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SMALL BUSINESS FINANCE– Business Tax, Financial Basics, Money Mindset, Tax Deductions

Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert

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Are you unsure of what to do with your business finances? Are you scared you might do something that causes the IRS to come after you? Do you lack confidence in knowing if what you’re doing is correct? Are you desperate for answers for all of your financial questions? In this podcast, you will find financial knowledge and systems to set you free from the mass confusion of small business finances. My mission is to help equip you to have a financially successful small business through financia ...
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In this episode, we dive into why it's so important to regularly check in on your business finances. Many small business owners get caught up in the daily grind and forget to look at their numbers. We explain how regular financial reviews can help you spot trends, manage cash flow, and even catch mistakes or fraud. You'll learn why staying on top o…
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In this episode, we tackle a common question: Is your business legitimate? I answer a listener's question about business legitimacy and tax deductions, breaking down how to know if your business qualifies as legitimate. We discuss active vs. passive income, the importance of keeping good records, and how to prove you’re running a real business. Whe…
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In this episode, we dive into the story of a client who faced a huge financial loss after his business failed. With over a million dollars lost, he felt defeated. But there's hope! We'll explore practical steps to recover from big losses, like investing in real estate and taking advantage of tax strategies. You'll learn how to turn a bad situation …
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In this episode, we dive into a big question many business owners have: How much should you pay yourself? We'll break down the rules from the IRS on wages and equity distributions for S corporations. You'll learn what "reasonable compensation" means and how to figure out the right amount for your salary. Plus, we'll discuss how to take extra cash o…
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In this episode, we dive into what happens if you miss an estimated tax payment. We explain if there are penalties, interest, or other consequences. We also share tips on how to get back on track if you miss a payment or didn’t know you needed to pay estimated taxes. We’ll help you understand why the IRS wants their money and how to avoid extra fee…
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In this episode, we uncover the tax secrets that could save you thousands of dollars! Your CPA might be missing crucial deductions that can reduce your tax bill. We dive into real-life case studies to show you what to look for on your own tax return. Learn how one client saved $37,000 by making smart adjustments and another avoided losing $111,000 …
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In this episode, we dive into a smart way to save on taxes by paying your kids for legitimate work in your business. Learn the right and wrong ways to do this, from tracking their hours to giving them age-appropriate tasks. We’ll cover everything from simple chores like taking out the trash to more skilled work like video editing. Discover how to m…
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In this episode, we dive into the world of tax planning and help you figure out if it's the right time for you to start. We'll explain the difference between tax preparation and tax reduction, and why they matter. Learn the key signs that show you're ready to start saving on taxes and discover some simple strategies to keep more of your hard-earned…
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In this episode, we dive deep into the Qualified Business Income (QBI) deduction, a special tax break for business owners. Introduced in 2018, QBI lets you cut your income by 20% on your taxes if you meet certain rules. We'll break down these rules, explore who qualifies, and share some smart tips for high earners to make the most of this deduction…
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In this episode, we dive into a common issue many professionals face: managing 1099 income when you have an S corporation. If you're getting paid personally instead of through your business, it can lead to big headaches with the IRS. We'll cover the best practices to ensure your earnings are properly accounted for and discuss strategies to avoid au…
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In this episode, we dive into seven powerful ways to lower your taxes through smart investments that the IRS actually likes! If you're a business owner, you'll discover some amazing tools to not only reduce what you owe in taxes but also to boost your overall wealth. Some of these methods might be new to you, and they are pretty exciting! We'll exp…
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In this episode, we dive into the crucial difference between legally reducing your taxes and the risky world of tax evasion. Ever wonder if the ways you’re saving on taxes are actually okay? We’ll clear up the confusion with expert insights on what's safe and legal. We’ll talk about common mistakes people make, how to avoid them, and the right ques…
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Welcome to a brand-new episode where we dive into what happens when you inherit something like a house, land, or investments. It’s a topic that many find confusing, especially when it comes to taxes. But don't worry, it's not as daunting as it seems! We’ll discuss simple ways to handle inherited assets without getting stressed about taxes. You'll l…
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In this episode, join us as we dive into the powerful world of delegation and time management for busy business owners. Learn how to free up your schedule and grow your business by handing off tasks to others. Discover practical tips on what to delegate and how to effectively use your team to take some weight off your shoulders. Whether it's hiring…
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In this episode, we dive into the exciting world of buying a business! Join us as we explore a real-life story of a client who is currently in the process of acquiring a business. We'll share insights on making sure it's a good purchase, discuss some challenges they've faced, and offer tips on avoiding common pitfalls. Whether you're thinking about…
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Today’s podcast is a treasure trove of tips for all you high-earners looking at real estate to save on taxes. We dive deep into a common hiccup that could trip you up if you’re not clued in. It’s all about understanding the fine print and making sure real estate losses actually work for you. And guess what? If you’re juggling a busy W2 job, there’s…
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Discover the ins and outs of W-9 forms in this eye-opening episode! Join us as we unravel the complexities of W-9s, shedding light on their importance for both business owners and contractors. Learn why obtaining W-9s upfront is crucial, and gain clarity on filling out these forms correctly to avoid IRS penalties. From tax classifications to backup…
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In this episode, discover the hidden obstacle hindering your business growth: the fear of the unknown. Join Tiffany as she candidly shares her personal journey of recognizing and overcoming this common entrepreneurial challenge. Delve into the paralysis of perfectionism and how it stifles progress, uncovering the importance of embracing uncertainty…
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In this eye-opening episode, discover why traditional savings goals might actually be hindering your business growth. Host Tiffany challenges conventional wisdom, urging entrepreneurs to shift focus away from penny-pinching and toward revenue growth, cash flow management, and increasing net worth. Drawing from personal experience and practical insi…
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Discover the hidden truth about IRS penalties in this eye-opening episode of our finance podcast. If you're a business owner, you might be unknowingly overpaying taxes due to penalties for underpayment throughout the year. Learn how to identify, avoid, and minimize these penalties, potentially saving yourself thousands. We delve into the little-kno…
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Get ready to tackle tax season like a pro! In this episode, we dive into the nitty-gritty of business taxes, answering burning questions like how much to set aside and when to pay in. We reveal the shocking truth about penalties for underpayment and provide expert strategies to ensure you're not overpaying the IRS. Learn how to navigate tax deadlin…
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Unravel the mysteries of S Corporation finances in this eye-opening episode! Join us as we dive deep into the world of S Corp taxation and equity distributions. Learn how to navigate the complexities of getting money out of your business while maximizing tax advantages. Discover the importance of paying yourself a reasonable compensation and the in…
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Discover the intriguing world of C corporations in this eye-opening episode. Host [Your Name] navigates the complexities of business entity structures, debunking myths and revealing surprising truths. Dive into the 21% tax rate allure, but beware the potential pitfalls of double taxation and equity entanglements. Uncover strategies to leverage C co…
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Get ready to become a tax return detective with our newest podcast episode! We're diving into the world of tax returns and uncovering the secrets to making sure yours is spot-on. Ever wonder if you're missing something important on your tax form? Worry no more! You'll learn how to check your return like a pro CPA, spotting those sneaky errors and k…
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In this eye-opening episode, we delve into a common mistake many small business owners make: relying solely on their bank account balance to gauge success. We uncover why this approach is flawed and how it could be hindering your business growth. From mismatched profit and loss statements to hidden expenses, we explore the discrepancies that often …
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In this episode, we debunk the common misconception that electing S Corporation status is always the best move for small businesses. Host, Tiffany Phillips, dives into the pitfalls of blindly following this advice, outlining five key scenarios where choosing an S Corp could actually harm your finances. From tax liabilities on real estate to restric…
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In this episode, we delve into a treasure trove of 28 innovative ways to slash your small business taxes. From startup costs to employee benefits, we uncover deductions you may have never considered. Hosted by Tiffany Phillips, a seasoned finance expert, this podcast equips small business owners with essential strategies to maximize tax savings leg…
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In this insightful episode, CEO Tiffany candidly shares the valuable lessons she's learned during her eight-year journey as a business owner. From embracing a growth mindset to delegating tasks effectively, she reflects on five key mistakes she made along the way and how she turned them into learning opportunities. Tiffany emphasizes the importance…
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Are you thinking about making your LLC an S Corp? This episode is just what you need! We're unpacking all the must-know details about S Corp elections, how to stay on the IRS's good side, and what to do if you find out you've missed a step. If you're in a community property state, we've got a hot tip that could save you from tax troubles. Plus, we'…
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Ready to save big on taxes? Tune in to hear how one client saved over $30,000! We'll reveal how smart financial moves and understanding your business can lead to huge savings. Learn about S corporation strategies, smart distributions, and how to handle excess basis to keep more money in your pocket. Whether you're a seasoned business owner or just …
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Get ready to tackle tax time like a pro! In this episode, we're diving into the big questions of filing taxes for your business: To extend or not to extend? Should you file early or wait until the last second? Discover the perks of getting your taxes done ahead of time and find out if waiting until the last minute is really the risk some people say…
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In today's episode, we're getting real about the sneaky ways we might be holding ourselves back in business without even realizing it. I'll share some personal stories of my own "aha" moments and how I moved from feeling stuck to taking control. We'll explore how to spot the signs of self-sabotage and the powerful shifts that can happen when we ste…
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Get ready to dive into the big question every growing business faces: When's the right time to hire? 🌟 In this episode, we chat about all things hiring - from figuring out if you need an extra hand to making sure your cash flow can handle it. We'll walk you through real-life scenarios, share personal stories, and give you smart tips to decide if it…
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In this must-listen episode, we dive into the brand-new 2024 rules for LLCs: the Beneficial Ownership Reporting. We know it sounds like a big deal, and it is, but don't stress! We're here to break it all down for you in simple steps so you can stay on top of things and avoid those scary penalties. Whether you've had your LLC for a while or just sta…
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In this episode, we dive into a real-life question from a listener about how to pay themselves in a Partnership LLC. We explore the ins and outs of drawing a salary, the role of operating agreements, and the concept of guaranteed payments. Whether you're new to business or looking to streamline your finances, we break down the complexities into eas…
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In this enlightening episode, we dive into the fascinating world of the six human needs and how they're secretly shaping your business success. Coined by Tony Robbins, these needs influence everything we do, sometimes without us even realizing it! From childhood influences to our quest for certainty and significance, we explore how these deep-roote…
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In this eye-opening episode, we dive into a common yet sneaky mistake many business owners make—overpaying in taxes by paying themselves too much salary. It's easy to fall into this trap without even realizing it, but don't worry, we've got your back! We'll explore what overcompensation is, how it leads to unnecessary tax payments, and most importa…
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Ready to keep more of your hard-earned money away from taxes? This episode dives into the secrets of the tax code, especially for the high rollers without a business. We're unpacking why owning a business is key to slashing taxes and sharing real stories from high earners like you who've turned the tide on their tax bills. Discover how starting a b…
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Get ready to dive deep into the unseen parts of your business that are key to your growth and abundance! In this eye-opening episode, we explore how mindset and emotions secretly shape your business success. You'll hear personal stories and insights on intertwining personal growth with professional progress, and why it's essential to master both. L…
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In today's episode, we dive into the often confusing world of payroll taxes. We cover everything from FICA and FUTA to Medicare taxes and the unique aspects of self-employment taxes. Whether you're a new business owner or just looking to better understand how payroll taxes work in 2024, this episode has got you covered! We break down the complexiti…
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In this must-listen episode, we dive into the crucial world of business taxes and how you might be paying more than necessary. It's 2024, and it's time to take control! We'll explore four common reasons why businesses often overpay in taxes. This episode isn't just about numbers; it's about empowering you, the business owner, with knowledge and str…
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Get ready for an essential update on the Tax Relief for American Families and Workers Act of 2024! In this episode, we're diving into the upcoming tax changes that might impact you and your business. We'll explore the key highlights of the new bill, including adjustments to child tax credits, R&D expenses, and much more. Whether you're a working pr…
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Welcome to our latest podcast episode, where we explore a crucial but often overlooked aspect of business success: your mindset. In this episode, we delve into how the unexamined 'rules' in our minds can impact our business goals and growth. We'll share real-life examples and personal experiences that highlight the importance of challenging and red…
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In this insightful episode of our podcast, Tiffany, a seasoned financial expert, delves into the world of real estate investment, offering invaluable advice for investors grappling with passive losses and seeking tax deductions. Focusing on strategies that enable investors to capitalize on these losses, Tiffany shares her expertise in navigating th…
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In this super helpful episode, Tiffany tackles a big question many small business owners have: Are you paying too much tax? If you're worried about this, you're not alone. Tiffany explains how you can figure out if you're overpaying and what you can do about it. She shares insights into smart tax planning, not just as a year-end rush, but as a year…
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In this must-listen episode, Tiffany shares five super-helpful tips to get your business finances on track for a fantastic 2024. Starting the year right is key to success, and Tiffany makes it easy and straightforward. You'll learn the importance of separating personal and business expenses, setting up a simple system to keep track of your finances…
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In this exciting episode of our podcast, we dive into four big things you should stop doing right now to avoid staying broke. These are simple, yet powerful habits you might not even realize are holding you back from reaching your financial goals. As we step into 2024, it's time to leave these habits behind! Join Tiffany, your friendly guide to sma…
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In today's show, we're talking about a big question for people who run small businesses—how they should get paid. It doesn't matter if you're running the business by yourself or with others; we're here to help. We'll explain how to take money from your business, answering questions like when to do it, how much to take, and why it's important to kee…
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In this episode, we unravel the complexities surrounding the business use of the home deduction—a game-changer for entrepreneurs working from home. Get ready to discover the ins and outs of maximizing your savings while avoiding common pitfalls. Our expert discussion covers five prevalent myths about the home deduction that every small business own…
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