0:00

helping healthcare professionals with tax season.

0:02

Definitely. Well, thank you so much, Cindy, for, for having me here.

0:05

so yes, I am the, the lead strategist and founder of Cerebral Tax Advisors, and I

0:14

started cerebral because my, my husband is a physician and when he was basically

0:19

a year and a half out from, his finishing up his residency,

0:23

I, I saw the writing on the wall. At that point, I'd been working for like 12, 13 years in local and regional CPA firms.

0:31

and I really wanted to learn why the Bill Gates and the Warren Buffets of the world

0:38

were, you know, at that 15% tax bracket or less. Basically,

0:42

you know, with Chris gonna be fi my husband Chris, finishing up residency soon and,

0:47

you know, we were gonna be in a different bracket. and with even me starting, you know, my own practice,

0:52

you know, what other things could I be doing in order to, to lower my taxable liability?

0:57

So that's really where Cerebral was born. And it was my, funny enough, my, my husband

1:03

is a, a neurosurgeon, then my father is a neurologist. And so that's kind of where

1:08

I got cerebral from Love. It was within, within the family.

1:11

I really built cerebral around

1:13

tax planning, you know, proactively working throughout the year to create my, the

1:20

tax liability that I want, which was as legally and as low as possible.

1:25

so yeah, right now, you know, we, we we focus on, you know, helping with setting

1:31

up businesses or keeping them going, helping to optimize.

1:34

and, when it comes to different types of strategies as well, not just, you know, trying

1:40

to lower your own income through trying to deduct as many personal expenses as business

1:44

deductions, but also looking at real estate investing as, as a tax strategy or,

1:50

you know, even other alternative investments like oil and gas, for example. So there

1:56

are a lot of different areas that, like I said, the, the, the Warren Buffetts of

2:00

the Bill Gates of the world are using that are really, they are available to the

2:04

general public. It's just they people don't know about them.

2:07

Correct. Yes. So I love, to learn more and more tips and stuff that we, we don't know about.

2:12

and that's great. So somebody starting up a business, what would you recommend

2:16

that do or don't do? Do you have some really important tips or strategies that people

2:21

must do or must not do? Yes. You know, probably the most important step when you're first starting your business

2:28

is just deciding what sort of entity you should be.

2:31

you know, that really dictates how you're going to be taxed.

2:34

You know, if you're just going be a sole proprietorship at first and maybe just have

2:38

that single member LLC,

2:41

you know, when you're an LLC, that doesn't necessarily mean you're gonna be taxed

2:45

as an S Corp or a C Corp or anything. You, you have to actually make that election

2:49

for an S corporation or a C corporation.

2:52

and so, but they're all taxed differently and it's really important to know, okay,

2:57

well, you know, are you gonna, you know, be having employees? How much are you gonna

3:01

be earning, you know, things along those lines that, that can help,

3:05

decide, you know, liability, why, you know, why's for protection versus, you know,

3:11

how it's gonna be taxed, to, to,

3:13

really help you save money.

3:15

Okay. Yeah. So setting it up in the first, the right, the first time, the first in

3:18

the first place helps tremendously, I'm sure. Yeah. Saves tons of headaches in the

3:23

future. Yes. And so for businesses, so you're talking about real estate, I'm really into,

3:27

real estate as well. I'm kind of getting into it more, and it's always been a passion

3:31

of mine investing in real estate. So

3:34

when you say that, do you mean like for, doctors or practice owners to have the real estate, like the own, the business that

3:39

their practice is in? Are you talking about like rentals or

3:42

explain what, or how we could invest in real estate, what some good strategies are

3:47

for that as well? Like Yeah, it, it can be either or.

3:50

So yeah, if you own the building that your practice is using, then that's a really

3:55

great opportunity to shift some income from your business and that be business, be

4:01

paying rent to the LLC that owns your building, and then you're using the expenses

4:08

and, you know, and depreciation of that building to help kind of shift income from

4:13

the business over to the, to the LLC. And then the LLC uses those expenses to offset

4:18

that rental income. And so essentially you are able to write off

4:23

a, a bunch of your, your income and, and not be taxed. So that's, that's one strategy. But you know,

4:30

maybe if you know, aren't able to purchase the, the location that your business is in,

4:34

then you can use just like rental real real estate, you know, whether it's residential or commercial to

4:42

potentially help lower your taxable liability. And so,

4:45

you know, whether you go into long-term rentals or short-term rentals or real estate

4:50

syndications, each one of those affects your tax situation differently.

4:54

Okay. So there's so many different aspects of that. I could see why somebody would

4:58

need needs help. Like how do you help people with those kind of situations? Or

5:02

what do you do for businesses to help them determine this kind of stuff? Do you help them decide where to invest and how to

5:08

invest? Or is it more how to,

5:10

get the best, bang for their buck when it comes to the taxes for what they already have? Or a little

5:14

bit of both? Is it like Yeah, strategic, it, it, yeah, a lot of it depends on what they're currently doing and then what their goals

5:21

are. So, um, you know, at cerebral, we don't sell any products. We don't take any commissions

5:27

or kickbacks. So everything is very education based. I want you to know, like if

5:32

we're talking about rentals, for example, well, I, I want you to know how that real

5:37

estate is going to affect your tax situation. You know, 'cause for example, with

5:42

the ir, you know, with rentals, the IRS assumes it's a passive investment

5:46

unless you qualify for real estate professional status, or you can do a short-term

5:51

rental, loophole. And so those can then

5:54

change the character of how that income is taxed, or even the losses are used to

6:00

help save you money. And so if someone is like, Hey, Alexis, I,

6:04

you know, I just want passive income. I don't wanna have to spend more time, I'm already super

6:09

busy. Well then doing like a short term rental or even trying to qualify for real

6:14

estate professional status is probably not the right way to go, because that takes a certain amount of time. There

6:20

are guidelines that the IRS needs to see for you to qualify for those two types of

6:25

tax deductions. So it, you know, it might be something more of, okay, well maybe

6:30

you do wanna own your own p uh, your practice building,

6:34

you know, or you wanna look at other investments that are going to,

6:39

be just, just be passive, but have a really great return on investment.

6:42

So we go and help with

6:45

educating our clients on the different types of options based on their goals.

6:49

And then we can, you know, let, help them in deciding, you know, which direction

6:54

they wanna go. And then once they decide what direction, then, you know, we're a

6:57

white glove handholding type of service. So we will usher you through the proper

7:02

steps and make sure it's done properly and then reported properly on your tax return.

7:07

Okay. That's great. Yeah. and I know about the Airbnb and the VRBO or vrbo, and so that's great and the loopholes.

7:14

What about like renting out your practice for a day? So like if you have a specialist

7:17

come in for like a dentist, if they own a practice and they're not working on Fridays,

7:20

would that apply like a short, short term rental to have another, like an

7:24

orthodontist come in and lease out that space for a day? Would that be considered

7:27

short term rental as well? Do you know? just thought of that when you said we're talking about it.

7:31

Yeah. I think something like that would be, you'd probably just characterize it as

7:34

more of some lease income that that's, that coming into the business. And so if you,

7:41

if you own that property, you know, you would, you'd, I would,

7:44

there'd be different ways you could set it up, basically. But I think probably the

7:47

easiest, just from a bookkeeping standpoint is to,

7:51

just have that as LEAs income coming into your main practice. And then you're just

7:55

continuing to still, expense every, like, all of the other like, you know, property taxes and mortgage

8:01

interest and stuff like that through the buildings LLC.

8:04

because the thing is that even if you don't own the building, you and you have that,

8:09

that space and you can sublet it, you know, then, then it's just

8:13

part of your extra income to you.

8:15

Okay. Yeah, that makes sense. For sure. And,

8:18

so, so a lot of people in, any profession really, but a lot of dental professionals

8:22

work, work, maybe part-time or maybe four days a week and they have extra time. So we have side

8:26

gigs to kind of keep our, keep our brains stretch as you know, it's about brains.

8:30

So what would be some, tax sticky tax situations when you have your business but you also have like a side

8:37

gig or another, another income?

8:39

Would you wanna combine the two or have two separate LLCs or

8:43

any ideas on that or thoughts? Yeah, probably the major area that would have some stickiness is if you do earn some income

8:50

on the side, but you have a practice that has employees, then you might have,

8:56

problems with trying to do, set up a retirement plan,

8:59

associated with the side gig income. Because if you have that side gig income and

9:05

you wanna, let's say open up, I just wanna open up solo 401k, but you don't offer

9:10

a retirement plan to your employees through,

9:13

your main practice, then you, you come, you start butting up into ERISA rules. And these are rules that

9:20

essentially protect the, the, the non-owners and the coll,

9:25

highly compensated employees from not being a part of a retirement plan that, that the owners have. And so if,

9:34

you know you have qualifying employees in your main practice then, and you

9:38

try to open it up some, a retirement plan through

9:42

the side gig, then you may have to include the employees in your main practice in

9:48

that retirement plan. So that's gonna be a very,

9:51

sticky and complicated situation.

9:55

if you do have your main practice and then you're doing some side income and you're

9:58

thinking about retirement, then make sure you talk to a qualified, you know, third party administrator or a

10:03

retirement plan specialist or someone like us who, who specializes in retirement

10:08

as well, to make sure that you do qualify and to, you know, jump any hurdles, help

10:14

you jump with any hurdles to, to make it happen because you, maybe you want to actually

10:19

start up a retirement plan for, for both sides of income. So then that way you can

10:25

retain talent better, and,

10:27

you know, have a more attractive benefits package.

10:30

Okay. So is that because it looks like you are being sneaky by setting up another

10:34

business that you yourself can have retirement without having to

10:37

including Exactly. Is that kind of what that law is all about? Okay. Yeah, exactly.

10:41

That's, that makes sense. And, and since we're on the topic of retirement, what are

10:45

some things that we could do to max out our retirement,

10:48

be before we file taxes or by, I think it's by the, you have a certain amount of

10:52

time after the end of the year to do that as well. Can you explain a little bit about that to

10:56

me? yeah, definitely. So it depends on the type of retirement plan you have, but most

11:00

retirement plans like set IRAs or 4 0 1 Ks or even defined benefit plans, like cash

11:06

balance plans, you have until the filing of your tax return, including extensions

11:12

to, pay that amount, that employer contribution. So for like a 401k for example, you

11:19

usually have an employee deferral, which most people see that coming through their

11:24

paycheck, and they'll, they're, that's coming out of your pocket and making that

11:29

money into it. So like for 2024, that's $23,000 is the max you can put in for your

11:35

employee deferral. But then for

11:38

the employer contribution that amount, like I said, you have until the filing of the tax return as the employer

11:45

to decide, okay, do I wanna do some profit sharing? Is there some, some, you know,

11:49

safe harbor match, et cetera. and then that way

11:52

you can, you get a nice deduction on your tax return for that. And usually those sort of plans,

11:58

especially if you have employees, you know, you'll, again, you need to work with like a third party administrator

12:03

and an actuary to, to do those annual calculations.

12:07

but it's a really great way to take money out of the IRS's hand,

12:11

put it into your retirement, and get a nice tax deduction from it as well. Yeah.

12:17

So do you always recommend maxing out your 401k if you

12:20

like, because it's pre-tax money, right? Because that way

12:22

you're not paying taxes on it, right at the time. Right? Right. So with that, what if somebody already filed their

12:26

taxes and then they're just learning about this, or they didn't know that you could

12:30

max out your money, or they came into more money, they wanna put it into their retirement.

12:34

Is it too late at that point to do that? Or do you file an amendment or what, what

12:38

would you suggest at that point? Yes. So unfortunately, if you, let's say you didn't have any retirement plans set

12:43

up at all for 2023. Yeah. You're, and, and you filed your tax return already, your business return, yeah.

12:49

You're unfortunately out of luck. but that doesn't mean that you shouldn't start now with 2024 and get things set up

12:57

and make sure that it everything's,

12:59

you know, good to go, you know, for, for 20, 24 deductions. So it's a good time to talk to an advisor.

13:05

So this way you do it correctly or to your benefit in 2020 24. 2024. Yeah.

13:11

I know this is, it seems like that's next year, but that's this year. Yes. That that's

13:15

great. Yeah. And especially when you have employees, you, there's usually,

13:18

a timeframe frame you have to like give notice to your employees.

13:22

And so usually that can be 30 to 60 days.

13:25

so you don't definitely don't wanna wait until year end to, to start this process.

13:30

Right. Okay. And then, that's great. So what about diversifying, you talk about diversifying Warren Buffet,

13:35

and so I've read that some of the, the top, the, the top people that you're talking about

13:40

that they invest in kind of

13:43

the competitors too. Like they'll invest in one thing, but they'll also invest in

13:46

the other thing that Matt, like apples and oranges. So that way if one goes down, they still have,

13:50

they don't really, they're always winning. I mean, they're always losing, but they're

13:53

always winning. Is that, am I reading that or thinking about that correctly?

13:56

yeah. Well it sounds like what they're doing is this, like you said, diversifying

13:59

their portfolio, Uhhuh, you know, they're kind of hedging their bets in, in both

14:03

spots. you know, they, pardon the majority

14:07

of people making the amount of money that,

14:09

you know, the Warren Buffets of Bill Gates of the world, of Jeff Bezos of the world

14:13

make, they have so much money and assets, like so much value in their assets, they can take loans

14:20

against their assets and those loans are not taxable income. And so, you know, that

14:26

they're almost like living off of these like forever loans essentially. And,

14:32

so financial strategies like that are something that's a little bit more difficult for

14:37

like a, you and I to, to be able to do because, you know, we, we, we might have some

14:42

nice set of assets and everything, but I mean, they're, you know, they're, they're

14:45

living off of basically the value of, you know, their Amazon stock or, you know,

14:50

a musk with his, you know, with Tesla

14:52

Okay. So they're, they're Okay. So that there, there, okay. Would that kind of be

14:55

like taking a loan off your own, like for people that aren't them or maybe employees? Or would that be like taking a loan out

15:01

of your own 401k kind of 'cause you're paying yourself back?

15:04

yes. Kind of it, the, the problem, I don't like the idea of, of ever taking loans

15:10

from your retirement. that's just because, I mean, those are, you know, tax protected

15:14

assets and so they're, they're growing tax free and you should really like, you know,

15:19

leave them alone because if you have to take money out, then you know you're gonna

15:22

have to pay interest against it. And then you're, you're not getting that, that

15:27

tax free growth. So, yeah, I'm, I, I know that some people will, will use their 401k or their retirement

15:34

to like invest in real estate and, and things like that, but

15:37

I personally don't like it. Yeah. So just set aside and forget about it and let it

15:41

keep going. Okay. And so what are some simple changes that businesses can do to help reduce their,

15:47

their tax burden Or their taxable income? so yeah, when it comes to,

15:51

the deductions, yeah, you, you wanna see what sort of personal expenses can actually

15:56

be business deductions. You wanna change your mindset to, Hey, I just went to the

16:01

grocery store, bought, I bought a packet of pencils. Guess what? Think that's a business

16:07

deduction. Like, I should be really writing that off,

16:09

but it's important too to keep track of all of your receipts. Um, you know, a lot

16:15

of people will just, you know, um, use their bank statements or their credit card

16:19

statements. Those do not count. The IRS actually needs to see those itemized receipts

16:24

because if you go to Staples and buy $3,000 of something, they don't know if that's

16:30

a computer or if that's gummy worms, you know, they're, they're treated differently.

16:34

So, mm-hmm. having that, you know, they don't have to be paper receipts, they can be digital

16:38

receipts. Uh, but you know, that's one area where if the IRS doesn't have it, they

16:43

can technically go and deny the deduction.

16:47

you know, and then taking a look at your situation to see, hey, I mean, maybe if

16:50

you have children c you know, are they over the eight, you know, seven years or older,

16:54

then you might wanna think about hiring through the business. So then that way you

16:57

can shift income from their, from your higher tax bracket down to their non-existent tax bracket.

17:03

that's a wonderful way to not only shift income to them, get a deduction, but also

17:08

for them that they can then put that money into like a Roth IRA for retirement,

17:13

you know, or save for school. Yeah, that's, that's a great idea.

17:16

So what about fear is people, do people you think that maybe they fear the IRS or

17:22

they feel fear being audited, so they don't actually write off as much as they should?

17:26

So maybe instead of writing off too much, they're not writing off enough

17:29

because they don't, you know, they don't trust or they're fearful and they don't

17:33

understand, you know, what's they're right. What's there for them to write off? Yeah, yeah, yeah, definitely.

17:40

I mean, everybody is fearful of the IRS. They think like, oh my gosh, like I forgot

17:44

to put $5 of interest on there, I'm gonna go to jail. Like,

17:47

right. That's definitely not the case. the fortunately and unfortunately, unfortunately, the IRS audit rates have just been

17:53

so low for the past, you know, decade plus because I mean, they're just woefully

17:58

underfunded. especially if you have like an S corporation or a C corporation, the audit rates

18:03

on those two types of entities are so much lower than like, on a Schedule C.

18:08

And so, um, you know, and I, I've heard some people being like, oh, I ca I won't do my home

18:13

office deduction because that's a big red flag. And it

18:16

anything, if you qualify for something, if you follow the, the rules and you have

18:22

the proper documentation, there's absolutely no reason why you couldn't take a home

18:26

office deduction or any other deduction. I mean, it's even like doing a charitable

18:31

deduction. You give $250 to, to your church,

18:35

you need a receipt for that. And if you have the receipt, awesome, you've done it.

18:39

But if you get audited and you don't have that receipt, then you're not gonna get

18:42

that deduction. So, you know, you just have to make sure that, you know, you understand,

18:47

you just need to substantiate what you're doing and why you're doing it. And as a

18:52

business deduction as well as, you know, having that, that backup for it and you're,

18:58

you're, it'll be fine in front of the IRS.

19:00

if there is something that you're wanting to deduct, you know, there's gonna, there's

19:04

gonna be some things that people just can't deduct. Like you, sometimes we'll have

19:08

people that are like, oh, I, you know, maybe, you know, you have, uh, a dentist who,

19:13

you know, has to buy a suit because he goes out to business meetings or he know he's

19:18

going to CEEs that, you know, our business casual or things like that. And he's like,

19:22

oh, well I had to buy this suit because it's for work. Well, the IRS won't let you

19:28

write that suit off as an expense. You can only do it if it's an actual, like, uniform.

19:34

So like scrubs would qualify for something that in general, you're not gonna be hopefully

19:40

going out to the grocery store in your scrubs. Yeah. Although I do still see all the time, but it's, you know, it's not considered

19:45

street wear where a, a business suit would be. Right. And so,

19:49

you know, there's gonna be some things that you might think like, oh, I have a business

19:53

purpose for buying this. Mm-Hmm. But you, you have to look at it, you know, to be

19:58

reasonable. And, you know, if you ever wonder like, is this something, can I, can

20:03

I write off? Then you can talk to a tax professional,

20:05

or even, you know, check out online, you know, groups that might,

20:09

provide, you know, some, some insight. But,

20:11

if it's something that you're not sure about, it might be a little

20:14

sketchy, right? Yeah. And so, okay.

20:17

So scrubs and uniforms, maybe if the suit had, you had to wear it and it had like

20:21

the logo of the company you're working for or something like that. Yeah,

20:26

if you buy like a, a a, like, kind of like a fleece that I'm wearing now that has

20:30

the company logo on it, then, you know, that's a, that that I would go under market.

20:34

That's a reasonable deduction. Yeah, exactly. Yeah. Okay. But if you're buying like

20:38

a nice suit that you can wear essentially anywhere, then that's considered street wear.

20:42

with, conventions and CE continuing education courses and trips,

20:46

we like to learn and we need to learn and it's actually required that we learn, which

20:49

is good. Right. So what about writing stuff off like that? Is there any changes with

20:54

the, with the new deductions as far as,

20:56

dining or food allotment. is, yeah, definitely. So yeah, I mean, the cost to fly you and your team out there

21:04

is deductible. The hotel that you're gonna get for them is deductible.

21:08

depending upon how you, your, your reimbursement or your policies,

21:13

when it comes to meals, your team is going out and kind of doing their own thing. Or if you're, you know,

21:18

doing a team dinner, you know, team dinners like that would be a, a deduction, you

21:23

know, for, for your team. And so, you know, for yourself, if you, let's say you're heading out there yourself and,

21:28

you know, maybe you're, you're by yourself and,

21:31

then, you know, there you can look at per diem rates as well, if it's over 50 miles

21:36

away. And as opposed to you, you track your actual expenses, but there's also per

21:41

diem rates for, for lodging and food and incidentals. And those are really great.

21:48

If you, let's say you only spend $30 a day on your food, but the, the per diem rate

21:54

for the city you're in is $60, then you can actually write off an additional $30

22:02

of deduction that you haven't even paid for.

22:04

And just because the, the per diem rate is a lot more, and you just have to be really

22:08

cheap than just go to like Chick-fil-A or something

22:10

for dinner every single day. But those are different in different areas or different

22:13

cities. You said the per diem rates? Exactly. If you Google per diem rates,

22:18

there is a government website, I think it's a gsa.gov that you can actually see by

22:24

year and which cities, what the rates are. So if there's no specific rate for the

22:30

city, so like, obviously New York City's going to be a lot more than Tulsa, Oklahoma,

22:35

so if the rate isn't there for that city, then there is a standard amount that, that

22:40

they show for every city that doesn't, isn't, doesn't have its own qualifying rate.

22:45

I didn't know that, that's great to know. let's see, what, what about alcohol? What about if you're out to dinner with your

22:49

team and you, you, you know, you have a glass of wine, is that deductible or is that

22:52

something you have to keep off of the receipt? Yeah, that's, that's deductible. Okay.

22:56

so basically if it's something that's ordinary and necessary and

23:00

tends to not be overly lavish,

23:03

right? So not like a really fancy bottle of wine,

23:05

like goes with once in a, if you're gonna McDonald's and then you have like $500 bottle of wine, it's probably

23:09

gonna gonna stand out, right? You did not. Yeah. Yeah. You just gotta look at it

23:13

from the IRS's point of view. you know, is if, if you're not being, what I always say with meals, don't be greedy.

23:20

You know, like don't be writing off every single meal that you have. The traveling,

23:24

yes, that's different. But like if you're out and about in your hometown and like,

23:27

oh, I can, this is a business meal, blah, blah. Like,

23:30

meals is one area that the Iris likes to, to nab people on because people tend to

23:35

get greedy with it. So just, just be reasonable. Yeah. Okay. And it could be the

23:38

same as like the uniform thing. How do you, do you have to prove that you're talking business or how do you say that? Because

23:43

sometimes we joke like, oh, this is a business meeting. What do you have to show that that lunch was actually a business meeting? Do you

23:48

just have to have notes about what the lunch was about or what you talked about?

23:51

Or any meeting notes or, yeah, you got it. Meeting notes. So when it was, where it was, who was there, what

23:58

was discussed. And so, you know, sometimes what I'll do is I will just write a quick

24:04

note on the actual receipt, who I was with, what was discussed, et cetera. And then

24:09

I take a picture of that receipt, I got my, my receipt,

24:13

as proof that we were there and what was purchased as well as, you know, the notes.

24:17

And so it's all kind of in one spot. Yeah, I like that. And there's, so there's different apps and stuff as well for keeping

24:23

tracks of receipts. And then also you can just take a picture with your phone as,

24:27

a tax advisor. What do you like to see if you're helping somebody with their taxes?

24:30

Do you help people with their taxes, by the way? Do you want to see like actual receipts or do you prefer a certain app or maybe you

24:36

have an app or what, what do you, what works best for you guys?

24:39

Yeah, yeah. So besides obviously planning,

24:42

doing tax designs and to help go and reduce liability, we also provide compliance.

24:48

And so we do the tax preparation for personal returns and business returns. We're

24:52

very big on organization and efficiency and

24:56

you know, we have audit protection as well,

24:58

bookkeeping, et cetera. But when it comes to the efficiency, a lot of it will have to do with your personal preference.

25:05

My main goal as your advisor is that you just keep the receipt,

25:09

whether it's a paper receipt, whether it's a digital receipt, whether you use an

25:12

app, whether you don't. So for, for like me, I love using just Google Drive and I

25:18

have an a folder tree. So it's, you know, it starts with 2024 receipts. And then

25:23

I have sub folders under that for each of the different,

25:27

expense categories. And so if I'm out for that business meal, I can just take a picture

25:33

with my app, with the Google Drive app, and,

25:36

put it right into that sub folder for meals, and it, it's done, it's over with. I

25:42

don't have to think about it again unless the IRS asks for it.

25:45

but you know, if you use, bookkeeping apps like QuickBooks online, they have,

25:51

as part of their services, they have their app that you can take a picture and it

25:55

will like, it will pick up information from the receipt, like where it was, how much

25:59

it cost, et cetera. And then, you know, save that picture of that receipt as well

26:04

as put the information into your bookkeeping system.

26:07

So there are all different types, and really, for me, the most important thing is

26:13

that my clients actually save the receipts. Right. Even if it's in a, a shoebox full

26:18

of paper receipts. Yeah. You're just gonna cause yourself a lot of work later. Right.

26:22

Exactly. Yeah. Do you charge extra to go through those or do you make people actually

26:26

go through and organize everything before they give 'em to you? Or do you do, do they say you could

26:30

just give a shoebox full of receipts to your accountant and they'll,

26:32

they love going through 'em, but I can't see that being true, right?

26:35

No, we don't like going through them. Yeah. So much easier just to do it like once

26:39

a week or as you, as you once a month, you even kind when you balance your books,

26:42

right? Yeah. So with all of our, any new client that comes on, if you're not already onto

26:48

QuickBooks online, we put your business onto QuickBooks online. And that subscription's

26:53

included in our services 'cause we don't want that to be a barrier to actually doing

26:58

it. And then we tutor our clients how to do the income and expense categorizations,

27:04

and then we go in monthly to do reconciliations of the bank and credit card and payroll

27:09

as well as we, right before we do our midyear projection meeting, which is a planning meeting, as

27:15

well as our year end projection meeting. And then at tax time,

27:18

we are doing full review of the book. So every four months we do a full review of

27:23

the book. So then that way we know we have good numbers for planning and for prep.

27:27

Um, and they, our clients know they have good numbers to make business decisions

27:31

on, but we also have full fledged, you know, monthly bookkeeping packages where they're

27:37

getting a clean set of financial statements every single month as well.

27:40

Yeah, that's fantastic. Yeah. Definitely needed, right?

27:43

Yes. Yeah. Yeah. Organization is key to happiness

27:47

Yeah, definitely. So, you know, if

27:49

you are thinking about starting your own business or you're having that side gig,

27:54

you know, definitely check out, if you go to cerebral tax advisors.com/dental

27:59

that I've created a page specifically for dental alements,

28:03

podcast. So then that way you can get some,

28:05

additional free information on,

28:08

some worksheets for different expenses that are very,

28:12

specific to, um, physicians,

28:15

as well as they're, you're able to contact me for cerebral tax advisors if you feel

28:21

that you wanna to have a white glove handholding type of service,

28:25

in terms of, you know, your business and your personal taxes. And then we also, I

28:30

also have, cerebral Wealth Academy, which I developed for those that are more do it yourselfers.

28:35

And if you do have that side gig or you do locums,

28:39

or you have your own practice, that course goes through how to, you know, choose

28:44

your entity, how to set up your business,

28:48

businesses and, deductions and credits goes through retirement and even goes through like how your

28:54

income is taxed. So then that way you're able to, to understand the different avenues

28:59

and strategies that you'd be able to take. So,

29:02

I, I, like I said, I, I love going and teaching and making sure that our, my clients

29:07

know their options and so then that way they're making the most of their situation.

29:12

Yeah. So that's Wealth Academy and it's on that website, that link, right?

29:16

Yes, on cerebral tax advisors.com/dental. Okay. Yeah, we'll put that in the show

29:21

notes and then also on our website. So Larry, it's easy to find it as well.

29:25

And thank you for supply, you know, helping, supply that information. That's, that's great. And we need more financial education,

29:32

right? So, so the more we can teach each other and share the better, because

29:37

obviously there's a lot to lot to know out there. And it could be scary,

29:40

stuff and it could be costly. So thank you.