back into the IRS' good graces
Key Takeaways:
- A tax extension does not extend the time to pay the bill, so ignoring them or procrastinating will only lead to more fines, more penalties, and more stress.
- Various reasons exist why people fail to file their income taxes, but whatever your reason is, the IRS wants you to be compliant and pay the taxes that are owed to them. There’s so much to lose if you don’t file your taxes.
- Maintain compliance and stay up to date - the longer it takes, the harder it will be for you to locate the documents you'll need to complete these income tax returns, and the longer you wait, the more expensive it will be to get you back on track.
“Nothing good is going to come from not getting caught up on your tax." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Morning routine and productivity
- The importance of having a system
- Start your schedule and set it up for success
- The advantages of an automated system
Key Takeaways:
- Treat every day as if it was a Monday. Get up early at least 4 in the morning so you can accomplish a lot to stay on top of your busy schedule.
- A system allows you to hire people to do tasks inside it. The most successful businesses have a system to keep them on track and deliver a similar experience to all of their clients.
- In order to have a successful business, you need to start your schedule, put it in motion and then simply repeat it. The more automated systems are there to help, the easier things are.
- Automating a few things you do over and over will save you a lot of time in the long run.
“Staying motivated is hard for lots of people, but it's gonna get easier if you remove a lot of the noise from your business and you focus on what you really enjoy doing." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Keeping personal and business records separate
- Business structures and their implications
- Sole proprietorship vs s corporation
Key Takeaways:
- Using a separate business account makes tracking business expenses much easier for tax purposes.
- Consider your options carefully. You need to pick an appropriate business structure that offers you the right balance of legal protections and benefits.
- An S corporation requires significantly more paperwork and regulation, but it may provide tax benefits and liability protections that are more advantageous than a sole proprietorship.
“I think a lot of times we fail to do things in life out of fear, and I believe the scare of payroll is what keeps most people in the sole proprietor industry." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- As an agent, you can’t give tax advice.
- The myths surrounding taxes
- Capital gains and capital loss
- Rental pieces of advice
Key Takeaways:
- When it comes to capital gains, don't take advice from agents on social media. 99 % of the time, they don't have all the facts.
- There is no truth in the claim that you do not have to pay taxes if you use the money you get from the sale of your home to buy another home. Once the sale has been completed, the sale becomes a taxable event, so what you do after that does not affect whether you owe taxes.
- Capital gains and capital losses are treated separately based on short-term and long-term capital loss rules.
- Always take depreciation on rentals.
“To give advice on capital gains or capital losses – it is so important to have all the information, know your taxpayer and understand the tax codes." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- An overview of the IRS's $87 billion fund
- Dealing with an IRS audit
- Improved enforcement measures are a big part of the IRS's $87 billion fund
- Get out of your comfort zone.
Key Takeaways:
- The $87 billion IRS infusion means more audits, and if you earn over 400k, you'll have a higher chance of being audited in the next 5-10 years. It does not mean, however, that you will not be audited if you make less than 400,000 because they still audit tax returns.
- Audit compliance is simply adhering to the rules. You can do it if you can, but if you cannot, hire a professional to make sure you're staying compliant and helping you plan for your future.
- It takes years to become a revenue officer or a revenue agent for IRS audits to become fully proficient in their systems and those types of things, so the IRS is ramping up hiring and training now, and many of these new hires will fill jobs left vacant by employees who are expected to leave the agency within the next decade.
- Getting out of your comfort zone will require you to change how you do most of your business. Because if you enjoy what you do for a living, staying out of the IRS's crosshairs is where you want to be, and now is the time to act or face serious consequences.
“The IRS wants each of you to be compliant. So if we work with them, they're usually helpful to help you get out of a bad situation so that we can put more money back in your pocket." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Passion is the key to success.
- The importance of having a business plan
- Writing down your plan and setting goals
- The power of creating a vision board
Key Takeaways:
- It is your passion that drives you toward specific goals, regardless of how unlikely or complex they might be. When your why and passion are big enough, nothing can stand in your way of achieving your dreams and overcoming obstacles.
- Without planning, your business won't succeed. Create a business plan, it doesn't have to be complicated, it simply needs to be your roadmap.
- Real estate agents who decide to go solo need to build a team around them. Writing down your plan and setting goals will more than likely prevent you from getting sucked into the vacuum that so many agents get sucked into and unfortunately will lead to a short career in real estate.
- As you work on your vision board and look at it on a daily basis, you will realize your goals. However, it is essential that you have a clear vision and that it is true to who you are.
“The road to a successful career is going to have lots of ups and downs and maybe even some curves that are going to be thrown at you. But with planning, budgeting, hard work, that vision board will slowly become your life." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- The importance of keeping records
- Tracking your income and expenses
- Categorizing your charges and deposits
- The difference between gross income and net income
Key Takeaways:
- There is no need to give yourself more time to prepare for tax season, just a better, more consistent system. By keeping records, you’ll be able to understand where you stand financially at any given time.
- You can track your income and expenses with accounting software that connects your bank account and your business credit cards to their system, and then it pulls in every transaction on a daily basis.
- Make it a habit to categorize your charges and deposits and do it daily, having a profit-loss statement is the lifeblood of your business.
- The gross income is the total amount of money that you have received to date, while the net income is all the deposits you have made, less all the expenses you have incurred.
“Get a software program and use it regularly. The results will come as you stay consistent in using it and you will never miss out on a deduction again." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- How does tax planning work?
- Tax planning in advance can save you money
- Jeff's tax strategies he uses with clients
Key Takeaways:
- In tax planning, an individual's or a business's financial situation is aligned with their financial goals by leveraging the tax code, and sometimes by considering unique and complex situations.
- Planning your taxes throughout the year is the best way to avoid tax surprises in the last month. Also, getting tax advice prior to setting any goals/plans involving money is very important because your tax situation will be affected.
- You can reduce your taxes by hiring your kids, and putting money in your health saving account (HSA) and retirement account.
“Tax planning is more than just spending money. It is about setting up strategies to put more money back in your pocket while paying the least amount of money on taxes." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- Getting incorporated as a real estate agent
- The impact of most agents not realizing they are business owners now
- Setting up a PLLC
- Getting a debit card or a credit card for your business
Key Takeaways:
- As a real estate agent, becoming incorporated should be among your first actions after obtaining your license. Check with your state and the department of real estate in your location for their exact rules.
- Many agents don't have an LLC and don't think of themselves as businesses nowadays, which makes them commit a cardinal sin which is commingling funds and having a hard time separating business from personal expenses.
- You will have much more freedom with a professional limited liability company ("PLLC"). Make sure you hire a professional who is familiar with the rules to help you set this up.
- Get your business a debit or credit card at the same time. Personal credit cards are fine too so long as they are only used for business expenses.
“Setting up a PLLC can be done any time but all the money you've made prior to setting up that PLLC or notifying your broker and getting it set up correctly is all going to be filed under your name and social security number. So as you can see, it's better to get it set up before you start making money." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discusses:
- How does the home office work and what are the rules
- The importance of using the home office deduction
- Home office audit issues
- S-corporations or partnership home office deductions
Key Takeaways:
- Two requirements must be met by your home office in order for it to be your primary place of business: you use it exclusively for administrative or management activities of your trade or business and you do not operate your trade or business from any other fixed location.
- You may be able to earn mortgage interest with a home office. For most people, mortgage interest isn't a write-off any longer. The higher standard deductions on your personal tax return have led to 95% of taxpayers using the standard deduction instead of itemizing and claiming mortgage insurance. However, you can now claim it again when you set up a home office.
- There's no reason for you to be afraid to use the home office on your taxes - having a home office does not increase your chances of being audited.
- S corporations can reimburse you for the costs of a home office when they set up an accountability plan for employee business expense reimbursement - you complete the home office reimbursement sheets for them, and they reimburse you.
“I don't know why any real estate agent wouldn't have a home office. Why would you want to miss out on all those miles? Normally, I have found it comes down to two reasons: either they don't know, or fear." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discuss:
- Writing off your vehicle expenses on your taxes
- How important is keeping a mileage log?
- The best way to track the mileage
Key Takeaways:
- Our vehicles can be written off on our taxes in two ways: the standard mileage and actual expenses. The strategy you choose for your business will determine which of these two options is most beneficial.
- Regardless of whether you pick standard mileage or actual expenses, you still need to keep a mileage log to show how many miles were for business and how many were for personal use. Keeping a good mileage log will prevent you from getting into trouble during an IRS audit.
- Keeping track of your mileage is best done in a disciplined manner. Several apps are available on your phone that will track your miles for you automatically, but you must still categorize them as personal or business miles, and if you ever get audited, you must provide the IRS with this information so they know where you go.
“Standard mileage deduction is usually the best for my real estate agents – you will get the rate on all your business miles and inside that includes all your gas maintenance, depreciation, etc." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
In this episode, Jeff discuss:
- How being a real estate agent or a business owner is like riding a bike
- Running a business requires the right protection.
- Hiring your kids to work for you
Key Takeaways:
- Being a real estate agent or a business owner is very similar to riding a bike – it looks easy, but it’s not, and it takes balance to get there, to learn how to run a business, and to be passionate about helping people find their dream homes.
- It can be scary and painful to run a business, but with the right protection in place, severe damage can be prevented and you'll end up not wrecking as often, saving you money on your taxes.
- It is possible to hire your own children to work for you. By doing so, you get to make more money, and your kids can learn some life skills while working for a living without costing you any extra money since you're already paying them for it, but now you also save taxes as you do.
“In life, we have two choices: we can continue to do the same thing over and over and get the same results, or we can learn from our mistakes and make some changes. " — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
Twitter:https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
YouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0
LinkedIn:www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Real Estate Agents don’t understand the tax part of their business. They are losing the tax game with every transaction and it is costing them money. Join Jeff Hockett weekly to learn the tax rules, basic and advanced strategies, and the basics of running a business so you can keep more money in your pocket and pay as little in taxes as legally required. If you are new to real estate, have been there a long time, or are thinking of becoming a real estate agent, this podcast is for you.
Connect with Jeff:
Website: https://www.hocketttax.com/
Twitter: https://twitter.com/taxgamecoach
Facebook: https://www.facebook.com/hocketttaxandpayroll
LinkedIn: www.linkedin.com/in/hocketttax
Instagram: https://www.instagram.com/hocketttax/
Email: jeff@hocketttax.com