Derrel Allen and Kris O’Connor welcome back Jeff Goold, Enrolled Agent and founder of Element Ledger. With tax season on the horizon, Jeff makes the case that tax planning shouldn’t be a fourth quarter panic. It should be a 12 month conversation, and it starts with books that are actually clean. He breaks down what that means, clears up the most common 1099 myths, and gives small business owners a practical way to keep more of what they earn and stay audit ready.

Jeff also takes on the growing habit of handing tax prep and bookkeeping to AI. He explains the difference between a software algorithm and accredited professional judgment, and why it matters who is sitting across the table from you in an IRS audit.

Topics covered:

The 12 month tax strategy: why waiting until Q4 or year end leaves money on the table, and how ongoing bookkeeping keeps your tax savings in play all year.

What “clean books” really means: proper transaction categorization, monthly bank reconciliations, and how misclassifying expenses in depreciation or equity accounts wrecks your balance sheet.

Receipts at the moment of purchase: how capturing documentation with cloud apps like QuickBooks Online or Xero meets IRS requirements and ends shoebox season for good.

W-9 and 1099 demystified: the year end rules for independent contractors, plus the dangerous myth that income under $600, or income without a 1099, doesn’t need to be reported.

The risks of AI tax prep: why AI tools lack contextual judgment, get tax law nuances wrong, put sensitive financial data at risk, and can’t represent you in front of an IRS auditor.

Sales tax misconceptions: why sales tax collected from customers is a liability on your books, not revenue or an expense, and how getting that wrong skews your financial picture.

Fractional CFO services: how Element Ledger works with businesses under $2M in revenue, with monthly financial dashboards, KPI tracking, and peace of mind.

Bonus fact: why Dallas Cowboys season tickets are no longer a business write off under the Tax Cuts and Jobs Act.

Connect with Jeff Goold: element-ledger.com, or info@element-ledger.com.

The opinions expressed by guests on TOM Talks Online Marketing are their own and do not necessarily reflect the views of the hosts or Total Online Marketing LLC. This episode is general information, not tax advice for your specific situation.

Derrel Allen -- Total Online Marketing
www.totalmagic.com

Kris O’Connor -- Kris O’Connor Marketing Gems
bttom.com/url/kris

Want to be a guest and talk about your own marketing gems? Reach out to Derrel at totalmagic.com/podcast.

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