GPS to your Business Success
Welcome to GPS to Your Business Success! I’m Nicholas Papakyrikos, and in each episode, I dive into the world of tax savings and practical tips to help your money grow. Whether you're a business owner looking to maximize your savings or just curious about smarter financial moves, this podcast is for you. Each week, I'll share insights and actionable advice that you can implement right away. From tax tips to effective money management, we’ll cover it all in a straightforward and engaging way. Connect with us on social media for updates, additional tips, and to join the conversation. Find us on Facebook, Twitter, LinkedIn, and Instagram. I can’t wait to help guide you towards business success!
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Get the Most from Your Money and Life (Revisited)
03/27/2025
Get 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 - Meet Your Host and Our Mission 01:25 - Disclaimer and Sponsor Acknowledgments 04:32 - The Concept of Living Life Fully 05:36 - Introducing Die With Zero by Bill Perkins 06:31 - Personal Stories and Reflections 11:15 - Balancing Work and Life 12:57 - The Philosophy of Die With Zero 13:19 - Calculating Your Financial Needs 14:24 - Insurance and Medical Expenses 16:15 - Spending Money in Different Life Stages 17:06 - Creating and Fulfilling Your Bucket List 17:54 - Supporting Your Children and Grandchildren 20:37 - The Importance of Planning Your Legacy 21:49 - Giving to Charity During Your Lifetime 23:10 - Balancing Boldness and Caution 24:00 - Final Thoughts and Reflections Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . FinCEN website: finCEN.gov/boi Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Converting your Traditional IRA to a Roth IRA
03/25/2025
Converting your Traditional IRA to a Roth IRA
In 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 Advice 04:06 The Gambler's Wisdom 05:36 Challenge of the Week: IRA and 401k Statements 05:53 When to Convert a Traditional IRA to a Roth IRA 09:57 Tax Implications of Roth IRA Conversions 12:11 Does a Roth IRA Conversion Make Sense for You? Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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If You Like Sausage, Don’t Watch It Being Made
03/12/2025
If You Like Sausage, Don’t Watch It Being Made
Join 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 Expectations 04:11 Schoolhouse Rock and the Legislative Process 06:46 Understanding Reconciliation in Tax Legislation 08:19 Historical Context: Tax Reform Act of 1986 10:58 Reconciliation Explained: The Clown Car Analogy 14:40 Tax Legislation: Challenges and Clichés 24:21 The Future of Tax Legislation and Final Thoughts Schoolhouse Rock Preamble to the U.S. Constitution Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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We Gotta Get Out of This Place! Part II
03/05/2025
We Gotta Get Out of This Place! Part II
In 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 The Tax Burden on States 05:36 State Tax Proposals and Their Impacts 11:28 Income Tax Changes 20:36 Sin Taxes and Sales Taxes 21:38 Wealth Taxes and Their Implications Helpful Links: Taxes Really do Matter: Look at the States-Arthur Laffer PHD https://laffercenter.org/taxes-really-do-matter-look-at-the-states/ Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Shop Reputation Management
03/04/2025
Shop Reputation Management
In 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 Shop 02:16 Sponsors and Industry Insights 03:40 Proactive Advice: Building Trust and Integrity 08:17 The Importance of Online Reviews 11:37 Customer Service Excellence 13:17 Convenience and Customer Care 16:23 Creating a Comfortable Waiting Experience 17:46 Extended Hours and Additional Services 18:58 Conclusion: Building Raving Fans 19:26 Outro and Final Thoughts Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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I'm Starting a Business - How Should I operate? - Choice of Entity
02/18/2025
I'm Starting a Business - How Should I operate? - Choice of Entity
In 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 Business Structures 07:15 – Sole Proprietorship: Pros and Cons 08:27 – Partnerships: General and Limited 10:42 – Corporations: An Overview 12:19 – Limited Liability Companies (LLCs) 12:56 – Management and Control in Different Entities 16:51 – Paperwork and Complexity 24:50 – Tax Implications of Business Structures 26:44 – Understanding Tax Obligations for Partnerships 28:18 – Taxation of Corporations: C Corporations Explained 32:41 – Taxation of Corporations: S Corporations Explained 35:32 – Choosing the Right Business Entity: LLCs and Liability Protection 41:33 – Practical Considerations for Setting Up Your Business 46:09 – The Importance of Professional Legal and Accounting Advice Helpful Links For those looking to dive deeper into business entity structures, here are some important IRS forms and instructions: IRS Form 1040 Schedule C: IRS Form 1040 Schedule C Instructions: IRS Form 1065: IRS Form 1065 Instructions: IRS Form 1120S: IRS Form 1120S Instructions: IRS Form 1120: IRS Form 1120 Instructions: Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Good to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This Idea
02/12/2025
Good to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This Idea
In 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 Auto Repair Industry Insight 02:46 Proactive Advice and CPA Services 04:14 Understanding Tax Legislation Changes 05:45 Real Estate Investment Benefits 07:46 Depreciation and Tax Advantages 11:29 Bonus Depreciation Explained 14:54 Strategic Real Estate Purchase Timing 17:52 Structuring Real Estate Transactions Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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It's not too late to fix 2025 and maybe not too late for 2024 - Groundhog Day
02/05/2025
It's not too late to fix 2025 and maybe not too late for 2024 - Groundhog Day
In 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, this episode is a must-listen! Here’s what we cover: 00:00 Intro – Let’s tackle your tax headaches 02:54 Proactive tax planning (no one likes surprises) 03:58 Episode 20 – Avoiding tax nightmares 05:11 How your business structure impacts your taxes 08:41 Why an S corp could be a game-changer 10:28 Dividends vs. payroll – what you need to know 15:38 Home office deductions (and how to do them right) 16:57 Filing for S corp status – step-by-step guide 22:07 Wrap-up and key takeaways Useful links: Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Stargate, AI & Your Business
01/31/2025
Stargate, AI & Your Business
In 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 embracing AI is crucial for staying ahead in today’s competitive business world. Packed with actionable advice, this episode shows businesses how they can start leveraging AI today—no tech degree required! Episode Breakdown: 00:00 - Intro to Podcast 19: AI & Your Business 01:08 - Why AI Matters for Business 01:46 - How Papakyrikos CPAs Supports Auto Shops 03:49 - Proactive Business Tips 04:55 - AI in Pop Culture & Its Evolution 07:52 - Why AI is More Relevant Than Ever 10:23 - Stargate Initiative & AI’s Future 12:39 - AI in Healthcare & Business 18:00 - AI Tools You Can Use Today 23:15 - AI for Customer Service & Marketing 29:47 - The Future of AI & Business 32:27 - Final Thoughts Useful Links: Generate Content with ChatGPT – Use GPT version 3.5 (free) by selecting it at the top of the screen. Version 4 is "paid" Version 5 is coming soon and expected to be a major upgrade. Fiber.AI Virtual Assistants & Chatbot Development – Hire virtual assistants to build chatbots and integrate AI into Excel ($3/hr). AI Copywriting Service Presentation Developer/Sales Pitch – Create stunning presentations and sales pitches using AI-powered tools. Helpful Information and Resources For more helpful information and resources, check out this folder: Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Auto Repair Industry - The Honest Mechanic
01/23/2025
Auto Repair Industry - The Honest Mechanic
Nick 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. Episode Breakdown: 01:57 - The Crucial Role of Integrity in Auto Repair 05:47 - How to Build Trust with Customers 12:52 - Tools and Techniques for Transparent Communication 20:05 - The Power of Honest Conversations 25:48 - Wrapping Up and Moving Forward Resources Mentioned in This Episode: MotoVisuals – Utilize 3D animations to visually explain repairs and enhance customer trust. RepairPal – Get accurate repair estimates and build credibility with transparent pricing. Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Death Taxes & BNI
01/16/2025
Death Taxes & BNI
In 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. Episode Breakdown: 01:30 The Power of BNI: A Guaranteed Success 04:50 Understanding BNI: Costs and Benefits 11:16 The Structure and Core Values of BNI 12:45 Building Relationships and the Giver’s Gain Philosophy 14:32 The Importance of One-to-One Meetings 17:38 BNI’s Lifelong Learning and Innovation 22:15 The Importance of Face-to-Face Networking 22:33 The Power of a Positive Attitude 23:17 Accountability in BNI 24:57 Recognition and Success Metrics 27:29 Who Benefits from BNI? 33:58 Overcoming Common Objections 38:58 How to Get Started with BNI Useful Links: BNI Website BNI Connect Global BNI 1st Choice - Our Chapter Chapter Members | English (US) Podcast Episode 608: The BNI Origin Story Find a Chapter / Visit a Chapter Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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If you want to be part of the 1%, then do what the other 99% don’t do - SET YOUR 2025 GOALS
01/13/2025
If you want to be part of the 1%, then do what the other 99% don’t do - SET YOUR 2025 GOALS
In 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 Song 01:28 – Welcome and Episode Overview 01:47 – Sponsor Acknowledgments 04:22 – Reflecting on 2024 05:30 – Setting SMART Goals for 2025 09:28 – The Power of Vision Boards 19:30 – Business Assessment and Goal Setting 27:01 – Conclusion and Final Thoughts Useful Links and References: Nietzsche's Quote on Strength “What does not kill me makes me stronger.” – Friedrich Nietzsche Learn more about this powerful quote and its origins on . Dale Carnegie – How to Win Friends and Influence People This classic book on building relationships and influencing others is available on . Napoleon Hill – Think and Grow Rich Discover this timeless guide to success on Amazon through this . Thomas Edison and Edwin Barnes: A Story of Determination Discover the incredible story of Thomas Edison and Edwin Barnes' relentless pursuit of success through this . Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Reflect on 2024-successes and challenges-It's the basis for your 2025 goals
01/02/2025
Reflect on 2024-successes and challenges-It's the basis for your 2025 goals
In 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 conversation tackles how to build on achievements, manage finances, understand customer needs, and set realistic goals for 2025. Nick underscores the importance of setting up a rainy day fund and making strategic adjustments to enhance business resilience and growth. 00:36 Reflecting on the Past Year 00:56 AutoShopAnswers: Revolutionizing Auto Repair (Ad) 03:24 Celebrating Wins and Learning from Mistakes 04:11 Planning for a Successful 2025 06:00 Financial Health and Debt Management 07:55 Overcoming Challenges and Setting Goals 09:54 Looking Ahead to 2025 14:57 Conclusion and Next Steps Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us:
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The Season of Giving - 2024
12/24/2024
The Season of Giving - 2024
This 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 maximize their tax benefits. Episode Breakdown: 00:30 – The Story Behind Kars For Kids 01:04 – Understanding Tax Deductions for Car Donations 01:56 – Season of Giving: Reflect and Donate 02:24 – STEER CRM and AutoShop Answers Advert 05:22 – Tax Planning and Charitable Donations 06:12 – Qualified Charitable Donations from IRAs 10:17 – Donor Advised Funds: A Smart Way to Donate 13:57 – Donating Appreciated Assets 16:22 – Car Donations: What You Need to Know 19:18 – Importance of Proper Receipts for Donations 24:57 – Valuing Your Donations 30:27 – Final Thoughts and Holiday Wishes Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Employee Holiday Bonuses & Gifts: Ho Ho Ho or Bah Humbug?
12/18/2024
Employee 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: 00:00 – Introduction: Santa Claus is Coming to Town 02:33 – Steer CRM and AutoShopAnswers Sponsorship Segment 05:17 – The Importance of Employee Bonuses 09:13 – Types of Employee Bonuses 15:55 – Non-Cash Bonuses: Paid Time Off and Gift Cards 21:00 – Holiday Gifts for Vendors and Service Providers 26:17 – Holiday Parties: Pros and Cons 33:43 – Conclusion: Appreciating Your Employees 34:03 – Outro: Feliz Navidad Helpful Links: Holiday tipping guide: Average Christmas bonus statistics 2024 Small business owners guide to the holiday bonus 22 Hilarious and Horrifying Tales of Office Holiday Party Disasters (adult content warning) Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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2024 Year-End Tax Planning: Good Year or Not-So-Good Year
12/10/2024
2024 Year-End Tax Planning: Good Year or Not-So-Good Year
In 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 year. Episode Breakdown: 01:39 Year-End Planning: Tax Strategies for 2024 – Practical advice on reducing your tax liability as the year ends. 02:36 AutoShopAnswers: Revolutionizing Auto Repair Training – How AutoShopAnswers.com is helping auto repair businesses thrive. 04:14 Tax Tips for Auto Repair Shops – Tax-saving strategies for the auto repair industry. 05:04 Important Tax Updates and Deadlines – Key tax deadlines and the latest updates, including the Corporate Transparency Act. 07:29 Maximizing Tax Deductions for a Strong Year – Strategies to leverage tax deductions if your year has been profitable. 17:33 Retirement Plans and Contributions – Boosting retirement savings and minimizing taxable income. 21:09 Capital Gains and Charitable Donations – How to manage capital gains and make charitable donations for tax advantages. 33:05 Tax Strategies for a Challenging Year – Navigating taxes when your business hasn’t had its best year. 36:19 Conclusion: Enjoy the Holiday Season – Wrapping up the episode with a reminder to enjoy the holidays while staying on top of your tax planning. Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Selling Your Business: Do's and Dont's
12/02/2024
Selling Your Business: Do's and Dont's
In 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 an emphasis on careful planning, this episode offers actionable insights to ensure a smooth and profitable sale. Episode Breakdown: 02:02 Shoutouts to Auto Repair Shop Owners 02:46 Ad Segment (Auto Shop Answers, Papakyrikos CPA, Steer CRM) 05:56 Selling Your Business: Initial Steps 08:44 Franchise and Lease Considerations 11:35 Non-Disclosure Agreements and Building Your Dream Team 16:44 Asset vs. Stock Sale 19:38 Purchase Price Allocation and Tax Implications 29:55 Installment Sales and Tax Strategies 37:01 Final Tips and Conclusion Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Starting Your Business: Next Steps - Part 2
11/25/2024
Starting Your Business: Next Steps - Part 2
In 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 profitability. 00:00 - Introduction and Recap 00:20 - Sponsor Acknowledgements 01:26 - Understanding Corporate Taxation Options 01:53 - Tax Benefits of Subchapter S Corporations 03:31 - Payroll and Dividends in S Corporations 05:53 - C Corporations: Taxation and Benefits 09:09 - Registering Your Business 11:38 - Trust Fund Taxes and Compliance 15:04 - Financial Management and Record Keeping 21:10 - Tax Planning and Estimated Taxes 23:28 - Conclusion and Final Advice Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Starting Your Business: Next Steps - Part 1
11/21/2024
Starting Your Business: Next Steps - Part 1
In 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 series covering picking, starting, financing, and selling your business. Episode Breakdown: 00:00 – Introduction and Episode Overview 02:05 – Sponsor Acknowledgements 03:10 – Launching Your Dream Business 05:41 – Building Your Dream Team 07:06 – Legal and Financial Considerations 08:59 – Payroll and Insurance Essentials 12:33 – Making an Offer and Due Diligence 17:32 – Choosing the Right Business Structure 20:59 – Conclusion and Next Steps (Episode 10) Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Financing Your New Business Idea
11/12/2024
Financing Your New Business Idea
In 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 episode is packed with practical advice and actionable insights. Our sponsors for today’s episode are Steer CRM and Auto Shop Answers. Tune in to learn how to secure the financing you need to turn your entrepreneurial dreams into a thriving reality. Episode Breakdown: 02:08 – Identifying the Right Opportunity 03:57 – Demystifying Seller Financing 09:50 – Leveraging Savings and Retirement Funds 19:06 – Securing Private Investors 25:23 – Navigating Bank Loans and SBA Programs 39:17 – Key Takeaways and Next Steps Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Start or Buy a Business
11/04/2024
Start or Buy a Business
In 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 insights on navigating the journey to business ownership, and don’t forget to subscribe for a chance to win a monthly Visa gift card! Episode Breakdown: 02:33 Sponsors and Acknowledgements 03:40 Deciding to Start or Buy a Business 04:16 Skills Needed for Business Success 05:20 Financial Planning and Projections 10:26 Exploring Franchise Opportunities 13:35 Buying an Existing Business 18:55 Location and Retail Considerations 20:48 Seller Financing and Leverage The E-myth revisited: why most small businesses don’t work and what to do about it. By: Michale E Gerber Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Elections 2024 - What Every Business Needs to know
10/29/2024
Elections 2024 - What Every Business Needs to know
In 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 - Explore how previous tax policies have influenced today's business landscape. 02:21 - What’s at stake in the 2024 elections? 02:42 - Why your vote is crucial for the future of your business. 03:21 - Meet your host, Nick. 04:32 - A message from our sponsors. 06:05 - The intersection of electoral outcomes and business regulations. 07:07 - Key tax laws that could impact your bottom line. 09:27 - Potential changes to individual tax rates and their implications for business owners. 14:08 - Insights into proposed changes for C corporations. 15:30 - Discussing the impact of changes to capital gains taxation. 18:12 - Implications for business succession planning. 19:45 - A closer look at this proposed tax and its effects. 21:02 - How judicial decisions could shape future tax legislation. Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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Get the Most from Your Money and Life
10/21/2024
Get the Most from Your Money and Life
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 - Meet Your Host and Our Mission 01:25 - Disclaimer and Sponsor Acknowledgments 04:32 - The Concept of Living Life Fully 05:36 - Introducing Die With Zero by Bill Perkins 06:31 - Personal Stories and Reflections 11:15 - Balancing Work and Life 12:57 - The Philosophy of Die With Zero 13:19 - Calculating Your Financial Needs 14:24 - Insurance and Medical Expenses 16:15 - Spending Money in Different Life Stages 17:06 - Creating and Fulfilling Your Bucket List 17:54 - Supporting Your Children and Grandchildren 20:37 - The Importance of Planning Your Legacy 21:49 - Giving to Charity During Your Lifetime 23:10 - Balancing Boldness and Caution 24:00 - Final Thoughts and Reflections Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . FinCEN website: finCEN.gov/boi Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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One Simple Step to Avoid a $600 Daily Penalty: The Corporate Transparency Act
10/14/2024
One Simple Step to Avoid a $600 Daily Penalty: The Corporate Transparency Act
In 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 to these regulations to prevent costly missteps. Episode Breakdown: 00:00 Introduction to the Podcast 00:26 Overview of the Corporate Transparency Act 01:02 Meet Your Host: Nick Papakyrikos 02:13 Sponsor Acknowledgements 03:44 Detailed Insights on New Filing Requirements 05:29 Real-Life Analogy: The Speeding Ticket 06:49 The Importance of Compliance and Potential Consequences 10:47 Who Must File and What Information is Required 16:31 Exemptions and Special Cases Explained 20:07 Filing Deadlines and Key Takeaways 24:45 Conclusion and Additional Resources Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . FinCEN website: finCEN.gov/boi Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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We Gotta Get Out of This Place!
10/07/2024
We 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 practical insights to help you assess whether a change of residency could benefit your financial situation. Whether you're considering a move for tax reasons or a lifestyle change, this episode offers valuable guidance to help you make informed decisions. Tune in to discover how to steer your business and financial goals back on track! 00:00 Introduction and Podcast Overview 01:18 The Impact of State Income Taxes 02:06 Meet your Host: Nick Papakyrikos 03:21 Sponsor Message 06:17 Understanding Residency Changes 08:11 Proving Your Residency Change 13:12 Common Mistakes and How to Avoid Them 18:15 Using Technology to Track Residency 25:30 Conclusion and Final Thoughts Special Thanks to Our Sponsors: Steer CRM and Auto Shop Answers Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Auto Shop Answers is an industry-leading automotive shop training program led by Todd Hayes, COO of Adams Automotive in Houston. Learn more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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How to sell your business Tax-Free - Unlocking Qualified Small Business Stock
09/12/2024
How to sell your business Tax-Free - Unlocking Qualified Small Business Stock
In 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 considering selling your business, this episode provides crucial information to help you navigate the complexities of business sales and tax planning. Key Moments: 00:00 – Introduction to Tax-Free Business Sales 00:14 – Decoding the Tax Code Provisions 01:31 – Meet Your Host and Learn About His Firm 02:19 – Important Legal Disclaimer and Sponsor Message 03:23 – In-Depth Look at Qualified Small Business Stock 05:17 – Eligibility and Requirements for Tax-Free Gains 08:47 – C Corporation vs. S Corporation: What’s the Difference? 10:40 – Strategic Advantages of C Corporations 15:43 – Considerations for State-Specific Tax Savings 17:25 – Final Thoughts and Conclusion Special Thanks to Our Sponsor: Steer CRM Steer CRM helps auto repair shops attract new customers and keep existing ones coming back for regular maintenance and service. Discover more at . Connect with Papakyrikos, CPA: The GPS to Your Business Success Visit us online: Email us: Podcast@papakyrikoscpa.com
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