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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. ...
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Get the Most from Your Money and Life (Revisited)
25:36
25:36
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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 bala…
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Converting your Traditional IRA to a Roth IRA
17:54
17:54
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17:54
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 …
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If You Like Sausage, Don’t Watch It Being Made
27:43
27:43
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27:43
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 quirk…
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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.…
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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, g…
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I'm Starting a Business - How Should I operate? - Choice of Entity
51:10
51:10
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51:10
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 liabili…
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Good to Great: Don’t Buy Rental Real Estate in 2025 Without Considering This Idea
25:51
25:51
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25:51
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 …
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It's not too late to fix 2025 and maybe not too late for 2024 - Groundhog Day
22:38
22:38
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22:38
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…
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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 dedica…
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Auto Repair Industry - The Honest Mechanic
27:12
27:12
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27:12
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…
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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 appro…
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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
29:43
29:43
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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 actiona…
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Reflect on 2024-successes and challenges-It's the basis for your 2025 goals
18:58
18:58
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18:58
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 se…
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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 epi…
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Employee Holiday Bonuses & Gifts: Ho Ho Ho or Bah Humbug?
37:29
37:29
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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 yo…
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2024 Year-End Tax Planning: Good Year or Not-So-Good Year
39:18
39:18
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39:18
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 a…
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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 crit…
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Starting Your Business: Next Steps - Part 2
27:36
27:36
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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 bu…
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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 t…
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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 savi…
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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…
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Elections 2024 - What Every Business Needs to know
31:56
31:56
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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 rat…
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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 bala…
…
continue reading
1
One Simple Step to Avoid a $600 Daily Penalty: The Corporate Transparency Act
26:51
26:51
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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 ben…
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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, …
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How to sell your business Tax-Free - Unlocking Qualified Small Business Stock
19:50
19:50
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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…
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