Running a business as a mom is about more than just making money — it’s about creating the life you want for your family. On this week’s episode of the MamasteFit Podcast, I sat down with my CPA, Kimberly Tara, to talk about how moms can keep more of their hard-earned money, create businesses that fit their lives, and even involve their children in their entrepreneurial journey.
Kimberly is not only a CPA but also a Certified Tax Coach, entrepreneur, and mom of four. She knows firsthand the challenges of balancing motherhood and business ownership, and she has built her firm around supporting women, especially moms, who want to be present for their kids while still growing wealth.
Here are some of the biggest takeaways from our conversation.
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Step One: Become a Business Owner
The tax code is written to favor business owners. If you’re only working as a W2 employee, there are limited opportunities to save on taxes. Kimberly encourages moms to consider turning a hobby or side hustle into a legitimate business. Whether it’s freelancing, consulting, creating digital products, or selling goods, once you’re a business owner, you open the door to tax strategies that help you keep more profit in your pocket.
Get Comfortable with Your Numbers
Many women shy away from looking at their business finances. Money can feel intimidating, or even shameful, to discuss openly. Kimberly stresses the importance of knowing your numbers — revenue, expenses, and profit — and updating your books regularly. Without this foundation, it’s nearly impossible to make proactive financial decisions.
Tracking your numbers also helps you identify missed deductions and ensures you’re not leaving money on the table. Separate business and personal expenses, use dedicated business accounts, and avoid waiting until the end of the year to figure things out.
Turn Everyday Expenses into Business Deductions
One of Kimberly’s favorite strategies is finding legitimate ways to make personal expenses into business deductions. Travel, meals, home office use, and even paying your children as employees can all become powerful tax strategies when done correctly.
For example, in my business, my children work as social media models. This not only allows me to deduct their wages as a business expense, but I can also use that money to fund their college savings accounts and Roth IRAs. Over time, this builds generational wealth while also lowering my taxable income.
Kimberly explains that these kinds of strategies shift your mindset from employee to CEO, helping you see new opportunities for your family’s financial future.
Teaching Our Kids About Money and Entrepreneurship
Hiring kids in your business isn’t just a tax benefit — it’s also a chance to teach them entrepreneurial skills. Kimberly and I both shared stories of our children creating lemonade stands, wanting to start businesses, and learning the value of profit versus revenue. By involving them early, we can break generational cycles of silence around money and give them tools for independence and confidence later in life.
Boundaries, Balance, and Choosing What Matters
Both Kimberly and I are moms of four, and we know the constant push and pull between business growth and family life. Setting boundaries with clients, family, and ourselves is essential. We’ve both had to say no to projects or opportunities in order to prioritize our children, knowing there will be time later in life to chase bigger goals.
Success, we agreed, is not about flashy revenue claims or unsustainable hustle — it’s about building a business that supports the life you want.
I go into more depth about how I homeschool, parent, and run a business in this podcast episode or you can read the blog HERE.
What If You’re Just a W2 Employee?
Kimberly shared that W2 earners don’t have the same tax strategies available as business owners, but they can at least make sure their withholdings are correct to avoid owing big balances at tax time. Beyond that, her advice was clear: “Go start a business.” Even small side hustles or rental properties can open the door to deductions and greater financial flexibility.
Final Advice: Focus on Profit, Not Revenue
At the end of our conversation, Kimberly left us with three big takeaways for keeping more money in your pocket:
Focus on profit, not revenue. Revenue may sound impressive, but profit is what actually matters for your family and future wealth.
Look for expenses you’re already paying for that could be shifted into legitimate business deductions.
Track your numbers consistently. Even 30 minutes a week reviewing your finances can create long-term benefits.
Final Thoughts
Talking about money can feel uncomfortable — especially for women and moms who are often told not to prioritize profit. But as Kimberly reminded us, building wealth as a mom isn’t about greed; it’s about creating freedom, memories, and opportunities for our families.
If you’re ready to take the next step in your own journey, start by looking at your numbers, finding a way to turn your passion into a business, and making your money work harder for you.
Connect with Kimberly Tara
You can find Kimberly on Instagram at @KimberlyTaraCPA, listen to her show CEO Moms Building Wealth Podcast, or learn more about her services at taracpafirm.com.
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