First Sip

Welcome to "First Sip," the podcast that fills your cup with curious conversations around ways to improve your personal & professional lives. I'm Dekimbe Smith, your host, and each week I dive into different topics that sparks the curiosity of the "Average Joe" that wants more.

Whether you're looking for tips on getting your life together, or strategies for building wealth, First Sip has something for you. So grab your drink, press play, and as always... enjoy your first sip!

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First Sip

Tax Tips and Tales ft. David Colon: The New IRS Army, ERC Scams, and Comic-Con Plans

January 04, 2024 • Season 2 • Episode 101

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Join me and David Colon in this episode, where we dive deep into the world of taxes, and make it all about the millennial hustle. 💼

We're breaking down the recent IRS decision to hire 80,000 new agents, the confusion around crypto and gambling taxes, and why the Employee Retention Credit became so popular in 2023.

Small business crew, we're talking accounting hacks and why outsourcing is the secret sauce. But this isn't your typical tax talk – David's dropping knowledge bombs on loopholes and strategies that go beyond the dollar signs. 🚀

We wrapped it up with book recommendations, Marvel geek-outs, and plans for the next comic-con. So stay tuned, stay curious, and as always Family…enjoy your First Sip!

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Timestamp Overview:
00:00 Introduction and Importance of Taxes

04:39 IRS Hiring and Funding

08:23 PPP Funding and Tax Issues

10:14 Tax Implications of Crypto and Investment Apps

13:12 Employee Retention Credit and Fraud

16:13 The Importance of Accounting and Outsourcing

20:42 Getting Started with Taxes and Accounting

24:00 Tax Tips for Starting a Business

30:18 Reconciling Books and Filing Taxes

36:06 Understanding Tax Loopholes and Laws

37:05 Year-End Tax Planning

39:44 Encouraging young people to join the tax industry

45:48 The benefits and opportunities in the accounting space