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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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If you’re a business owner living in a state with high income taxes, this episode is for you! Discover a powerful tax strategy that could save you thousands of dollars. I break down how a special workaround called the Pass-Through Entity Tax (PTET) can help you get a bigger tax deduction while still benefiting from the standard deduction. This stra…
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Did you know there’s a legal way to contribute to a Roth IRA even if your income is too high? In this episode, we’re uncovering the Backdoor Roth IRA strategy—a simple, two-step process that allows high earners to grow their retirement savings tax-free. We’ll break down who qualifies for a regular Roth IRA, how this strategy works, and the key thin…
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In this episode, we dive into the big buzz surrounding the Beneficial Ownership Information (BOI) Report. A recent court ruling has shaken things up, putting a temporary pause on the Corporate Transparency Act, and business owners are left wondering—should you still file or hold off? We’ll break down what this report is, what the court’s decision m…
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In this episode, we dive into a big topic that could impact businesses across the U.S.—tariffs on BRICS nations. With Donald Trump preparing for 2025 and proposing a 100% tariff on Brazil, Russia, India, China, and South Africa, what does that mean for our economy, businesses, and taxes? We break it all down, from the history of BRICS to how these …
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Are you missing out on business deductions that could save you money? In this episode, we dive into how almost any expense can be a business deduction—if you follow three simple rules. Learn how to document your expenses, understand IRS guidelines, and turn everyday costs like meals, travel, and even family expenses into smart tax savings. We’ll br…
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Get ready to make your 2024 tax season the easiest one yet! In this episode, we share simple, stress-busting tips to prepare for your business taxes before the year ends. From staying on top of your financials to handling W-9s and 1099s, we cover everything you need to know to avoid last-minute headaches. You’ll learn how to organize your records, …
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Are you looking for a way to boost your cash flow right now? In this episode, we reveal an often-overlooked strategy that can help business owners like you put money back in your pocket immediately. Spoiler alert: it’s all about reducing your tax bill! We’ll dive into how taxes are likely your biggest expense and how small adjustments can make a hu…
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Are you paying too much in taxes? Most small business owners are—and they don’t even know it! In this episode, we dive into how you can save 30% or more on taxes by making simple changes to what you’re already doing. Learn how to tell if you’re ready to work with a tax advisor, why proactive planning is a game-changer, and the steps to make sure yo…
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In this episode, we dive into the tricky world of taxes after selling your home at a big profit. With housing prices high, many people are making great returns, but are caught off-guard by large tax bills. I share a real-life case where my client made $800,000 on a home sale and wanted to keep as much of it as possible. We discuss key strategies, l…
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In this episode, we dive into a big question for business owners: should you pay your spouse out of your business? If your spouse is already helping out or could step in to lend a hand, paying them might actually save you money on taxes! We’ll break down the benefits and talk about smart ways to pay your spouse—without adding payroll taxes. From sa…
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In this episode, we dive into a key reason many businesses get stuck and what you can do to finally reach that next level. I’ll share a common mistake I made for years—thinking small and staying too focused on today’s problems instead of creating a vision for the future. We’ll talk about why a clear, big-picture vision is crucial and how it impacts…
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In this episode, we dive into what Donald Trump’s recent election win could mean for your taxes. With Trump’s focus on cutting taxes and keeping money in American pockets, there are some major tax policies you need to know about. We discuss the future of the Tax Cuts and Jobs Act, which is set to expire in 2025, and what that might mean for individ…
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In this episode, we dive into a key reason many businesses get stuck and what you can do to finally reach that next level. I’ll share a common mistake I made for years—thinking small and staying too focused on today’s problems instead of creating a vision for the future. We’ll talk about why a clear, big-picture vision is crucial and how it impacts…
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In this episode, we tackle one of the biggest fears for business owners: an IRS audit! But don’t worry – it’s all about making sure you’re prepared so you can stay stress-free. We break down 7 simple steps that will help you audit-proof your business. From keeping clean records to knowing your rights, you’ll learn what to do now so that if an audit…
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In this episode, we dive into the often confusing world of state sales tax. If you're unsure about when to charge sales tax, what the rules are, or how to stay compliant, we’ve got you covered! I’ll walk you through 10 key things every business owner needs to know about state sales taxes, from understanding nexus and registering for permits to fili…
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In this episode, we dive into a topic many small business owners overlook: tax implications when earning income in multiple states. I’ll break down five important things you need to know to make sure you’re paying the least amount of taxes possible—whether it’s income tax, payroll tax, or more. From understanding residency rules to getting tax cred…
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In this episode, we dive into the challenges business owners face when growing from $1M to $3M in revenue. On the surface, everything might look great—your business is booming, you’ve got a team, and success seems to be within reach. But behind the scenes, it can feel overwhelming, with stress piling up and endless tasks on your plate. I share pers…
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In this episode, we dive into how the upcoming 2024 election could change your taxes, especially if you’re a small business owner. We break down the key tax proposals from both Donald Trump and Kamala Harris, looking at how their plans might impact your bottom line. From corporate tax cuts and increases to tax credits for startups and support for l…
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In this episode, I walk you through a real-life case study where I helped a couple save an incredible $67,581 in taxes! I break down the exact strategies we used, including some smart investment moves, business structuring tips, and ways to maximize deductions. Whether you're a business owner or just looking for ways to reduce your tax bill, this e…
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In this episode, we dive into 7 key steps you need to take before the year ends to get ready for your 2024 taxes. Whether you're running a business or handling personal finances, these tips will help you save money and avoid headaches when tax season rolls around. We cover everything from making sure your financials are up to date, to reviewing con…
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In this episode, we dive into a common issue for S corporation business owners: taking excess distributions from your business. If you've moved more money than you should from your business to your personal account, it can trigger a shareholder loan on your tax return, raising red flags with the IRS. I’ll walk you through simple steps to fix the is…
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In today’s fast-paced, online world, protecting your financial information is more important than ever—especially as a business owner. In this episode, we dive into simple yet powerful steps you can take to keep your money and data safe from hackers. From using two-factor authentication to creating strong passwords, I share my personal tips for sec…
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In this episode, I share how hiring coaches has transformed both my business and personal life. Just like my golf game improved with the help of a coach, having the right business and personal advisors has helped me grow faster than I ever could alone. I talk about the huge benefits of working with multiple coaches, how they’ve helped me reduce str…
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In this episode, we break down 8 common financial mistakes that small business owners make and how to avoid them. From cash flow issues to not planning for taxes, these mistakes can slow your growth and create unnecessary stress. We’ll dive into practical tips to help you manage your business finances more effectively, spot areas where you’re losin…
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Are you missing out on a huge tax-saving opportunity? In today’s episode, we dive into a little-known strategy that lets you get your medical expenses reimbursed tax-free through your business. This powerful method can save you thousands of dollars if done right! Learn how medical expense reimbursement plans work, what kinds of expenses qualify, an…
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In this episode, we're diving into the number one audit risk that many small business owners unknowingly make—and it’s a mistake I see all the time! If your business earns less than $500,000 a year (or even more!), you might be at risk for an IRS audit without even realizing it. We’ll discuss why mixing personal and business finances is a big no-no…
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Are you the bottleneck in your own business? In this episode, we dive into the surprising thing that might be holding you back from growing your business. I’ll share a recent conversation with my business coach that opened my eyes to a personal need that was unknowingly keeping me stuck. We’ll talk about why it’s so hard to step away, even when you…
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In this episode, we dive into one of the biggest tax changes in recent years—the Tax Cuts and Jobs Act of 2017—and what it means for your tax deductions today. With the Act set to sunset soon, there are still smart ways to maximize your tax benefits, especially if you’re a business owner dealing with the SALT deduction cap. We’ll break down a cleve…
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Have you ever thought your dentist and tax preparer could have something in common? In this episode, I share a surprising realization I had during my recent dentist visit. We’ll dive into the big difference between quick, volume-based services and those that offer a personalized, advisor-level experience. I’ll walk you through my son’s speedy denta…
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Are you a business owner who feels like you’re paying too much in taxes? You’re not alone! In this episode, we dive into why millions of business owners are overpaying the IRS every year—and what you can do to stop. We’ll discuss common mistakes like only talking to your CPA once a year, missing out on proactive tax planning, and getting outdated a…
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Are you running a side business to escape your full-time job? The IRS has strict rules about what counts as a real business and what’s just a hobby—and getting it wrong can cost you big time! In this episode, we dive into the 9-point IRS test that decides whether your side gig is legit or just a fun pastime. You'll learn why it’s so important to pr…
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Hiring new employees is a big step, but did you know it can also save you money on your taxes? In this episode, we dive into the Work Opportunity Tax Credit—a little-known but powerful federal program that rewards businesses for hiring employees from certain targeted groups, like veterans, long-term unemployed, and more. We’ll break down how this c…
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Deciding whether to lease or buy equipment or a vehicle for your business can be tricky, but it's a choice that can greatly impact your cash flow and taxes. In this episode, we break down the pros and cons of both leasing and buying, helping you make the best decision for your business. You'll learn about the tax benefits, upfront costs, and long-t…
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In this episode, we're diving deep into the world of depreciation and how it can help you save big on your taxes as a business owner. We’ll break down what depreciation is, the different types you should know about, and the smartest ways to use it to your advantage. Whether you're buying new equipment, considering Section 179, or exploring bonus de…
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In this episode, I reveal a shocking statistic: Over 23 million small businesses are overpaying on their taxes simply because they're not structured properly. If you're a business owner, there's a good chance you're one of them! I break down the common mistakes that lead to these costly overpayments and show you how to fix them. From choosing the r…
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In this episode, we dive into the key components of analyzing your business profits to help you make more money and grow your success. We'll walk you through five important areas every business owner should focus on: understanding your revenue streams, breaking down costs, analyzing profit margins, calculating your break-even point, and evaluating …
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In this episode, we dive into what to do when you’re faced with a big financial event, like selling a business or real estate, and want to reduce your taxes. These are unique situations that don’t happen often, so it’s easy to get overwhelmed. But don’t worry—I’ve got you covered! I’ll share 7 smart strategies to help you keep more of your money an…
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In this episode, we dive into a crucial topic for business owners: how to know if your CPA is really helping you save on taxes. I’ll share three key signs that could indicate you're overpaying the IRS and not getting the most out of your tax strategy. We'll discuss how to spot if your CPA isn’t open to new ideas, why it’s a red flag if you only tal…
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In this episode, we're diving deep into the world of cash flow management for small business owners. Cash is king, and it’s the lifeblood of your business. We'll explore why understanding your cash flow is crucial for growth and peace of mind. Whether you’re in the green or struggling with cash flow, this episode will help you gain control and slee…
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Struggling with cash flow can be one of the hardest parts of running a business. In this episode, we dive into the stress of managing money and the smart ways to handle it. Learn why having business credit can be a game-changer and how to use it wisely. I share my own story of starting a business, getting into debt, and climbing out of it. We’ll ta…
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Welcome to today’s episode! We’re diving into a super important topic for business owners: bookkeeping. If keeping track of your finances feels like a chore, don’t worry—we’ve got you covered. We’ll share five reasons why good bookkeeping is essential and break down the basics to keep your business on track. From separating business and personal fi…
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In this episode, I share a big shift in my mindset that I've been working on for over a year and a half. It's been a tough journey, but I finally see the results of my hard work. I'll talk about how these changes have made my business and life better, even when things got really hard. You'll hear about a recent experience that tested my patience an…
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In this episode, we uncover big changes in the accounting world that could affect your business. Discover why many CPAs are retiring and how the shortage of new accountants is causing problems. We talk about the rise of AI in accounting and how it might change your relationship with your CPA. Learn about the challenges of hiring skilled accountants…
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In this episode, we dive into a critical decision for any business owner: choosing the right person to handle your finances. From accountants to CFOs, the person you pick can make or break your business. We'll reveal three toxic traits you must watch out for in CPAs, so you don't get stuck with someone who's bad for your business. You'll learn why …
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In this episode, we're diving into the best ways for small business owners to pay off debt. We'll talk about which debts to tackle first, whether to use cash or get a new loan, and how to avoid common mistakes. We'll cover important tips like knowing your interest rates, loan balances, and minimum payments. Should you pay off small balances first o…
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Welcome to this episode where we dive deep into how your mindset about money and taxes could be holding your business back. We explore a common but subtle issue that many business owners face: the fear of higher taxes as income grows. You'll hear a real-life example of how this mindset can limit your success. Learn why paying more taxes isn't a bad…
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In this episode, I share an incredible case study of a client we helped save $117,000 in taxes for 2024! We found an error on his tax return that was costing him big time. By optimizing his deductions and correcting past mistakes, we turned things around. This client, a doctor with multiple businesses, had been overpaying taxes for years because no…
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In this episode, we dive into a real-life story of how I helped a frustrated doctor save $12,500 on taxes. Tired of last-minute advice and high costs from his old CPA, this doctor came to me for help. We discovered that his partnership was set up all wrong, costing him lots in taxes. By making smart changes, like transitioning his partnership to an…
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Are your business finances holding you back? In this episode, we explore why basic bookkeeping and accounting aren't enough when you're ready to grow. Learn the importance of understanding your profit and loss, balance sheets, and cash flow reports. We'll discuss creating and revising budgets, tracking key performance indicators, and comparing your…
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Being a business owner is tough and requires a lot of strength. In this episode, we dive deep into the challenges and rewards of entrepreneurship. I share my personal journey, including the struggles I faced and how I overcame them. You'll learn about the importance of having cheerleaders in your life and the incredible impact of personal growth on…
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