SMALL BUSINESS FINANCE– Business Tax, Financial Basics, Money Mindset, Tax Deductions
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 financial systems, financial knowledge, and money mindset. If you’re ready to say yes to being financially successful and stop struggling with everything that hasn’t worked for a solution that will - you’re in the right place! Hey, I’m Tiffany. A mom, wife, financial guru and small business owner. For over 20 years I’ve been a successful small business tax advisor. I understand the confusion and frustration that comes with managing your own finances. As a CPA, I’ve been the ”go to” financial resource and partner for countless entrepreneurs. Until now, I only helped established business owners making a lot of money, helping them save tens and even hundreds of thousands of dollars. But I realized newer, smaller business owners needed as much, and maybe more, financial help than the bigger guys! So, I’m here to help you increase your financial knowledge so you, too, can successfully operate your business and make the best financial decisions possible. So, if you are ready to finally gain CONFIDENCE from financial confusion in your business, create simple financial systems, and get past financial roadblocks - this is the podcast for you! We are going to get absolute control of YOUR business finances TOGETHER. So let’s dust off those spreadsheets, friend. It‘s time to buckle up! Next Steps: 💰 Join the Tax Savings Institute: http://taxsavingsinstitute.com 💲 Struggling with your bookkeeping? Check out the Ultimate Bookkeeping Guide: http://ultimatebookkeepingguide.com/ ☎️ Find out how much you’re overpaying in taxes every year! Schedule a FREE discovery call to find out --＞ https://phillipsbusinessgroup.com/ 📧 Contact Me --＞ tiffany@thetiffanyphillips.com
Episodes
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 around and find opportunities even in tough times. Whether you've faced a similar ch...
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 out of your business without getting into trouble with taxes. Whether you're a solo e...
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 fees.
Plus, learn important dates for tax payments and how to plan ahead to avoid last-...
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 by fixing mistakes. Discover the importance of regular conversations with your CPA an...
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 make sure you're following IRS rules so you can avoid penalties and get the most tax b...
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 money. Whether you're a new business owner or have been in the game for years, this ...
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. Whether you're running a big business or just starting out, you'll learn how to use...
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 audits. Whether you're a real estate agent, financial advisor, or a social media influe...
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 explore everything from traditional IRAs to lesser-known investments in oil and gas. Wh...
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 questions to ask your tax preparer. Join us as we learn how to keep more money in your po...
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 learn about the “step-up in basis” and how it can help reduce or eliminate...
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 a virtual assistant or learning to trust your current team more, we'll guide you th...
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 adding to your income or starting your own venture, this episode is packed with valu...
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 extra neat stuff you need to know about snagging those tax breaks. Plus, we chat abo...
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 withholding, we cover it all to ensure you're equipped to navigate the world of cont...
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 for personal and professional development. Learn practical strategies for breaking f...
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 insights, Tiffany outlines a refreshing approach to financial success.
Learn why obsessin...
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-known IRS penalty box on your tax return and reveal the strategies to mitigate penalties...
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 deadlines with confidence and avoid common pitfalls that could cost you big. From understand...
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 ins and outs of equity distributions. With expert insights and practical tips, you'll g...
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