Financial Audit The Most Hated Person In Financial Audit History
Nov 21, 2025
Caleb dives into financial chaos with guest Nova, whose mixed finances led to an IRS review. They discuss the pitfalls of blending personal and business expenses, revealing some shocking spending habits, like a $7,000 couch. Practical tips emerge for financial organization, including setting up separate accounts and budgeting. The dangers of credit card misuse and the stress of IRS notices highlight the urgent need for better money management. A call to prioritize debt and savings over impractical spending wraps up the candid discussion.
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Rapid Success With Messy Money
- Nova started her photography business young and scaled to six figures by age 30 despite messy finances.
- She admits she lived an upper-class lifestyle without handling past tax obligations, which led to her current problems.
Separate Business Money And Save 30% For Taxes
- Create a business checking account (or LLC) and never spend personal money from it.
- Distribute profits monthly, keep a buffer for expenses, and set aside ~30% for taxes.
PayPal Reports Triggered A Tax Shock
- Nova thought she was audited after PayPal reports triggered tax adjustments and she used Craigslist tax help.
- Caleb clarifies she wasn't audited initially but was told she owed more and then refiled with paid help.