Build Your Wealth Muscle

Jun 19 2024 110 ep. 40 mins 2
Build Your Wealth Muscle Podcast artwork

Growing sales & revenue for Online Health & Fitness Coaches can be a challenge...but converting that business success into wealth can be even harder. This podcast breaks down strategies for Building & Protecting Wealth specifically for Online Coaching businesses. You will learn 1 action step per episode in the areas of Cash Flows, Finance, Tax, Risk Protection, Legal, etc, that can help you grow your wealth inside & outside your business.

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Episode 110: Do You Need a COO with Stephen Kopshaw

Jun 19 2024 26 mins  
In this episode, Patrick Darby welcomes back recurring guest Stephen Kopshaw, a seasoned COO with extensive experience in helping businesses scale and optimize their operations. Stephen discusses the pivotal role of a COO, emphasizing how this position orchestrates team productivity and efficiency. They explore the common pain points businesses face, such as slowdowns in project co

Episode 109: HOW TO PAY QUARTERLY TAXES

May 22 2024 28 mins  
In this episode, we explore how to manage quarterly tax payments without a CPA. I offer a detailed guide on their importance, calculating payments based on last year's taxes, and using IRS and state portals. Key points include avoiding underpayment penalties, tracking payment confirmations, and setting up an IRS account. This episode aims to help business owners manage their ta

Episode 108: WHEN YOU OWE STATE TAXES

Apr 24 2024 26 mins  
In this episode, Patrick delves into the complexities of state taxes, focusing on unexpected state tax liabilities and the concept of nexus. He covers who owes state taxes and under what conditions, including economic activity in a state without physical presence, dubbed as 'nexus'. Key nexus triggers are explored, such as W-2s from another state, owning rental property, bu

Episode 107: 3 REASONS NOT TO FEAR THE IRS

Mar 20 2024 20 mins  
In this episode, we're breaking down essential insights to ease your worries. Discover the IRS penalty that's a whopping 10 times higher than failing to pay, explore the two main payment plans offered by the IRS, and learn what activities are off-limits while you're on an IRS payment plan. Tune in for expert advice on navigating taxes with confidence! Episode Highlights

Episode 106: WHY SELF-DIRECTING HAS A BAD REPUTATION

Mar 06 2024 33 mins  
In this episode, we uncover why self-directing, or managing your investments, often gets a bad rap. We explain why paying attention to this topic matters for your financial well-being. Plus, we outline three types of investments you should avoid when self-directing: risky ventures, complicated financial tools like derivatives, and unconventional assets such as collectibles or crypt

Episode 105: 3 RETIREMENT STRATEGIES AVAILABLE NOW

Feb 28 2024 21 mins  
In this episode, we delve into the three cutting-edge retirement strategies currently available, each offering unique advantages and unparalleled benefits. From the exclusive realm of the only Triple Tax Free Strategy to unlocking the holy grail of Retirement Vehicles, and not forgetting the significant perks tied to Solo 401Ks, we navigate through the intricacies of these options

Episode 104: HOW TO PREPARE FOR TAX FILING

Feb 07 2024 29 mins  
In this episode, we demystify the key questions accountants need answers to, empowering individuals to proactively engage with their financial professionals. Additionally, we unveil three invaluable templates designed to streamline the tax-filing process for clients, providing practical tools for organizing financial information effectively. Join us as we unravel the complexities

Episode 103: HOW S-CORPS SAVE TAXES

Jan 31 2024 38 mins  
In this episode, we explore S-Corporations' intricacies and their substantial potential for tax savings. Uncover the critical areas where S-Corps can significantly decrease taxes for business owners, unraveling the complexities of tax minimization strategies. The spotlight will also be on common mistakes entrepreneurs often make when establishing an S-Corp, presenting valuable

Episode 102: 5 TAX TO DOs IN THE NEW YEAR TAX

Jan 04 2024 29 mins  
In this episode, I delve into crucial tax-related tasks for individuals and businesses as we step into the new year. I emphasize the importance of updating payroll providers and staying informed about evolving regulations. The discussion also covers a critical January tax filing deadline, offering key insights for effective financial planning. Furthermore, I present four strategic

Episode 101: 5 TAX MISTAKES TO AVOID

Dec 13 2023 20 mins  
In this episode, we delve into crucial aspects of financial planning and taxation that entrepreneurs and business owners often overlook. Our discussion unravels the intricacies surrounding the problem with LLC, shedding light on common pitfalls and offering strategic insights for better decision-making. We also tackle a rarely discussed but significant issue concerning the hiring o