Shows
More Money in Your PocketIRS and State LettersIn this episode, we dive deep into: Understanding payroll tax letters and deposit schedulesRecognizing the importance of S Corporation election lettersNavigating adjustment, audit, and penalty lettersEnsuring compliance with address change and identity verification letters"This time of year, the IRS and the state will send letters to a lot of business owners, and these letters are very important, so it is very important that you open them to see what's in there." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Ema...2024-12-0214 min
More Money in Your PocketDo you have IRS letters?In this episode, we dive deep into: The importance of opening IRS lettersHow IRS systems generate letters and common issuesUnderstanding stimulus payments, tax credits, and payment adjustmentsWhy timely action on IRS correspondence matters"The IRS isn’t going to just forget about you or the issue that generated this letter in their system." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYo...2024-11-2509 min
More Money in Your PocketWhat are your Luxuries?In this episode, we dive deep into: The value of time and how to use it wiselyPrioritizing health as a business ownerCreating a quiet mind to reduce stress and anxietyEmbracing travel and meaningful relationships for a fulfilled life"Stop focusing on those luxuries and pay more attention to these six: your time, your health, a quiet mind, slow mornings, ability to travel, and a house full of love." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com 2024-11-1811 min
More Money in Your PocketHow much do you make per hour?In this episode, we dive deep into: Determining your true hourly rate as a business ownerTracking time and tasks for effective managementUnderstanding the impact of admin tasks on profitabilityLeveraging numbers to make strategic business decisions"I highly doubt you would want to work for me or anyone else 80 hours per week and get paid for only 40, so why should your business be any different?" – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twit...2024-11-1115 min
More Money in Your PocketDo you work for free?In this episode, we dive deep into: Knowing your value and setting boundaries with clientsTracking expenses to understand profitabilityRecognizing the true costs of "free" consultationsThe importance of hourly rate and time management for business success"Making money should be your number one goal. When you’re a business owner, if you don’t know your numbers, then chances are you’re being sold out and not making what you should." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hockettta...2024-11-0412 min
More Money in Your PocketWhat does the future hold?In this episode, we dive deep into: Overcoming fears in business and personal growthRecognizing the impact of daily habits on successThe risks of relying on bad adviceUnderstanding the P&L as the lifeline of your business"Your future is going to change. The economy is going to change. The only way to be prepared is by reading your P&L and understanding the money that’s coming in and the money that’s going out." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/2024-10-2811 min
More Money in Your PocketBuilding Wealth Part 2In this episode, we dive deep into: Roth IRA conversions and tax strategiesBuilding wealth through rental properties and 1031 exchangesUnderstanding depreciation and its tax benefitsLong-term planning for estate protection and retirement"Wealth building is a process that takes time, and you can’t take a shortcut." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1al...2024-10-2113 min
More Money in Your PocketBuilding Wealth Part 1In this episode, we dive deep into: Long-term planning for retirementThe benefits of Roth IRA vs. Traditional IRATax planning for retirement incomeUsing a Health Savings Account (HSA) for future medical costs"Building wealth is a long-term goal and not saving a few dollars." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVo...2024-10-1413 min
More Money in Your PocketAre you ready for the 4th quarter?In this episode, we dive deep into: Preparing for the fourth quarter of your businessThe importance of tracking net income vs. gross incomeUnderstanding when to switch to an S CorporationHow to save on self-employment taxes with proper planning"The profit loss statement is your lifeline. If you want to put more money in your pocket, you will need to keep your finger on that net income at tax time." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com...2024-10-0713 min
More Money in Your PocketHow to complete a w9In this episode, we dive deep into: Understanding the W9 form for business ownersThe distinction between being self-employed and employedSteps to correctly complete a W9 formImportance of using an EIN number for business protectionConsequences of incorrect W9 filing"Completing the W9 correctly can be the difference between putting more money in your pocket or putting more money in the IRS pocket with fines and penalties." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: http...2024-09-3011 min
More Money in Your Pocket5 things you need to quitIn this episode, we dive deep into: Five things to quit for business successEmbracing change in businessLetting go of overthinkingManaging client expectationsThe impact of tax planning"Our minds are the most powerful part of our body. If you channel positive thoughts and have big dreams and goals, then there is nothing that can stop you." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/h...2024-09-1611 min
More Money in Your PocketLearn what you can controlIn this episode, we dive deep into: Controlling what we can't controlManaging perceptions and actionsDealing with change and people's beliefsFocusing on controllable factorsTax planning and taking control"Taxes are out of our control as well, but with proper planning, we can make it a better experience." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/chann...2024-09-0907 min
More Money in Your Pocket80/20 RuleIn this episode, we dive deep into: Labor day reflections and business ownership challengesThe 80/20 rule in health and exerciseSetting boundaries and work-life balanceAchieving goals and persistenceUnderstanding and applying the 80/20 rule"Success, freedom, and higher income means you have to understand the 80/20 rule." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view...2024-09-0211 min
More Money in Your PocketTilden Moschetti: How to buy Commercial Real EstateIn our latest episode, join host Jeff Hockett and guest Tilden Moschetti as they delve deep into the intricacies of real estate syndication, discussing:Tax strategies in real estateUnderstanding Regulation D and investor rolesLegal and consulting services for syndicatesAssessing risks and returns of syndication investmentsAsset protection for real estate investorsPitfalls in real estate investment and underwritingAlternative investment advantages"I think a good investor would also want to look at the investment, through the sponsor's eyes, to kind of understand that there's certainly no secrets that should be kept from investors when they're going into...2024-08-2623 min
More Money in Your PocketMaking MoneyIn this episode, we dive deep into:Tax rules and savings opportunitiesNavigating offers in compromise with the IRSFinancial missteps of business ownersTax liabilities for W2 vs. business owners"Understanding the intricacies of tax rules can not only prevent headaches but can also lead to unexpected savings and financial growth." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www...2024-08-1916 min
More Money in Your PocketUnderstand Capital GainsIn this episode, we dive deep into:The differences between short-term and long-term capital gains across various assetsCommon misunderstandings about tax exemptions for personal and rental propertiesGuidelines on carrying forward losses to offset future gains during tax filingsThe methodology for calculating capital gains upon selling a home, the nuances of personal vs. rental properties, and the impacts of depreciation recapture"Understanding capital gains tax is crucial for making informed financial decisions and optimizing your tax outcomes." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/...2024-08-1214 min
More Money in Your PocketDoes Depreciation help?In this episode, we dive deep into:Understanding 179 depreciationMaximizing real estate tax benefitsDebating cost segregationCustomized financial planning and tax strategies"Effective tax strategy is not just about saving money now, but planning your financial future." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 LinkedIn: www.l...2024-08-0516 min
More Money in Your PocketDo you have a logbook?In this episode, we dive deep into:The essentials of record-keeping for real estate tax deductionsManaging and accounting for business vehiclesThe role of detailed logbooks in business expense documentationNavigating common issues with business trip audits and legitimate write-offs"Maintaining precise records is not just good practice; it's a safeguard during audits and a foundation for financial success." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www...2024-07-2912 min
More Money in Your PocketDo you Steal?In this episode, we dive deep into:The fundamental value of honesty in tax filings and its broader impact on society.The critical role of precise record-keeping in both personal and business finances for tax purposes.Strategies to align bank statements with tax returns to ensure accurate reporting.The necessity of saving receipts to substantiate business expenses and prevent overpayment of taxes."A single thread of honesty is the firmest tie that binds our financial integrity to the fabric of society." – Jeff HockettConnect with Jeff:...2024-07-2215 min
More Money in Your PocketHow much money do you need?In this episode, we dive deep into:Understanding net income vs. gross income for tax planningSetting tangible financial goals with timelinesAvoiding lifestyle inflation through conscious planningPrioritizing experiences over material possessionsStrategies for retirement preparation“It’s not just about making money, it’s about making smart choices with the money you make.” – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: htt...2024-07-1514 min
More Money in Your PocketCan I get an Offer In Compromise from the IRS?In this episode, we dive deep into:Achieving tax resolution victoriesUnderstanding the IRS collection process and time limitsThe nuances of offers in compromiseStrategies for successful IRS offer acceptancesAvoiding scams and seeking legitimate tax services"Helping clients save on taxes is like scoring the winning touchdown in the Super Bowl of finance." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouT...2024-07-0816 min
More Money in Your PocketIs the IRS on your back?In this episode, we dive deep into:Tax strategies for real estate agents and the significance of quarterly goal assessmentsDealing with the stress and logistics of IRS audits, and the essential practice of maintaining accurate recordsThe critical role of professional counsel in resolving tax issues with the IRS, drawing from personal experiences"Proper record-keeping and understanding the audit process are vital steps toward regaining your financial independence." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com T...2024-07-0113 min
More Money in Your PocketDo you have IRS issues?In this episode, we dive deep into:The IRS sending letters to millions of people behind on tax returns or in collectionsUnderstanding the differences between IRS letters and notices, required actions, and meeting deadlinesAvoiding IRS audits through accurate tax returns, organized records, and cautious social media usage"We find most people who file their own taxes are not organized and these are big targets to the IRS." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com T...2024-06-2416 min
More Money in Your PocketDid you get an IRS letter?In this episode, we dive deep into:Navigating IRS letters and tax debtsResolving tax issues with the IRS"The last thing they want to do is put you into jail. They don't want to take your home and they don't want to freeze your accounts, but they can do all of these things if you're not communicating with them and not paying attention to them." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: htt...2024-06-1713 min
More Money in Your PocketDo I need to make estimated payments?In this episode, we dive deep into:Taxes and financial planning for 1099 workers and sole proprietorsThe significance of monitoring your financial numbers and conducting thorough planningThe crucial role of estimated tax payments"Understanding your numbers is the key to winning at business." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw...2024-06-1012 min
More Money in Your PocketHow to hire good peopleIn this episode, we dive deep into:Essential interview questions to ask potential employeesReflecting on your own strengths and weaknesses in handling stress and challengesAligning a candidate's future goals with your business plan for long-term successUnderstanding a person's motivations to enhance their job performanceAssessing a candidate's skills, experience, and personality fit for your business"We all have strengths and weaknesses, and the goal would always be to hire your weaknesses." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@ho...2024-06-0314 min
More Money in Your PocketShould I hire someone?In this episode, we dive deep into:The importance of hiring employees for business success and avoiding burnoutOvercoming the challenges of hiring to ensure long-term stabilityReal-world examples of businesses thriving with the help of employeesShifting the focus to working on your business rather than in it for increased enjoyment and profits"Successful businesses have one thing in common: they all have employees. Trying to run a business by yourself can lead to burnout and lack of enjoyment." – Jeff HockettConnect with Jeff:Website: https://ww...2024-05-2709 min
More Money in Your PocketCan I write that off?In this episode, we dive deep into:Writing off credit card interestVehicle expenses and write-offs"Just because you can write something off doesn't mean that it's a good thing and that you should be doing it." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 Linke...2024-05-2011 min
More Money in Your PocketWhat you need as a business ownerIn this episode, we dive deep into:Considerations for starting a businessInvesting in specialized softwareElements of a successful businessCreating financial roadmaps and smart expenses"Just because you can write it off doesn't mean it's a smart use of your money." – Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: jeff@hocketttax.com Twitter: https://twitter.com/taxgamecoachFacebook: https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/vide...2024-05-1315 min
More Money in Your PocketDo you struggle with customers?Join me in this episode as I delve into the invaluable lessons of knowing your worth as a business owner. It touches on a pivotal decision faced by entrepreneurs: the courage to part ways with difficult clients.In this episode, we dive deep into:The importance of knowing your worth as a business owner and making tough decisions for the benefit of your companyThe impact that difficult clients can have on your energy, time, and confidence, and explore the potential benefits of parting ways with themHow focusing on clients who align with your...2024-05-0611 min
More Money in Your PocketDo you have a good mindset?In this week’s insightful episode, we delve into the intricacies of entrepreneurship and the journey of growth. From the formative influence of small-town beginnings to the unique challenges faced by small business owners — we unpack it all. In this episode, we dive deep into:How growing up in a small town can shape one's perception and identityThe importance of recognizing individual differences in business successDealing with the pressure of predetermined expectations based on others' success The role of mindset in achieving business successLearning that success is not guaranteed by following the same path a...2024-04-2910 min
More Money in Your PocketAre you organized?Dive into the complexities of tax preparation with Jeff’s invaluable insights for real estate agents. Get your tax prep checklist, conquer the tax organizer, and safeguard against audits with a robust balance sheet. Tune in now to avoid costly errors and keep your finances in impeccable order.In this episode, we dive deep into:The essential tax prep checklist for real estate agents How a comprehensive tax organizer helps clients provide all the required information for their tax returnsThe importance of completing the tax organizer in small steps to alleviate anxiety and ens...2024-04-2215 min
More Money in Your PocketDid you make tax day?Is tax season giving you the jitters?Well, Jeff just dropped a new podcast episode, and he’s unpacking the anxiety behind taxes and how to conquer it once and for all.Here are 9 anxiety-crushing strategies that'll make you look forward to tax season.In this episode, we dive deep into:The Pomodoro Technique to maintain focus and avoid burnout The power of breaking down overwhelming tasks into manageable chunksLeveraging the 80/20 rule for efficient business practices"Most people think tha...2024-04-1518 min
More Money in Your PocketDo you have Trust?Jeff steers away from financial tips to address a question of legacy: Do you have a plan for when your time comes? Having a trust or a will isn't just for the wealthy; it's for anyone who cares about the distribution of their assets, no matter how grand or modest. In this episode, we dive deep into:Expect the UnexpectedAs Jeff says, "We are all one breath away from death," emphasizing the unforeseen nature of our mortality. Planning isn't just a business strategy but a life necessity.Fairness to Family2024-04-0108 min
More Money in Your PocketWho do you trust?Dive deep into the essence of trust - both in law and life - as host Jeff Hockett takes a refreshing stance on mixing personal beliefs with business. No more tiptoeing around sensitive subjects. It's all about aligning with clients who share your values! In this episode, we dive deep into:Trust and Align with Your BeliefsJeff highlights that with over 332 million people in the US alone, seeking to please everyone is an impossible task. Instead, focus on the fraction of the population that resonates with you – that's where real professional sat...2024-03-2510 min
More Money in Your PocketHow to write off TravelTired of sifting through endless and conflicting tax advice on social media? Tune in as I explain the nitty-gritty of tax rules and strategies for real estate agents, focusing on how to smartly and legally write off your travel expenses. In this episode, we dive deep into:Debunking Tax MythsAre you swamped with conflicting advice on what you can write off during your travels? Jeff dispels common myths that could cost you if you're not careful.Understanding IRS GuidelinesFind out what the IRS actually considers as a valid t...2024-03-1815 min
More Money in Your PocketUnderstanding MoneyOwning investment properties might just be your ticket to building wealth, especially for W-2 earners who miss out on those precious write-offs. Jeff shares the golden rule: if you can't afford a property manager, think twice before you leap into property investments.Learn why paying interest is throwing your hard-earned money away and get actionable advice on how to grow your funds sustainably.In this episode, we dive deep into:Beyond The W-2A W-2 job might offer security, but when it comes to taxes, opportunities for...2024-03-1117 min
More Money in Your PocketUnderstanding your databaseWant to learn how to attract more of your ideal clients and increase your profitability? Tired of feeling like you're constantly exchanging ten pennies for a dollar? I've got the solution to help you prioritize your clients and maximize your business potential. Let's dive in and uncover the secrets to achieving improved client prioritization and increased profitability.In this episode, you will be able to:Maximize profitability through strategic client prioritization.Learn proactive financial management for significant tax savings.Enhance client communication and management for increased efficiency.Build strong client relationships to foster...2024-02-2617 min
More Money in Your PocketAre you executing your plan?Are you struggling to manage your time effectively and execute your business plan? What if I told you there's a surprising twist to maximizing your efficiency and financial success? It's not what you think, and it's not about working harder. Stay tuned to uncover the unexpected solution that could transform the way you approach your business goals and time management.In this episode, you will be able to:Master time management and prioritization to unlock your potential for success in real estate.Elevate your real estate agent productivity and achieve more in less...2024-02-1919 min
More Money in Your PocketMindset of the business ownerUncover the surprising truth about financial management and the mindset of the business owner. Discover how a simple shift in perspective can lead to increased confidence and better financial outcomes. Are you ready to challenge your beliefs and take control of your business's success? Stay tuned for insights that will reshape the way you approach your business and its finances.In this episode, you will be able to:Discover the secrets to pursuing a passion in entrepreneurship and finding success.Overcome financial challenges as a business owner and achieve financial stability.Conquer imposter...2024-02-1216 min
More Money in Your PocketWhat do I need for Taxes on Expenses?Discover the essential documents and strategies needed to slash taxable income and claim maximum deductions, as I guide small business owners through the intricate world of tax expenses.In this episode, you will be able to:Maximize tax deductions for small business owners by understanding income tax deductions and proper documentation.Discover the benefits of choosing between the standard deduction and itemized deduction to reduce taxable income.Learn how to manage medical expenses and adjust gross income for optimal tax savings.Uncover the ins and outs of state taxes and deductible expenses to...2024-02-0513 min
More Money in Your PocketWhat do I need for Taxes on Income?Ever felt lost in the maze of tax filing? Real estate agents, you're not alone. But what if I told you there's a surprising twist to this story? Stay tuned to discover the unexpected key to conquering the tax game and keeping more money in your pocket.In this episode, you will be able to:Understand essential tax filing requirements for real estate agents to maximize deductions and avoid penalties.Differentiate between employees and independent contractors to ensure proper classification and compliance with IRS regulations.Learn about the types of income documents for...2024-01-2912 min
More Money in Your PocketUnderstanding your tax returnsDoes this sound familiar? You diligently file your tax returns each year, but have you ever stopped to review them thoroughly? Perhaps you've been told that simply filing them on time is enough, only to discover costly mistakes later on. The pain of realizing errors on your tax returns can lead to financial stress and potential penalties. It's time to take control and ensure accuracy by understanding the importance of reviewing your tax returns.In this episode, you will be able to:Discover the importance of reviewing tax returns to safeguard your financial...2024-01-2212 min
More Money in Your PocketWhat is BOI and why you need to know?Attention small business owners! Do you know about the Corporate Transparency Act and its implications for your business? Get ready to uncover the hidden complexities of BOI and the potential impact it could have on your operations. But as the deadline looms, will you be prepared to navigate the red tape, or will you be left in the dark? Tune in to find out.In this episode, you will be able to:Understand the Corporate Transparency Act's implications to protect your business.Overcome challenges faced by business owners with strategic insights.Safeguard your...2024-01-1510 min
More Money in Your PocketImportant dates in 2024Get ready to mark your calendars for important dates in 2024, including tax deadlines and crucial milestones. Stay tuned to uncover the truth and learn how to navigate these important dates with ease.In this episode, you will be able to:Avoid tax penalties with timely filing and payments.Recharge and boost productivity through regular vacations.Increase success by surrounding yourself with positive influences.Protect your well-being by avoiding toxic individuals.Gain control and flexibility with a deep understanding of tax extension rules."Instead of worrying all the time about...2024-01-0810 min
More Money in Your PocketQuestions to reflect 2023Are you ready to take on 2023? Reflect on your past, set goals for the future, and seek support from positive and successful individuals. But what happens when your biggest fear becomes a reality? Tune in to find out.In this episode, you will be able to:Reflect on your past and set powerful goals for the future.Embrace failures as opportunities for growth and learning.Surround yourself with a supportive network for personal and professional success.Confront your fears and overcome obstacles with confidence.Find balance and create a solid plan for your...2024-01-0112 min
More Money in Your PocketNew items for 2024Uncover the crucial 2024 tax changes that real estate agents need to know for a prosperous year ahead, as I guide you through the IRS updates and potential audits while addressing the postponed reporting requirements and looming penalties.In this episode, you will be able to:Understand the key 2024 tax season changes to optimize your planning.Learn how to navigate employee retention credit audits for better business growth.Discover the importance of reporting platform payments in 2025 for your financial strategy.Master the business owner information (BOI) requirements to stay ahead in the market.Maximize...2023-12-2512 min
More Money in Your PocketDo you have IRS letters?Are you afraid of receiving letters from the IRS? What if I told you that ignoring them could lead to even bigger problems? Stay tuned to find out what happens when taxpayers don't open these letters and the shocking consequences that follow.In this episode, you will be able to:Understand the importance of addressing IRS lettersOvercome anxiety and fear of IRS lettersIdentify errors in IRS automated processesSeek professional guidance for IRS lettersAvoid the consequences of ignoring IRS letters“The IRS isn't going to just forget about you or th...2023-12-1810 min
More Money in Your PocketElectric Vehicle RebatesAre you a business owner looking to save money on your taxes? In this podcast, I break down the confusing world of electric vehicle tax credits, revealing how you can take advantage of rebates while securing the best price for your new car. But here's the twist: just when you think you have it all figured out, a shocking revelation leaves you wondering if you've missed a crucial detail. Get ready to navigate the intricate web of electric vehicle rebates, because the stakes are higher than you think.In this episode, you will be...2023-12-1115 min
More Money in Your PocketWhat is a Form 1099KDiscover the shocking truth about the new Form 1099K reporting requirements and how they will impact your finances. From credit and debit cards to PayPal and Venmo, no payment method is safe from scrutiny. Will you be prepared to navigate this tax maze or will you become a target for the IRS?In this episode, you will be able to:Master credit card rules and strategies to take advantage of cashback and rewards programs.Discover how the recent Form 1099K reporting threshold reduction may affect your tax obligations.Overcome the challenges of accurately...2023-12-0413 min
More Money in Your PocketState of the IRS for 2024Unlocking the Irony: Join me, your insightful host, as we expose the staggering challenges faced by the IRS, giving taxpayers and business owners the power to navigate the treacherous tax landscape, avoid scams, and ensure compliance with confidence.In this episode, you will be able to:Understand the challenges faced by the IRS and how they impact taxpayers and business owners.Gain insights into the negative perception of the IRS and how it can be addressed to improve taxpayer compliance.Discover the importance of increasing the number of IRS employees to enhance taxpayer...2023-11-2721 min
More Money in Your PocketShould I be an S-CorpDo you want to maximize your tax savings and enjoy greater financial flexibility? Are you looking for a solution that can help you achieve these results? Look no further, because I have the answer for you. By understanding the benefits of an S corporation, you can unlock increased tax savings and gain more financial flexibility, empowering you to thrive as a real estate agent or new business owner.In this episode, you will be able to:Maximize tax savings and financial flexibility with strategic tax rules and strategies for real estate agents.Choose...2023-11-2011 min
More Money in Your PocketWhat you need to start a businessDo you want to achieve significant financial growth for your business? Are you eager to enhance your financial management skills and take your business to new heights? In this episode, I will reveal the solution that will enable you to attain substantial business growth through effective financial management. Get ready to unlock the potential of your business and witness remarkable results in terms of increased profitability and overall success.In this episode, you will be able to:Streamline your business finances and unlock growth opportunities with effective financial management techniques.Safeguard your business...2023-11-1310 min
More Money in Your PocketExtensionsHave you heard these tax myths? Myth #1: You can always get an extension to file your taxes. Myth #2: Late filing doesn't come with penalties if you're expecting a refund. Myth #3: Due dates can be ignored if you're experiencing financial hardship. But what if there was a strategy to debunk these myths and help you meet tax deadlines with ease? Stay tuned to discover the truth.In this episode, you will be able to:Learn the importance of meeting tax filing deadlines and how it can save you from unnecessary stress.Discover the consequences...2023-11-0609 min
More Money in Your PocketRewind Episode: Solo 401KIn this episode, Jeff discusses:What is a Solo 401K?401K vs. SEP IRATax strategiesKey Takeaways:Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.2023-10-2313 min
More Money in Your PocketSix styles of courageUnleash your fearless drive as Jeff Hockett fearlessly tackles the multifaceted nature of courage in business, defying obstacles and inspiring long-term success.In this episode, you will be able to:Boost your business by unlocking the multifaceted nature of courage.Overcome obstacles with resilience, balance, and awareness for long-term success.Stand out in social interactions by being authentic and true to yourself.Achieve long-term success by consistently doing the right thing, even when it's unpopular.Thrive in a rapidly changing business landscape by embracing continuous learning and adaptation.“To ac...2023-10-1613 min
More Money in Your PocketWhat are your goals?Join me, the fearless entrepreneur, as I embark on a courageous journey to conquer personal and professional goals, revealing the ironic truth that while dreams diminish, a clear roadmap holds the key to success.In this episode, you will be able to:Gain the courage to overcome challenges and take calculated risks, leading to business growth and success.Discover how a well-crafted business plan can provide a roadmap for long-term success, helping you navigate challenges and seize opportunities.Understand the unique challenges faced by real estate agents and learn how proper planning and...2023-10-0911 min
More Money in Your PocketAre you ready for 4th Quarter?Get ready to tackle the tax game head-on as Jeff Hockett reveals why spending more to reduce taxes is a risky move, and instead empowers real estate agents to increase their income and secure their financial future.In this episode, you will be able to:Optimize your tax strategies to increase your take-home income.Avoid the pitfalls of excessive expenses and write-offs when reducing taxes.Discover the contrasting tax practices of large corporations and small business owners.Structure your income as an S corporation for maximum benefits.Learn the importance of planning, budgeting...2023-10-0213 min
More Money in Your PocketWhat are your habits? Part 4In a world where dreams define our destiny, I challenge you to dream bigger, aim higher, and push past your comfort zone. But beware, because if your dreams don't scare you, they're not big enough. So, what will you do when faced with the possibility of failure? Will you back down or rise to the challenge? It's time to find out.In this episode, you will be able to:Uncover the secret to dreaming big and elevating your ambition beyond traditional paradigms.Understand the necessity of affixing a timestamp to your dreams for...2023-09-1810 min
More Money in Your PocketWhat are your habits? Part 3Are you tired of falling for financial myths that prevent you from prioritizing taxes and developing positive financial habits? Here are three common misconceptions that might be holding you back. But don't worry, I've got the truth that will help you take control of your finances and achieve your goals.In this episode, you will be able to:Navigate the intricate labyrinth of taxation and its pivotal role in shaping your financial success.Understand the power of thorough business plans and razor-focused financial goals.Delve into the intriguing implications of taxes on sudden...2023-09-1111 min
More Money in Your PocketWhat are your habits? Part 2Unleash your inner risk-taker and join me as I guide high-income clients toward financial success by breaking free from routines, embracing calculated risks, and adopting a winning mindset.In this episode, you will be able to:Unveil the essence of embracing risks for molding a successful mentality.Grasp the transformative power of routines in shattering comfort zone limitations.Realize the strategic value of proactive tax planning for achieving financial triumph.Develop strategies to surmount fear and take proactive steps in realizing your ambitions.Absorb the importance of fostering self-assurance and honing in on...2023-09-0414 min
More Money in Your PocketWhat are your habits? Part 1Unleash the transformative power of your habits as Jeff Hockett challenges negative self-perceptions, embraces change, and guides listeners through small changes to achieve their goals and put more money in their pockets.In this episode, you will be able to:Discover the dynamics of habitual behaviors and their influence on shaping your destiny.Identify Change as not an enemy but a pathway to your progressive development.Unveil the correlation between your self-image and its efficacy on your performance.Understand how minute changes can make substantial differences in achieving your desired targets.Experience how...2023-08-2815 min
More Money in Your PocketI owe the IRS money now what?Are you a small business owner burdened by tax issues? Join me as I delve into the complex world of IRS negotiations, revealing how to settle tax debts effectively. But be warned, the road ahead is treacherous, and not everyone will make it out unscathed. Will you be able to navigate the tax game and keep more money in your pocket, or will you become another victim of the IRS's relentless pursuit? Stay tuned to find out.In this episode, you will be able to:Discover the crucial role of tackling tax issues...2023-08-2117 min
More Money in Your PocketDo you like the truth?Discover the untold truth about real estate tax rules and strategies in this captivating podcast. Brace yourself for a no-nonsense host who isn't afraid to lose clients and friends in his quest for the truth. But be warned, as the trailer ends, he finds himself facing a challenging situation, leaving us all wondering what his next move will be.In this episode, you will be able to:Discover the intricacies of tax rules and plans in the real estate industry.Learn to base your decisions on hard facts, bypassing the emotional component for...2023-08-1409 min
More Money in Your PocketWorking against the IRSAre you tired of the constant stress and uncertainty that comes with dealing with the IRS? Have you ever heard these myths: You can hide from the IRS, You can outsmart the IRS, or You don't need professional help to handle IRS issues? Well, I'm here to debunk these myths and share the truth about how to effectively work against the IRS without the added anxiety. Keep listening to discover the proven strategies that will improve your outcomes and reduce your stress when dealing with the IRS.In this episode, you will be able...2023-08-0710 min
More Money in Your PocketDid you hire a professional?Discover the shocking consequences of handling complex tasks on your own. From real estate blunders to tax disasters, follow the gripping stories of individuals who thought they could do it alone, only to find themselves facing audits, penalties, and back taxes. Don't miss out on this eye-opening episode that will leave you questioning whether the risks are truly worth it.In this episode, you will be able to:Recognize the crucial role of engaging professionals for intricate tasks in diverse sectors.Understand the pitfalls and hazards of handling intricate tasks without proper knowledge...2023-07-3115 min
More Money in Your PocketMid-Year IRS Meeting and UpdateIn a plot twist that had our hearts racing and minds reeling, we stumbled upon the coveted playbook of the IRS. As real estate agents and tax professionals, this unexpected turn of events gives us a chance to stay ahead of the game, navigate the upcoming changes, and ensure impeccable compliance. Brace yourselves, for the secrets we've uncovered, will change the way we approach our business forever.In this episode, you will be able to:Dive into the ins and outs of the IRS’s latest $87 billion bailout and its potential impacts on yo...2023-07-2414 minMore Money in Your PocketEmployee Retention CreditsAre you a small business owner struggling to retain your employees? Looking for a solution to maximize your Employee Retention Credits? Wondering how you can achieve the outcome you desire? Well, look no further! In this podcast episode, I will be sharing an effective strategy that will enable you to secure the benefits and incentives you need to ensure the stability and growth of your business. By implementing the learnings from this episode, you can unlock the key to employee retention and create a thriving work environment that fosters loyalty and productivity. Join us as we uncover the solution...2023-07-1012 min
More Money in Your PocketCould you sale your business?In this episode of More Money in Your Pocket, I reveal the secrets to financial success in business. From understanding profit and loss statements to maintaining exceptional customer service, I'll show you how to build a sustainable and thriving business. A chance encounter with a visionary named Bob Tiffin would unveil a secret to unlocking financial triumph. Prepare to be captivated as I share the unexpected twist that altered the course of my business forever...In this episode, you will be able to:Tap into the vital role of analyzing your financial statements...2023-07-0311 min
More Money in Your PocketAre you a hero?Looking to increase your success as a real estate agent? Join me as I discuss the importance of having a solid team of professionals, including the best tax guy, to make your clients successful and boost your success. But what happens when clients need to catch up on their taxes? Tune in to find out.In this episode, you will be able to:Delve into the benefits of a solid team foundation for thriving in the real estate world.Understand the essential contribution of tax specialists in real estate teams.Identify effective approaches...2023-06-2610 minMore Money in Your PocketWhat is Basis and why is it important for taxes?Join me as I unravel the importance of basis for real estate agents, where proper tracking becomes the key to increasing profits and reducing losses amidst the conflict of temporary tax cuts and long-term planning.In this episode, you will be able to:Acquire knowledge about capital gains and losses to improve your investment decisions.Explore the rewards of diligently tracking business and personal miles for tax advantages.Demystify the process for correctly calculating the basis in stock and cryptocurrency assets.Navigate through the nuances of identifying the basis for real estate and...2023-06-1211 min
More Money in Your PocketWhat is Basis Part 1Discover the irony of starting a real estate business with less than $2,000, and how tracking your basis can help you keep more money in your pocket come tax season.In this episode, you will be able to:Recognize the crucial role of basis in strengthening real estate and business foundations.Familiarize yourself with the concept of basis and its correlation with tax estimations.Examine the part of initial costs and personal expenses in formulating basis.Acquire the skill to manage basis for assets while factoring in earnings and outlays.Capitalize on tax preparation...2023-06-0514 min
More Money in Your PocketWhat does rich mean to you?From chasing society's idea of success to finding true financial freedom - this story takes an unexpected twist as one person's journey reveals the true meaning of being rich. Get ready for a powerful transformation that will leave you rethinking your own priorities and choices.In this episode, you will be able to:• Discover the crucial role that financial management plays in a real estate agent's journey. • Learn the vital strategy for prioritizing a debt-free life and living within your means. • Acquire the skill of reserving 30-35% of monthly...2023-05-2910 min
More Money in Your PocketAre You Rich?Are you tired of hearing the same old myths about financial stability? As someone who prioritizes financial stability, have you ever been told that being rich is subjective or that avoiding status symbols will make you wealthy? Well, let me tell you, these are just a few of the many myths out there. But don't worry, I'm here to share the truth about what it really means to be financially stable.In this episode, you will be able to:Grasp the critical aspects of financial management and tax comprehension to ensure long-lasting financial...2023-05-2210 min
More Money in Your PocketDo You Have a Hobby or a Business?In this episode, Jeff discusses:Is it a hobby or a business?Deciding whether your project is a business or a hobbyKnow the numbers and see the patterns.Key Takeaways:The biggest difference between a hobby and a business is that a business operates for profit, whereas a hobby exists for pleasure and recreation.Keep complete and accurate records and keep a businesslike approach to your project to decide whether it's a hobby or business. Always keep in mind that the IRS will have a lot to ask you if you get audited...2023-05-1512 min
More Money in Your PocketWhat can I write off? Part 5In this episode, Jeff discusses:The last set of tax write-off itemsKeeping your books in orderKey Takeaways:The last set of tax write-off items includes:Taxes and licensesTelephoneTools Travel UniformsWaste removalOtherDevelop an understanding of income expenses and make it a daily habit. Tax time will be much less stressful and if you should receive an IRS audit letter, you will be less stressed and anxious knowing that your books are in order and everything has been accounted for.“Choose your battles wisely. Because if you...2023-05-0820 min
More Money in Your PocketWhat can I write off? Part 3In this episode, Jeff discusses:Another list of what you can write off as a business ownerThe difference between successful and unsuccessful peopleKey Takeaways:You can save money by taking advantage of these additional tax write-offs, which include:Laundry and cleaningLegal and professionalMarketingMeals MeetingsOffice expensesOutside services and contractorsParking fees and tollsPayroll processing expensesRetirement plansPermits and feesPostage and shippingPrintingRecruitingRentsRepairs and maintenanceSalaries and wagesSecuritySoftwareSupplies Both successful and unsuccessful people deal with things they don't want to do and don't enjoy - the difference is that successful people embrace the suckiness and do...2023-04-2417 min
More Money in Your PocketWhat can I write off? Part 2In this episode, Jeff discusses:The list of what you can write off as a business ownerKey Takeaways:You can save money by taking advantage of a number of tax write-offs, which include:Bad debtsBank chargesCash Cell phone Clean fuel vehicle deductionsCommissions ComputerConsultingDeliveryDepreciation DiscountsDues and subscriptionsEducation and training expenses Employee benefitsFreightGifts Independent contractorInsuranceInterest expenseInternetJanitorial “There's not a right or wrong way, it's just a matter of getting it on your tax returns somewhere." — Jeff Hockett Connect with Jeff:Website...2023-04-1724 min
More Money in Your PocketWhat can I write off? Part 1In this episode, Jeff discusses:The importance of having a good accounting systemThe biggest questions to ask yourself about business expensesWhat is the difference between advertising, marketing, and promotional?Good records is key.Key Takeaways:It will take you less time if you utilize a good accounting system to go through your credit card statements every month, prepare your monthly P&L, and try to find all the expenses.The biggest question when it comes to business expenses is to ask yourself is this business related? Second question would be...2023-04-1017 min
More Money in Your PocketAre you ready for 1st quarter check up?In this episode, Jeff discusses:Taxes are very similar to going to the dentist.How to have a better outcome at tax timeConsistency is key.Key Takeaways:Whether you've been filing taxes for years, or own a business, you're still worried about tax time - just like going to the dentist and finding out you need work.Keeping your books in order will save you money and no longer dread the April deadline. Clean books lead to clean tax returns, which lead to clean audits, while neglected books lead to neglected tax returns...2023-04-0310 min
More Money in Your PocketHave you filed your taxes?In this episode, Jeff discusses:Make sure you file your taxes in February, or even March if you can.Being disorganized is not a winning strategy.Tax preparation is a choice you get to make.Key Takeaways:You lose all those months of planning and getting ahead for next year when you put off doing your taxes. Putting off your taxes into March is one of the worst things that you can do for yourself, and as a small business owner, you do yourself a disservice when you do this.Taxes are always...2023-03-2711 min
More Money in Your PocketAre you ready to win?In this episode, Jeff discusses:Living life with strategyThe importance of profit and loss (P&L) statementHire a professional tax planner.Key Takeaways:Every time you went around go but never invested that money into anything, you wouldn't win and it probably wouldn't take very long until you were broke and bankrupt. It only takes a few minutes to set up your P&L statement, so set it up yourself or get help from professionals as soon as possible. You can not only use a P&L statement to review your net income a...2023-03-2011 min
More Money in Your PocketWhat do you FEAR?In this episode, Jeff discusses:The fear of making mistakesThe fear of not earning enough revenue Taking chances Key Takeaways:Fear of making a mistake keeps many people from doing anything because they are scared of making a single error. All of us make mistakes along the way, and most of the most valuable lessons in life come from them. It is the fear of not earning enough revenue that takes over people, but with the right financial advisor and the right tax professional, we can put an end to those fears.90% of bus...2023-03-1309 min
More Money in Your PocketSolo 401KIn this episode, Jeff discusses:What is a Solo 401K?401K vs. SEP IRATax strategiesKey Takeaways:Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.2023-03-0613 min
More Money in Your PocketThe SEP IRAIn this episode, Jeff discusses:What is a SEP?How to figure out your net incomeTraditional IRA vs. Roth IRAKey Takeaways:A simplified employee pension (SEP) is an individual retirement account (IRA) that can be established by employers or self-employed individuals. This is easier to set up than solo 401Ks and allows for much higher employer contributions.Knowing your net income is always a part of tax planning purposes. To calculate your net income, subtract all the income you make from the business from all the expenses you incur.Both Traditional IRA a...2023-02-2710 min
More Money in Your PocketSIMPLE IRAIn this episode, Jeff discusses:What is a SIMPLE IRA and how it worksEmployee matching contributions for 2022The pros and cons of SIMPLE IRAHow to set up a SIMPLE IRAKey Takeaways:SIMPLE IRAs (Savings Incentive Match PLan for Employees) may be the best retirement plan option for businesses with modest revenue as it allows employees and employers to make tax-deferred contributions to their retirement accounts.In 2022, you can contribute $14,000 or 100% of your self-employed income or corporate salary, and if you are taxed and set up as an S corporation, your employer will...2023-02-2009 min
More Money in Your PocketHow to Grow Your Net WorthIn this episode, Jeff discusses:Investing in the 401(k)Taking money out of your 401(k) should be your last resortMaking a few changes in your lifestyleKey Takeaways:Employer-sponsored retirement savings plans, such as the 401(k), offer significant tax benefits as well as help you plan for your retirement.When you invest in a retirement plan, you are supposed to let the money grow until you reach retirement age; so if you withdraw the money from it, you will not only be paying taxes, but you will also be paying a 10% penalty if...2023-02-1313 min
More Money in Your PocketProcrastinationIn this episode, Jeff discusses:Tax filing and procrastinationWhy do people avoid filing taxes?How to get back into the IRS' good gracesKey Takeaways:A tax extension does not extend the time to pay the bill, so ignoring them or procrastinating will only lead to more fines, more penalties, and more stress.Various reasons exist why people fail to file their income taxes, but whatever your reason is, the IRS wants you to be compliant and pay the taxes that are owed to them. There’s so much to lose if you do...2023-02-0610 min
More Money in Your PocketDo You Have a System?In this episode, Jeff discusses:Morning routine and productivityThe importance of having a systemStart your schedule and set it up for successThe advantages of an automated systemKey Takeaways:Treat every day as if it was a Monday. Get up early at least 4 in the morning so you can accomplish a lot to stay on top of your busy schedule.A system allows you to hire people to do tasks inside it. The most successful businesses have a system to keep them on track and deliver a similar experience to all of their...2023-01-3016 min
More Money in Your PocketHow to Pay YourselfIn this episode, Jeff discusses:Keeping personal and business records separateBusiness structures and their implicationsSole proprietorship vs s corporationKey Takeaways:Using a separate business account makes tracking business expenses much easier for tax purposes.Consider your options carefully. You need to pick an appropriate business structure that offers you the right balance of legal protections and benefits.An S corporation requires significantly more paperwork and regulation, but it may provide tax benefits and liability protections that are more advantageous than a sole proprietorship.“I think a lot of ti...2023-01-2312 min
More Money in Your PocketCapital GainsIn this episode, Jeff discusses:As an agent, you can’t give tax advice.The myths surrounding taxesCapital gains and capital lossRental pieces of adviceKey Takeaways:When it comes to capital gains, don't take advice from agents on social media. 99 % of the time, they don't have all the facts.There is no truth in the claim that you do not have to pay taxes if you use the money you get from the sale of your home to buy another home. Once the sale has been completed, the sale becomes a taxable ev...2023-01-1616 min
More Money in Your PocketThe IRS is Coming For YouIn this episode, Jeff discusses:An overview of the IRS's $87 billion fundDealing with an IRS auditImproved enforcement measures are a big part of the IRS's $87 billion fundGet out of your comfort zone.Key Takeaways:The $87 billion IRS infusion means more audits, and if you earn over 400k, you'll have a higher chance of being audited in the next 5-10 years. It does not mean, however, that you will not be audited if you make less than 400,000 because they still audit tax returns.Audit compliance is simply adhering to the rules. You can do...2023-01-0916 min
More Money in Your PocketWhat Have You Overcome?In this episode, Jeff discusses:Passion is the key to success.The importance of having a business planWriting down your plan and setting goalsThe power of creating a vision boardKey Takeaways:It is your passion that drives you toward specific goals, regardless of how unlikely or complex they might be. When your why and passion are big enough, nothing can stand in your way of achieving your dreams and overcoming obstacles.Without planning, your business won't succeed. Create a business plan, it doesn't have to be complicated, it simply needs to be...2023-01-0214 min
More Money in Your PocketDo I Need To Keep Records?In this episode, Jeff discusses:The importance of keeping recordsTracking your income and expensesCategorizing your charges and depositsThe difference between gross income and net incomeKey Takeaways:There is no need to give yourself more time to prepare for tax season, just a better, more consistent system. By keeping records, you’ll be able to understand where you stand financially at any given time.You can track your income and expenses with accounting software that connects your bank account and your business credit cards to their system, and then it pulls in every tr...2022-12-2615 min
More Money in Your PocketEnd-of-Year Tax StrategiesIn this episode, Jeff discusses:How does tax planning work?Tax planning in advance can save you moneyJeff's tax strategies he uses with clientsKey Takeaways:In tax planning, an individual's or a business's financial situation is aligned with their financial goals by leveraging the tax code, and sometimes by considering unique and complex situations.Planning your taxes throughout the year is the best way to avoid tax surprises in the last month. Also, getting tax advice prior to setting any goals/plans involving money is very important because your tax situation will...2022-12-1911 min
More Money in Your PocketShould I IncorporateIn this episode, Jeff discusses:Getting incorporated as a real estate agentThe impact of most agents not realizing they are business owners nowSetting up a PLLCGetting a debit card or a credit card for your business Key Takeaways:As a real estate agent, becoming incorporated should be among your first actions after obtaining your license. Check with your state and the department of real estate in your location for their exact rules.Many agents don't have an LLC and don't think of themselves as businesses nowadays, which makes them commit a cardinal sin w...2022-12-1213 min
More Money in Your PocketHow To Write Off The Home OfficeIn this episode, Jeff discusses:How does the home office work and what are the rulesThe importance of using the home office deductionHome office audit issuesS-corporations or partnership home office deductionsKey Takeaways:Two requirements must be met by your home office in order for it to be your primary place of business: you use it exclusively for administrative or management activities of your trade or business and you do not operate your trade or business from any other fixed location.You may be able to earn mortgage interest with a home office...2022-12-0512 min
More Money in Your PocketHow To Write Off a Business VehicleIn this episode, Jeff discuss:Writing off your vehicle expenses on your taxesHow important is keeping a mileage log?The best way to track the mileageKey Takeaways:Our vehicles can be written off on our taxes in two ways: the standard mileage and actual expenses. The strategy you choose for your business will determine which of these two options is most beneficial.Regardless of whether you pick standard mileage or actual expenses, you still need to keep a mileage log to show how many miles were for business and how many were...2022-11-2821 min
More Money in Your PocketDid You Know You Can Hire Your KidsIn this episode, Jeff discuss:How being a real estate agent or a business owner is like riding a bikeRunning a business requires the right protection. Hiring your kids to work for youKey Takeaways:Being a real estate agent or a business owner is very similar to riding a bike – it looks easy, but it’s not, and it takes balance to get there, to learn how to run a business, and to be passionate about helping people find their dream homes.It can be scary and painful to run a business, but w...2022-11-2817 minMore Money in Your PocketWelcome to More Money in Your PocketReal Estate Agents don’t understand the tax part of their business. They are losing the tax game with every transaction and it is costing them money. Join Jeff Hockett weekly to learn the tax rules, basic and advanced strategies, and the basics of running a business so you can keep more money in your pocket and pay as little in taxes as legally required. If you are new to real estate, have been there a long time, or are thinking of becoming a real estate agent, this podcast is for you.Connect with Jef...2022-11-2204 min