SMALL BUSINESS FINANCE – Your Guide to Business Tax Planning & CPA Tax Advice

Your business can look successful and still be losing money.

In this episode, Tiffany Phillips, CPA and Tax Strategist, breaks down the accounting and finance basics every business owner should understand. You’ll learn what your income statement, balance sheet, and cash flow statement actually tell you, and why revenue is not the same as profit.

Tiffany also explains cash versus accrual accounting, profit margins, break-even ...

You may give thousands to charity every year and still get very little tax benefit.

In this episode, Tiffany Phillips explains how a donor-advised fund can help business owners bunch several years of giving into one high-income year. You'll learn how this tax strategy may help you itemize, increase your tax savings, and continue supporting the same charities over time.

Tiffany also explains why donating appreciated investments may ...

Making more money should feel like a win. But once your income reaches the $200,000 range, several tax rules can start changing at almost the same time.

In this episode, Tiffany explains five important tax thresholds that can affect business owners. You’ll learn how NIIT, Medicare tax, self-employment tax, the QBI deduction, and tax brackets can change your final bill. You’ll also see why different tax rules use differe...

What if your kids could earn real money from your business while helping you lower your tax bill?

In this episode, Tiffany explains how hiring your kids for real, age-appropriate work can become a powerful tax strategy. You'll learn how reasonable wages can create tax savings for your business while giving your child earned income that may qualify for a Roth IRA.

Tiffany walks through a family that paid two children $28,000 in tota...

How much should you pay yourself from your S corporation? Get it wrong in either direction, and it could cost you. Pay yourself too little, and you may create an IRS red flag. Pay yourself too much, and you could waste thousands in payroll taxes.

In this episode, Tiffany Phillips explains how reasonable compensation actually works. You will learn why there is no magic 40/60 rule, how to use market data to find a defensible salary, ...

A simple retirement plan could be costing you thousands in tax savings.

In this episode of Small Business Finance, Tiffany Phillips, CPA and tax strategist, breaks down the 2026 math behind a SEP IRA vs. Solo 401(k). You’ll see why the same business income can produce very different retirement contributions and tax deductions depending on the plan you choose.

Learn how employee and employer contributions work, why a Solo 401(...

Your tax bill is not decided when you file in April. Many of your best opportunities for tax savings happen before the year ends.

In this episode, Tiffany Phillips, CPA and Tax Strategist, shares five Q4 tax planning moves business owners should review now. You’ll learn why a tax projection comes first, how retirement planning can create more options, when timing income and business purchases may help, and why Accountable Pla...

Waiting until January to start tax planning could cost you valuable tax savings.

In this episode, Tiffany shares five year-end tax strategies business owners should review before key deadlines pass. You’ll learn why a tax projection should come first and how retirement contributions, equipment purchases, S corporation payroll, business expenses, and estimated payments can affect your final bill.

Tiffany also explains why your...

Are you paying your company’s bills with your own money? If you own an S corporation, your company may be able to pay or reimburse those costs without adding the money to your taxable wages.

In this episode, Tiffany explains how an accountable plan works. You’ll learn which expenses may qualify, including business mileage, phone service, travel, education, and a home office. You’ll also discover what records to ke...

Could your business structure be costing you tens of thousands of dollars each year?

In this episode, Tiffany explains how a consultant earning $1.5 million faced nearly $74,000 in self-employment and Medicare taxes. After modeling an S-Corp election and a reasonable salary, the gross employment-tax difference was about $50,000.

You’ll learn how S-Corps work, why owner salary matters, and which IRS rules you cannot ignore. Ti...

Health Savings Accounts are known for their powerful triple tax advantage. But an HSA is not the right choice for every business owner.

In this episode, Tiffany explains five situations where an HSA could cost you more than it saves. You’ll learn how high deductibles, regular medical bills, account fees, strict withdrawal rules, and unpredictable costs can weaken the benefits. You’ll also discover when an HSA can suppor...

The money in your business bank account is not always yours to spend.

In this episode, Tiffany shares how one business owner confused cash with profit—and nearly ran out of money after taking large owner draws. A hidden $68,500 tax bill and penalty left her business with a dangerously small cash cushion.

You’ll learn the three numbers every owner should track: total cash, committed cash, and truly available cash. Tiffan...

Should you sell your rental property or leave it to your children? The answer could change your family’s tax bill by six figures.

Tiffany explains how a stepped-up basis may reduce capital gains taxes when a property is inherited. You’ll learn why gifting property too soon—or adding a child to the deed—can create an unexpected tax problem. She also explains how a properly funded revocable living trust may he...

One lawsuit could put more of your rental portfolio at risk than you think. An LLC alone may not be enough.

In this episode, Tiffany explains the four layers of real estate asset protection: insurance, separate entities, privacy, and advanced legal planning. You’ll learn the difference between a claim tied to a property and one that follows you personally. Tiffany also shares how better coverage and separate entities helped p...

Your rental properties may show big losses on paper, but that does not mean you can use those losses to lower your tax bill. The passive activity rules can keep them trapped for years.

In this episode, Tiffany explains how Real Estate Professional Status works and why reaching 750 hours is not enough. You’ll learn the two tests you must pass, how material participation works, and when grouping several properties may help. Tif...

The QBI deduction can let qualifying business owners deduct up to 20% of their qualified business income. Now it is permanent—but that does not mean every owner will get the full benefit.

In this episode, Tiffany explains the new 2026 income thresholds and why service businesses face tougher rules. You’ll learn what happens when your income enters the phaseout range, how S corporations and owner pay affect QBI, and why ...

One business owner used $270,000 in investment losses to reduce his federal tax by about $64,000 in the year he sold his company. But was it true tax savings—or simply a bill moved into the future?

Tiffany explains how direct indexing and tax-loss harvesting can help offset capital gains while keeping a portfolio invested. You’ll learn how lower cost basis, added fees, investment risk, and the wash-sale rules can change...

One business owner paid $21,600 a year for family health insurance. He thought he was getting the tax deduction—but a simple S corporation reporting mistake cost him about $7,000 a year.

In this episode, Tiffany explains how the self-employed health insurance deduction really works. You’ll learn why the rules change for sole proprietors, partners, and S corporation owners. You’ll also discover three traps that can...

Is your S corp salary putting your business at risk? Many owners pay themselves a small wage and take the rest as distributions. That may cut payroll taxes, but it can also raise an IRS red flag.

Tiffany explains how the IRS decides whether your salary is reasonable. You’ll learn why the popular 60/40 rule is a myth, what happens when distributions are treated as wages, and how market data can protect you. She also shares thr...