Episode 129: Writing off start-up expenses for a new business

income tax interview Jan 05, 2021

On this episode, my guest Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C., answers the question "What expenses are allowable write offs for my new business during the start-up phase?"

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Start-up expenses are those that you have to incur in order for the business to start. For example, if you are a starting a restaurant, even before you start serving diners you have start-up expenses such as liquor license, architectural drawings, etc. The IRS allows you to write-off $5,000 in start-up expenses in the first year and amortize the rest over the next several years.

Resources

What's the difference between a hobby and a business?

Get in touch with our guest

Keila Hill-Trawick, founder of Little Fish Accounting

Check out Little Fish Accounting's ...

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Episode 128: An open discussion on equitable financial practices in business

interview other legal Jan 01, 2021

On this episode, I have an open and honest conversion with Meg Wheeler about diversity, equity, and inclusion and how to build better financial practices in business.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Wealth is inequitably distributed among people based on race, gender, sexual orientation, and more causing wealth gaps. It's important to design your business in a way to eradicate these wealth gaps and make your business part of a shifting culture toward equality and long-term wealth.

When starting a business, having equitable practices is not as talked about in the small business space as it is in the corporation space with diversity and inclusion. It's planning and conversations that are often put off until a person's company is bigger or they start hiring but the truth, is if we build a business focused...

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Episode 127: What are the benefits of hiring a CPA?

income tax interview Dec 29, 2020

On this episode, my guest, Biz Money Coach Meg K. Wheeler, discusses the benefits of hiring a CPA for your small business.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here, and get ready to unf*ck your biz.

Today on the podcast we're answering the question "What are the benefits/pitfalls of hiring a tax strategist versus a CPA?"

If you're working on anything related to tax, you want someone who knows what they are doing. Meg suggests you be careful about anyone who is calling themselves a tax strategist, and make sure you are working with a CPA or a tax lawyer like Braden. You don't need a CPA or tax lawyer to provide tax returns.

Beyond tax prep, you should hire a CPA anytime you want to understand how to maximize your business operations. For example, when you start selling more and making more money, should you consider becoming an s corp. Anytime...

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Episode 125: The difference between cost of goods & expenses

cash flow interview Dec 22, 2020

On this episode I'm joined by Keila Hill-Trawick, founder of Little Fish Accounting in Washington D.C.

This episode is sponsored by my FREE training: 3 legal & tax mistakes made by creative entrepreneurs & how you can avoid them. Sign up for this free Masterclass here to unf*ck your biz.

Today we answer the question, "I am clueless when it comes to 'inventory.' I don’t know what items are considered 'supplies,' capital, depreciation, I also struggle when I do my town property tax filings because they want to tax furniture, my computer but these are dual use items." while breaking down the differences between supplies, cost of goods, and inventory.

Supplies - what you use to make the "thing."

Inventory - the final product. Inventory is an asset, not an expense. The cost of all the components that go into making the "thing" sit as the inventory cost.

Cost of goods sold - Once you sell the "thing," you can expense what it cost to make it. This is so the IRS can make sure...

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Episode 124: Back to basics on pricing your services

cash flow interview Dec 17, 2020

On this episode, my guest Jacquette M. Timmons, a financial behaviorist and owner of Sterling Investment Management, digs into all things business pricing.

 

As a financial behaviorist, Jacquette offers 1:1 financial and business coaching with entrepreneurs and small business owners, national speaking engagements to share perspective on the integration of the psychology and math of money, events to bring people together to discuss money, business and life, as well as a pricing made human masterclass training.

 

Building upon last episode's question "Everyone says research your competitors, but how do you get their pricing?" Jacquette covers the positives and negatives of competitor pricing research for service-based entrepreneurs. Everyone's business and personal finances are different and they will influence how you set your pricing. What you need to charge to cover your expenses, factor in your emotional needs, and earn enough to support your living situation may differ...

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Episode 123: How to research competitor pricing

cash flow interview Dec 15, 2020

On this episode, financial behaviorist Jacquette M. Timmons answers the question "Everyone says research your competitors, but how do you get their pricing? Catfish that shit?"

Before you catfish that shit, ask yourself, "What is the benefit of knowing what the competitor is charging?" While the question "what should I charge?" is a universal one, the answer is a personal one. What you charge for what you bring to the table may differ from your competitor, and comparing prices can be dangerous if you are in different markets or have different offerings. It's best to start your research by identifying what your competitors are offering. Hear more on the podcast about ways to best identify your competition, learn more about their offerings, and get insight on their pricing.

 

Get in touch with our guest:

Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management

Check out Jacquette's website

Follow Jacquette on Instagram

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Episode 122: How much you need to pay yourself

cash flow interview Dec 10, 2020

On this episode, I chat with Keina Newell, financial coach and owner of Wealth Over Now, about all things money and how to begin determining how much income you need to bring home in order to support the lifestyle you want.

 

As a financial coach, Keina helps people create new possibilities with money by saving more, paying down debt, stress less and be in control of your finances instead of your finances being in control of you.

 

The Money Series continues as we discuss how much to pay yourself in your business, how to create a spending plan you can stick to and chat aspirational dream budgets.

 

Anyone can open a spreadsheet and enter their numbers. Keina goes beyond the spreadsheet to discuss goals, budgeting and spending habits. The Wealth Over Now owner answers the question - what are your "stake in the ground" issues about money?

 

In this episode Keina also shares the secret to balancing and prioritizing savings and paying down debt. The good news is,...

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Episode 121: When to switch from hourly to retainer work

cash flow interview Dec 08, 2020

On this episode, guest Jacquette Timmons - a financial behaviorist and owner of Sterling Investment Management, answers the question "At what point should you consider switching from hourly to retainer work?"

 

Get in touch with our guest:

Jacquette Timmons, financial behaviorist and owner of Sterling Investment Management

Check out Jacquette's website

Follow Jacquette on Instagram

Like Jacquette on Facebook at Financial Intimacy


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Episode 119: How much you can really deduct on taxes

income tax interview Dec 01, 2020

On this episode my guest Parker Stevenson of Evolved Finance answers the question "Is there a limit on how much you can deduct for taxes?" 

Parker and I discuss what an ideal profit margin looks like, qualifying for mortgages and your business deductions' impact on PPP loans. 

To learn more about Parker Stevenson head to Episode 118 of the Unf*ck Your Biz podcast where I introduce Parker as we discuss credit card fees and their impact on income. 

Get in touch with our guest:

Parker Stevenson,  Co-Owner and Chief Business Officer of Evolved Finance
Check out Evolved Finance's website
Follow Evolved Finance on Instagram
Like Evolved Finance on Facebook
 


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Episode 118: How to deduct and handle credit card fees

interview other legal Nov 24, 2020

On this episode, my guest answers the question "I have no idea what to do about credit card fees, like whether I record the income amount that my client paid or the amount I actually got?"


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