In today’s episode of The Art of Passive Income, Mark and Scott talk to Jim Adkinson—AdkinsonCPA.com.
Jim is Mark’s own personal CPA and he’s here to answer all of our pressing tax questions and to clear up a common misconception about LLCs.
Listen in as we delve deep into:
- Mike Michalowicz’ Profit First System. A finance system used by all three—Mark, Scott and Jim
- Typical questions and mistakes to avoid
- Entities—types, how they are taxed differently, advantages and disadvantages of each, and the best type to go with
- Recommended systems and automation
- The difference between a dealer and an investor and how each impact your taxes
- Record organization
Jim recommends keeping good records of everything with bookkeeping AND scanning. Physical records can be lost or damaged so it’s a good idea to have a digital copy as well—and do it on a regular basis so it doesn’t get too overwhelming.
[bctt tweet=”The reason people chose partnerships, there’s a lot of flexibility on how you can move money around.” username=”TheLandGeek”]
There is a TON of VALUE in today’s podcast, you don’t want to miss it!
TIP OF THE WEEK
Mark: Learn more about Jim by going to his site at AdkinsonCPA.com.
Scott: Check out Shipt.com—an app that allows you to order things from your local grocery store and Shipt will deliver it to you.
Jim: Read the book, Deep Work: Rules for Focused Success in a Distracted World by Cal Newport.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?