Episode 043 - Interview with Accounting Expert Kim Storen, PART 1
Episode 043 - Interview with Accounting Expert Kim Storen PART 1
Accounting! What topic could be more fun than taxes? Maybe watching grass grow or paint dry? Well, we have a special guest with us for two episodes. Believe it or not, she brings life and fun to the subject of taxation!
Kim Storen from Storen Financial is a breath of fresh air, especially after listening to B bloviate for the last 42 episodes. In this first episode, Kim give us tips and suggestions to prepare for end-of-year tax items.
It's never too late to make changes or find a better plan to save money and make wiser financial decisions. Listen to hear more about how to make better choices to work your business intentionally.
SHOW NOTES
- 01:47 – Introducing one of B & Cate’s most favorite people in the world, Kim Storen. Kim is a CPA with Storen Financial
- 02:48 – Accounting may not be at the top of your mind or even something you are worrying about yet, but agents are running a business. Let’s get you prepared for that.
- 04:12 – Kim talks about agents that file in October and enter into a payment plan with the IRS. Bad move agents!!!
- 06:08 – Kim shares an experience with her agent and a new found respect for what an agent does.
- 07:20 – Kim: becoming an agent is almost like starting a new job and the employer telling you to pay to work for them and also not get paid for six months. Because of that, you are behind the ball with back expenses and trying to catch up.
- 08:12 – Kim “loves” home inspectors, mold in her attic, and the neighbors pointing at them as remediators sit in their driveway.
- 09:21 – Song of the Episode: Wayne Brady parody on Whose Line Is It Anyway, “Songs of Accounting.” .
- 11:20 – Kim has her own song of the episode as she tries to hijack B’s bit. Midland “Drinkin’ Problem”.
- 12:35 – No one likes to think about or pay taxes, but you do have an opportunity to make some adjustments.
- 13:05 – Time stamp this date. B is going to shut up and let someone else take over the show.
- 13:15 – Kim: fund your 529 plan by December 31; You can turn the 529 into a legal way to launder money (Kim said that, not B); Kim’s job is to lie, cheat, and steal for her clients.
- 16:06 – Charitable giving; many people can’t take advantage of charitable giving because of the increased standard deduction. Kim suggests bunching.
- 16:42 – Income, expense, and tax projections can be a game changer. .
- 17:45 – B toots Kim’s horn: Kim does this for “free”. Kim doesn’t charge for questions or projections.
- 18:28 – Kim: accountants are notorious for looking backwards and telling clients what they did wrong. Find an accountant will help you look forward to prepare.
- 19:00 – Harvesting Losses in their portfolio. Strategy for saving money in your portfolio. Be careful of wash sales.
- 20:30 – Cate’s Side Note Tangent: Cate was not always so good at keep receipts and tracking her expenses.
- 22:47 – Kim has a “Cate tip”, Thermal receipts fade so use smart device apps to scan the receipts.
- 24:32 – Look at paystub and make sure you have fully funded your 401k, IRA, FSA, HAS and other retirement accounts.
- 25:33 – Christian: Child/Dependent care spent before the end of the year. He used to have kids but not anymore.
- 25:59 – Thinking about the new year. Set up an S-Corp; payroll withholding adjustments; energy credits.
- 26:45 – PAY YOUR ESTIMATES! Agents listen to Kim on this topic!
- 27:48 – What happens if you get behind on your tax payments? You might have to start making double payments. Pay something!
- 29:50 – Cate: She is so lucky to have B. Kim: agents with spouses on a W2 income, think about increasing their withholding to make up for your tax obligation.
- 30:35 – Set aside money from every closing in a bank account that is from a separate institution than your primary bank so you aren’t tempted to touch it.
- 31:35 – The mentality of paying taxes is so much different for a self-employed person compared to a W2 person.
- 32:28 – Love having Kim on and will have her back next week.
- 33:01 – How can you reach Kim? storenfinancial.com. 317-852-7000.
- 33:34 – Quote of the Episode: “In a world that feeds on your self-doubt, liking yourself is a bold move away from their ambition.” Do not let others get to you. Believe in yourself and don’t let the haters hate.
SHOW LINKS
- Kim Storen – https://storenfinancial.com/meet-the-team-kim-storen/
- Wayne Brady – “Songs of Accounting” – https://www.youtube.com/watch?v=XSranciXOvs
- Whose Line Is It Anyway? – https://www.cwseed.com/shows/whose-line-is-it-anyway/
- Midland, “Drinking Problem” – https://www.youtube.com/watch?v=g7f6HiQ2LuU
- 8 Track Tapes – https://en.wikipedia.org/wiki/8-track_tape
- 529 Plan – https://www.collegechoicedirect.com/
- Harvesting losses in a portfolio – https://www.investopedia.com/articles/taxes/08/tax-loss-harvesting.asp
- When are quarterlies due? – https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2
- Storen Financial – storenfinancial.com
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