[TSE 76] Save Thousands of Dollars by Setting Up Legal and Financial Systems with Kyle Durand

Posted on /by Natalie Sisson/ in Podcast / 6 comments
Kyle Durand

If I told you that there was a secret to saving more money in your business each year, would you want to know it?

Kyle Durand CoverAs you’ll hear Kyle Durand, business and tax attorney, say in this episode, entrepreneurs paid around 6.6 billion dollars in late payments last year alone.

And based on what he said, particularly around tax deductions, it’s likely you contributed a chunk to that 6.6 billion dollar pot.

Let’s be clear though.

The point of this episode isn’t to scare you into changing your habits around how you handle your business finances. It’s to show you that there is a better and easier way that offers you financial freedom and peace of mind.

Plus, you can use all of that money you save to invest back into your business, your team members, and yourself.

Stick around until the end to find out which deadline is coming up at the end of January for US citizens – especially if you have an affiliate program or have ever hired a contractor or vendor.

Here is what you will learn in this podcast:

  • What FATE stands for and why every entrepreneur needs to know it to thrive in business
  • Which three legal pillars you NEED to have to save 2-3 thousand dollars per year
  • [US Citizens] Which forms you might need to send out by the end of January that you didn’t know about for your contractors, vendors AND affiliates
  • How Kyle cut a client’s tax bill from owing $10,000 to the IRS paying him $29,000 through knowing tax deductions
  • Four actions you can take today to set yourself up for financial tax success this year
  • One integral step to take to make sure you keep Uncle Sam happy this year with every deadline
  • Which tasks can and cannot be automated when it comes to finances and taxes
  • One cautionary tale about why you should NEVER mix your personal and business income
  • What the IRS expects to see from you as a businessperson

Click on the play button at the top or download this in iTunes or on Stitcher Radio (and do not forget to leave a review as we might feature yours in the next show!).

Even better pick up my completely free book on `How to Start a Podcast that Matters’ at suitcaseentrepreneur.com/free by leaving a short review on my podcast.

Connect with Kyle and Natalie

Twitter: @kpdurand

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new_twitter_logoFor finances, you don’t want to mix business and pleasure: track income and taxes separately. @kpdurand via @suitcasepreneur

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Every once and a while, I’ll be recording podcast episodes based on precisely you want to know, so if you have any questions that you’d like potentially answered on the show, feel free to leave me a voicemail on my Speakpipe page! 

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Audiobooks on Suitcase EntrepreneurI know a lot of you listen to my podcast on the move and enjoy the fact that you can listen and learn from anywhere. Well why not do the same with books you haven’t had a chance to pick up or read yet? Listening to audio books is an ideal way to enjoy your favorite books on the move and get to listen to the author read it in the way it’s meant to be read!

That’s why I’m thrilled to announce my new podcast sponsor Audiobooks who have over 40,000 audio books including best sellers, new releases, and classic favorites for you to choose from. You can simply download audiobooks to your Apple or Android device for offline listening or stream them instantly.

What’s more if you sign up at Audiobooks.com/suitcase you’ll get your first book free!

  • Liz Brazier

    Great episode. It pushed me into further action and I am now a ‘Wave’ fan! I checked with my lawyer as GREAT point Kyle bought up re 1099 and she advised (like Kyle did) that there are a bunch of reasons you don’t have to send a 1099. See below. The last one was good to know. Hope that is right!

    No 1099:
    – not in the U.S. (like a VA in the Philippines)
    – not $600 in a year
    – not an individual (in other words, a corporation or LLC)
    – not cash/check/wire (if you paid via PayPal or credit card, they will get a
    1099 from PayPal and/or their merchant account)

    • Go action taking Liz. Perhaps Kyle can comment on this. Those are interesting points though so thanks for clarifying and sharing here.

  • Great episode. It pushed me into further action and I am now a ‘Wave’ fan! I checked with my lawyer as GREAT point Kyle bought up re 1099 and she advised (like Kyle did) that there are a bunch of reasons you don’t have to send a 1099. See below. The last one was good to know. Hope that is right!

    No 1099:
    – not in the U.S. (like a VA in the Philippines)
    – not $600 in a year
    – not an individual (in other words, a corporation or LLC)
    – not cash/check/wire (if you paid via PayPal or credit card, they will get a
    1099 from PayPal and/or their merchant account)

    • Go action taking Liz. Perhaps Kyle can comment on this. Those are interesting points though so thanks for clarifying and sharing here.

  • Christy Niece

    I found this episode just in time as I was about to start my taxes! Thanks for all the free resources as well.

  • Christy Niece

    I found this episode just in time as I was about to start my taxes! Thanks for all the free resources as well.

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