We were taught to work hard and save money, but nobody explained how taxes fit into building wealth. So this week, I'm joined by Laura Zarrate, CPA and founder of Athena CPAs and Advisors. Laura immigrated from Bogotá, Colombia, at 14 with her dad and two 40-pound suitcases. She started her career at Deloitte, then built her own firm. Today she and her team serve 200+ business owners across the U.S. We get into why the tax code is a playbook, what an LLC actually does, when an S Corp makes sense, and why "just write it off" is not a strategy. If you're an entrepreneur who only talks to a tax pro in April, this one's for you.
WE GET INTO:
[01:45] Meet Laura: from Bogotá to Athena CPAs
[02:34] Not the typical "old white guy" CPA
[03:53] Immigrant frugality and learning to ask for help
[05:48] Choosing the world of "more than enough"
[07:04] Deloitte and the road to her own firm
[11:33] Why she left: freedom and meaningful work
[13:24] The skill that humbled her: sales
[16:56] The tax conversations Latinos aren't having
[18:04] How taxes actually work for W-2 vs. business owners
[20:21] Is the tax code confusing on purpose?
[21:23] Tax prep vs. tax planning
[23:03] Deductions entrepreneurs miss: home office and car
[26:32] Putting your kids on payroll
[30:14] When to hire a CPA
[32:08] What an LLC does (and doesn't do)
[35:39] S Corp elections explained
[40:54] The "just write it off" myth
[43:51] Tax tips that need to go: S Corps, Wyoming and Delaware LLCs
[47:04] Making more money but still feeling broke
[49:40] Paying yourself with unpredictable income
[51:34] Retirement accounts for entrepreneurs
[55:05] HSAs explained
[58:30] Deducting health insurance as a business owner
[1:02:50] Tax relief services: real or scam?
[1:04:58] How to vet a tax professional
[1:09:27] One step to take this week
KEY TAKEAWAYS:
→ The tax code rewards three activities: owning a business, owning real estate, and investing.
→ Tax prep is not tax planning. Your tax pro should give you a plan with real numbers.
→ An LLC is for legal protection and business credit, not tax savings.
→ An S Corp is a tax election, not a new business. It comes with payroll and reasonable salary rules.
→ A deduction lowers your taxable income. It does NOT make the purchase free.
→ Hiring your kids can work, but only with real work, market pay, and good records.
→ Know your break-even number and check your books monthly, not yearly.
→ Anyone can prepare taxes. Check licenses and ask about experience with your type of business.
CONNECT WITH LAURA ZARRATE:
Website: https://athenacpas.com
Instagram: https://www.instagram.com/athenacpas
TAKE THE NEXT STEP WITH YO QUIERO DINERO:
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This episode is for educational purposes only and is not tax, legal, or financial advice. Talk to a qualified tax professional about your situation. Yo Quiero Dinero is the #1 English-language personal finance podcast for Latinas and people of color. New episodes every Monday.
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