#18: Mastering Money Management for Self-Employed Success: Insights from CPA Wendy Barlin

Do you know the ins and outs of money management for self-employed individuals? Join us as we explore this crucial topic with Wendy Barlin, a CPA with 25 years of experience, who shares her personal story of coming to the US with nothing and learning how to navigate the country's money system. Discover the importance of working smarter rather than harder, and tackle common misconceptions about taxes for small business owners while learning why hiring an expensive CPA is not always necessary. In our discussion with Wendy, we highlight two essential tax strategies for self-employed individuals: setting aside a percentage of revenue for taxes and considering all ordinary and necessary expenses as deductible for the business. Gain insights on the importance of keeping receipts and hiring a reputable advisor for those who want to play in the gray area of tax deductions. Wendy also offers free resources on her website for those seeking education on their taxes. Don't shy away from looking at your finances – invest in your education and empower yourself with knowledge. In this episode you will learn: 0:01:31 - How to Manage Money (70 Seconds) 0:04:28 - The Common Misconceptions About Business Taxes (51 Seconds) 0:09:35 - The Value of Hiring Tax Adviser (119 Seconds) 0:14:54 - Investing in Self-Education for Business Success (81 Seconds) Highlights (0:00:00) - Working Smarter With Money (5 Minutes) Understanding money management is crucial for self-employed individuals. Wendy, a CPA with 25 years of experience, shares her journey of navigating the US money system and emphasizes working smarter, not harder. Common misconceptions about small business taxes are addressed, and Wendy advises that expensive CPAs are unnecessary, as self-education can lead to better money choices. (0:05:19) - Small Business Tax Strategies & Tips (12 Minutes) Wendy Barlin, a CPA and tax expert, shares tax strategies for self-employed individuals, such as setting aside a percentage of revenue for taxes and considering all ordinary and necessary expenses as deductible. She emphasizes keeping receipts and hiring a reputable advisor for those exploring tax deductions. Free resources are available on her website for tax education. Investing in education and understanding finances is encouraged. Connect with Wendy at https://wendybarlin.com/ Subscribe to my Newsletter HERE Starting a side hustle allows you to test your business idea before fully committing to it - it gives you an opportunity to see if there is a demand for your product or service and if it is something that you are truly passionate about. Don't forget to leave a review! Receive 2 months FREE of podcasting Service HERE Are you looking to start a Podcast apply my unique promo code to get up to 2 months of free podcasting service with Libsyn when you sign up for a new account. Get your show on Apple and Spotify. Get helpful audience-building stats and all the support you need to sound your best. They can even do videos. Bring your Podcast to life and have your voice heard here there and everywhere with Libsyn. Promo code: MCPOD Receive a Free 30-minute Consultation HERE Cost Effective Website Builder HERE Starting a business with very little capital is called bootstrapping. It can be done by utilizing existing resources, such as your home office, or by starting small and scaling up as you generate more revenue. I personally switched to Zyro to build my website. It is professional and perfect for my pocket. Zyro is perfect for self-employed individuals looking to position themselves online without breaking the bank. Check it out HERE. BigVu Sign up  https://desk.bigvu.tv?fpr=martine-cadet76 If you struggle with confidence on camera, this 3-part video series is for you. Access HERE