Shows
GPS to your Business SuccessGet the Most from Your Money and Life (Revisited)In this episode of the GPS to Your Business Success podcast, host Nick invites listeners to reassess their core financial beliefs for a more fulfilling life. Drawing inspiration from Bill Perkins' book Die With Zero, the episode emphasizes the value of investing in experiences over simply accumulating wealth. Nick shares strategies for finding balance between personal enjoyment and financial obligations, including family and charitable planning. By prioritizing lasting memories and thoughtful resource allocation, listeners are encouraged to optimize their lives at every stage, from the 'go-go years' to the 'no-go years.'Episode Breakdown:00:46...2025-03-2725 minGPS to your Business SuccessConverting your Traditional IRA to a Roth IRAIn this episode, Nick highlights the importance of timing when converting a traditional IRA or 401(k) to a Roth IRA. He explains how strategic conversions—timed to take advantage of lower tax rates during low-income years, stock market downturns, and other unique situations—can lead to significant savings. Nick also dives into the mechanics of IRA conversions, covering tax implications and timing strategies to help you maximize tax-free growth and boost your retirement savings.03:25 Understanding Proactive Financial Advice04:06 The Gambler's Wisdom05:36 Challenge of the Week: IRA and 401k Statements05:53 When to Conv...2025-03-2517 minGPS to your Business SuccessIf You Like Sausage, Don’t Watch It Being MadeJoin host Nick Papakyrikos as he simplifies the complex process behind how federal tax laws are created. Gain insight into why these laws can sometimes appear illogical, and explore the intricacies of the reconciliation process. Nick, a seasoned CPA and business advisor, breaks down everything from the foundational steps of bill-making to the quirky “clown car” analogy used to explain the passage of legislation. Enjoy valuable historical insights, modern examples, and a fun throwback to Schoolhouse Rock’s educational tunes and the Beatles’ “Helter Skelter.”Epsiode Breakdown:03:27 Proactive Advice and Client Expectations04:11 Schoolhouse Rock and the...2025-03-1227 minGPS to your Business SuccessWe Gotta Get Out of This Place! Part IIIn this episode, Nick takes a deep dive into the latest state tax proposals and examines their potential impact on both individuals and businesses. With many states introducing new budgets that often include tax hikes, Nick explores strategies for those who feel overburdened by taxes and are considering relocating to more tax-friendly environments. He covers a range of tax issues, including income taxes, 'sin taxes,' and wealth taxes, and highlights real-life examples of interstate migration. Tune in for practical advice and insights on how to navigate state tax policies with confidence and foresight.Episode Breakdown:03:27...2025-03-0528 minGPS to your Business SuccessShop Reputation ManagementIn this episode, Nick provides invaluable insights on how auto repair shops can build trust and enhance their reputation. He highlights the significance of exceptional customer service, such as offering convenient appointment scheduling, maintaining a comfortable waiting area, and leveraging online reviews to attract more customers. Additionally, guest speakers and sponsors Steer CRM and AutoShopAnswers.com offer valuable tools and training resources to help auto shops succeed. Nick emphasizes that small actions grounded in integrity and customer focus can set an auto repair shop apart from its competitors.01:16 The Mission: Elevating Your Auto Repair Shop02:16...2025-03-0423 minGPS to your Business SuccessI'm Starting a Business - How Should I operate? - Choice of EntityIn this episode, Nick provides expert guidance on starting a business, focusing on how to choose the right business structure. He explores the advantages and disadvantages of different business entities, including sole proprietorships, general and limited partnerships, corporations, and limited liability companies (LLCs). Key topics include liability protection, management control, administrative complexity, and tax considerations. Nick emphasizes the value of consulting professional advisors for personalized advice and discusses factors to consider based on specific business needs. He also shares practical tips on leveraging homestead declarations and cautions against using DIY legal services.Episode Highlights:05:11 – Understanding Bu...2025-02-1851 minGPS to your Business SuccessGood to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This IdeaIn this episode, host Nick Papakyrikos offers essential insights for anyone considering real estate investments in 2025 or beyond. With over 37 years of experience working with small to medium-sized businesses—particularly auto repair shops—Nick discusses how recent and upcoming tax legislation could affect your real estate investment strategy. He focuses on maximizing financial benefits, covering key topics like depreciation, the Trump tax cuts, and potential changes to bonus depreciation. Nick also shares valuable tips on structuring real estate transactions and strategies to optimize tax advantages. This episode is an invaluable resource for making informed, proactive investment decisions.00:54 The...2025-02-1225 minGPS to your Business SuccessIt's not too late to fix 2025 and maybe not too late for 2024 - Groundhog DayIn this episode of the GPS to Your Business Success Podcast, we’re diving into everything taxes for auto repair shop owners! Nick breaks down how to keep more of your hard-earned money in 2024 and 2025.Nick emphasizes the importance of trust and integrity in running a successful shop and explains how structuring your business as an S corp can lead to significant savings on self-employment taxes. He walks through the setup process, clarifies the difference between payroll and dividends, and shares practical tips to make tax season much less stressful. If you're an auto repair shop owner, th...2025-02-0522 minGPS to your Business SuccessStargate, AI & Your BusinessIn this episode, host Nick explores how artificial intelligence (AI) is transforming the business landscape—particularly for auto repair shops. Kicking off with a nod to 2001: A Space Odyssey, Nick explains that AI isn’t here to take jobs, but to enhance them for those who embrace it.He shares valuable insights from Papakyrikos CPAs, a firm dedicated to helping auto repair businesses thrive. From improving customer service to optimizing daily operations, Nick breaks down how AI can make a significant impact. Plus, he delves into Stargate, a public-private initiative aimed at accelerating AI development, and explains why...2025-01-3134 minGPS to your Business SuccessAuto Repair Industry - The Honest MechanicNick draws on 37 years of experience working with small and medium-sized businesses, particularly auto repair shops, to share valuable insights in this episode. He underscores the critical role of integrity in the auto repair industry, highlighting common unethical practices and offering practical solutions for building lasting trust with customers. Key topics include the power of transparency, using photos and videos to showcase repairs, and leveraging tools like RepairPal and MotoVisuals to clearly explain repair costs. Nick emphasizes that honest, respectful communication not only sets an auto repair shop apart from competitors but also drives long-term financial and personal success.2025-01-2327 minGPS to your Business SuccessDeath Taxes & BNIIn this episode, Nick shares a valuable tip for business growth: joining Business Network International (BNI). He offers a comprehensive overview of BNI's benefits, including guaranteed returns on investment, excellent networking opportunities, and personal development. Drawing from his 18 years of experience, Nick highlights BNI's structured approach, which is grounded in core values such as Giver’s Gain, a positive attitude, accountability, and lifelong learning. He also shares inspiring success stories of professionals who have transformed their businesses through BNI. The episode wraps up by encouraging listeners to explore BNI chapters and see firsthand how it can drive business growth....2025-01-1642 minGPS to your Business SuccessIf you want to be part of the 1%, then do what the other 99% don’t do - SET YOUR 2025 GOALSIn Episode 16 of GPS to Your Business Success, we dive into the power of setting SMART goals for 2025—goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. This episode highlights the importance of using vision boards and tapping into the reticular activating system to stay motivated and spot opportunities. You'll learn actionable steps like reviewing past performance, creating detailed goals, and regularly tracking progress. We also share real-life examples from successful figures and provide practical business insights to inspire growth and financial success.Episode Breakdown:00:00 – Introduction and Opening Song01:28 – Welcome and Episode Overview0...2025-01-1329 minGPS to your Business SuccessReflect on 2024-successes and challenges-It's the basis for your 2025 goalsIn this episode, Nick looks back on the past year, reflecting on successes and lessons learned.The discussion emphasizes the importance of evaluating what went well, what could have been better, and what changes can be made for future success. The conversationtackles how to build on achievements, manage finances, understand customerneeds, and set realistic goals for 2025. Nick underscores the importance ofsetting up a rainy day fund and making strategic adjustments to enhancebusiness resilience and growth.00:36 Reflecting on the Past Year2025-01-0218 minGPS to your Business SuccessThe Season of Giving - 2024This podcast episode focuses on the benefits of charitable donations and their associated tax advantages. The host explores the evolution of tax laws surrounding car donations, delves into the advantages of Qualified Charitable Donations (QCDs) from IRAs, and introduces Donor Advised Funds (DAFs) as a strategy for maximizing tax deductions. The episode also offers insights into donating appreciated stocks and emphasizes the importance of maintaining proper documentation and receipts for tax purposes. With the holiday season in mind, the episode aims to inspire and educate listeners on how they can give generously while ensuring compliance with IRS regulations to...2024-12-2433 minGPS to your Business SuccessEmployee Holiday Bonuses & Gifts: Ho Ho Ho or Bah Humbug?In this episode, we explore the ins and outs of employee bonuses and holiday gifts, offering practical insights for small business owners. From various types of cash bonuses and their typical amounts to alternatives like paid time off and gift cards, we provide a comprehensive guide on how to show appreciation to your employees without straining your budget. The host shares personal experiences and survey data to highlight best practices and common pitfalls. Additionally, we dive into the topic of holiday parties, how to acknowledge vendors, and the importance of balancing generosity with financial health.Episode Breakdown:2024-12-1837 minGPS to your Business Success2024 Year-End Tax Planning: Good Year or Not-So-Good YearIn this episode, we dive into key year-end tax planning strategies tailored for auto repair shop owners and small businesses. Discover how to reduce your tax bill, boost retirement savings, and make informed financial choices as 2024 comes to a close. We also spotlight AutoShopAnswers.com and the transformative training they offer to enhance your auto repair business. Additionally, we provide updates on the Corporate Transparency Act and other timely tax tips to guide you through the end-of-year financial landscape. Tune in for expert insights to help you capitalize on financial opportunities and set the stage for a prosperous new...2024-12-1039 minGPS to your Business SuccessSelling Your Business: Do's and Dont'sIn this episode of the GPS to Your Business Success podcast, Nick Papakyrikos shares essential strategies for successfully selling a business. The episode begins with a special acknowledgment of entrepreneurs, including auto repair shop owners, and highlights the valuable training offered by Auto Shop Answers. The discussion then shifts to the critical final stage in the business lifecycle: selling an established business. Key topics covered include preparing for the sale, understanding lease agreements, crafting non-disclosure agreements, assembling a trusted team of advisors, navigating asset vs. stock sales, evaluating tax implications, and structuring the deal to avoid financial pitfalls. With...2024-12-0241 minGPS to your Business SuccessStarting Your Business: Next Steps - Part 2In this episode, we explore the various ways to structure your business as a corporation, focusing on the key differences between Subchapter S and C corporations. We break down the tax implications, benefits, and challenges of each structure, helping you make an informed decision. Additionally, we provide a step-by-step guide on registering your business with state and federal authorities, managing taxes, separating business and personal expenses, and keeping accurate financial records. The episode also includes a special thank you to our sponsors, Steer CRM and Auto Shop Answers, and highlights upcoming classes designed to help auto repair shops maximize...2024-11-2527 minGPS to your Business SuccessStarting Your Business: Next Steps - Part 1In this episode of the GPS to Your Business Success podcast, we dive into the essential steps for turning your business idea into a reality. Key topics include setting clear goals, building a strong team of advisors (such as a CPA, attorney, insurance agent, and payroll provider), and understanding different business structures. We also emphasize the importance of integrity, managing expectations, and sound financial planning. Additionally, we offer practical tips on purchasing an existing business, structuring the purchase for tax benefits, and ensuring the proper legal and financial foundations are in place. This is part three of a four-part...2024-11-2101 minGPS to your Business SuccessFinancing Your New Business IdeaIn this episode of the GPS to Your Business Success podcast, we continue our four-part series on launching, financing, growing, and ultimately selling your business. This episode focuses on the critical topic of financing your startup. We explore a variety of funding options, including traditional bank loans, seller financing, using retirement savings, and securing private investors. We also take a closer look at key programs from the U.S. Small Business Administration (SBA), such as the 7(a) Loan Program, the 504 Loan Program, and Microloans. Whether you're just getting started or looking for new ways to fund your business, this...2024-11-1242 min
Wicked Pissah Podcast#223 - Tax Policy Impacts and the Upcoming Election with Nicholas A. Papakyrikos, CPA, P.CNicholas A. Papakyrikos, CPA, P.C Host Michael Connaughton is joined by Nick Papakyrikos, CPA, P.C. Nick is the founder of Nicholas Papakyrikos CPA. He began his professional career with the international accounting and consulting firm currently known as PriceWaterhouseCoopers, where his clients included financial services, manufacturers and communication companies. He has been in private practice continuously since 1987, working with small businesses owners and high net worth individuals. For more than 36 years he has proactively worked with small business owners to help them identify, clarify and strategize to reach their financial goals. Nick...2024-11-0551 minGPS to your Business SuccessStart or Buy a BusinessIn this episode, host Nick explores the critical decisions involved in starting or buying a business. He discusses the importance of having not only the technical skills but also the management expertise needed to run a successful business. Nick covers various pathways to business ownership, including launching a new venture, buying a franchise, or acquiring an existing business. He emphasizes the need for a well-thought-out plan that includes financial projections, understanding industry trends, and thorough due diligence. Nick also offers cautionary advice on potential pitfalls and stresses the importance of leveraging seller financing for protection. Tune in for valuable...2024-11-0423 minGPS to your Business SuccessElections 2024 - What Every Business Needs to knowIn this episode, host Nick dives into the implications of the upcoming 2024 U.S. elections for businesses. The podcast focuses on tax policies proposed by presidential candidates and their parties, explaining how these changes could affect various business models, including pass-through entities and C corporations. Key topics include income tax rates, capital gains taxes, estate taxes, and the potential impact of proposed changes to tax legislation. The episode also stresses the importance of voting in the upcoming election and understanding the long-term consequences of tax policy changes on business growth and the economy.Show Notes:01:56...2024-10-2931 minGPS to your Business SuccessGet the Most from Your Money and LifeIn this episode of the GPS to Your Business Success podcast, host Nick invites listeners to reassess their core financial beliefs for a more fulfilling life. Drawing inspiration from Bill Perkins' book Die With Zero, the episode emphasizes the value of investing in experiences over simply accumulating wealth. Nick shares strategies for finding balance between personal enjoyment and financial obligations, including family and charitable planning. By prioritizing lasting memories and thoughtful resource allocation, listeners are encouraged to optimize their lives at every stage, from the 'go-go years' to the 'no-go years.'Episode Breakdown:00:46...2024-10-2126 minGPS to your Business SuccessOne Simple Step to Avoid a $600 Daily Penalty: The Corporate Transparency ActIn this episode of the GPS to Your Business Success podcast, host Nick Papakyrikos, CPA, dives deep into the new Corporate Transparency Act (CTA) and its filing requirements with the federal government. This legislation affects a wide range of business entities, including corporations and limited liability companies, mandating the submission of beneficial ownership information to avoid hefty daily penalties.Nick offers a comprehensive overview of who is required to file, which entities are impacted, the potential penalties for non-compliance, and essential steps to fulfill these new reporting obligations. He emphasizes the critical importance of understanding and adhering...2024-10-1426 minGPS to your Business SuccessWe Gotta Get Out of This Place!In this week’s episode of the GPS to Your Business Success podcast, we dive into the implications of relocating your business or residence, inspired by the classic song from Eric Burdon and the Animals, “We Gotta Get Out of This Place!” Join host Nick Papakyrikos, as he explores the challenges faced by residents in high-tax states like CA, MI, NJ, and NY. Learn about the importance of establishing a new domicile, the necessary documentation to support your move, and how to navigate the complexities of state residency requirements.As we unpack these topics, we’ll provide practica...2024-10-0727 minGPS to your Business SuccessSell Your Rental Property Tax-Free and Keep Earning Rental Income!In this episode of the GPS to Your Business Success podcast, host Nick Papakyrikos, CPA, shares valuable strategies for rental property owners who are struggling to manage their properties but are hesitant to sell due to potential tax implications. He introduces the Delaware Statutory Trust (DST) as a viable solution, allowing landlords to sell properties without incurring capital gains taxes while still receiving rental income. Nick delves into how DSTs function, their advantages, potential risks, and how they can help preserve generational wealth. This episode is particularly relevant for high-net-worth individuals and real estate investors seeking sustainable financial planning...2024-09-3022 minGPS to your Business SuccessHow to sell your business Tax-Free - Unlocking Qualified Small Business StockIn this inaugural episode of the GPS to Your Business Success, host Nick Papakyrikos reveals how business owners can legally avoid Federal Capital Gains Tax when selling their company by leveraging specific tax code provisions. Nick delves into the essential strategies for planning ahead, explains the intricate rules and requirements for qualifying, and outlines the advantages of structuring your business as a C Corporation.You'll gain valuable insights into long-term financial planning, the distinct roles of various types of corporations, and how to maximize potential tax savings at the state level. Whether you're just starting out or...2024-09-1219 min