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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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Think you make too much money to have tax-free income in retirement? Think again! In this episode, we uncover a powerful strategy that high-income earners can use to build a steady, tax-free income stream—without a Roth IRA. You’ll learn: ✅ Why taxes in retirement could be higher than you expect ✅ How the wealthy use a special kind of life insuranc…
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Big tax changes are coming fast! In this episode, we break down five major tax changes the Trump administration is planning. From no more taxes on tips and overtime to cutting tax breaks for billionaire sports team owners, these changes could have a big impact on your business and personal finances. We’ll cover how adjusting the SALT deduction cap …
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Are you a business owner or high-income earner looking for a smarter way to save for retirement? In this episode, we’re uncovering a little-known retirement strategy that could let you contribute up to $300,000 annually while slashing your taxes. It’s called a cash balance plan, and it’s a game-changer for profitable businesses. We’ll break down ho…
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Are you unknowingly overpaying on your taxes? In this episode, I uncover a crucial IRS election that many business owners miss—the De Minimis Safe Harbor Election. This simple step allows you to expense smaller assets upfront instead of depreciating them over years, saving you money and reducing your tax burden. I’ll walk you through what this elec…
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Are you building wealth but unsure how to keep it? In this episode, financial expert Greg Luken shares the secrets of first-generation wealthy individuals—what sets them apart, the mistakes they avoid, and the superpowers that help them grow and protect their money. Greg breaks down the three must-have financial skills and reveals the seven "wealth…
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Ready to make 2025 your best year yet? In this episode, I’m sharing five essential tips to set your business finances up for success. These simple yet powerful strategies will help you avoid common mistakes, take control of your cash flow, and create a solid financial plan for the year ahead. We’ll cover how to review last year’s performance, set m…
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Feeling overwhelmed about setting goals for 2025? You’re not alone! In this episode, I share the exact step-by-step method I used to create a clear, actionable plan for my business this year. This process, called the “2025 Battle Plan,” helped me go from confused and stuck to focused and energized—and it can do the same for you. I’ll guide you thro…
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In this episode, I sit down with Dr. Annie Cole, founder of Money Essentials for Women, to talk about her incredible journey from employee to entrepreneur. In just seven months, Annie built a thriving business with 22 coaches helping women master their finances and achieve their goals. She shares tips on transitioning from a full-time job to runnin…
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Did you know that 99.5% of tax laws are actually written to help you save money? Most business owners and investors have no idea—and that’s costing them big time. In this episode, we dive into how the U.S. tax code is designed to benefit entrepreneurs and investors, why many CPAs aren’t telling you this, and what you can do right now to start keepi…
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In this episode, we’re diving into one of the scariest topics for small business owners: IRS audits. Are you wondering what could trigger an audit? Or how to protect yourself and your business? You’re in the right place! We’ll break down the number one audit trigger most people don’t know about, share tips to avoid landing on the IRS’s radar, and e…
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Are you making great money but still feel like you’re stuck living paycheck to paycheck? Do guilt and shame sneak in when you think about your finances? In this episode, Tiffany talks with holistic financial coach Hanna Morrell, who shares a fresh, empowering approach to personal finance. Hanna dives into how our money mindset is shaped by stories …
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In this episode, I’m sharing the lessons I’ve learned after two years of growing my business—and what I wish I had known when I started. Whether you’re a brand-new business owner or a seasoned pro, you’ll find practical tips to help you take your next steps with confidence. We’ll talk about the power of starting messy, learning as you go, and not l…
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In this episode, we’re diving into the fascinating world of tax evasion and uncovering the differences between tax evasion (illegal!) and tax avoidance (smart and legal!). We’ll explore the top 10 shocking IRS cases of tax evasion, featuring celebrities and high-profile figures like Willie Nelson, Nicolas Cage, and Lil Wayne. You’ll hear how their …
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Are you ready to take your business to the next level in 2025? In this episode, we’re talking about the #1 thing holding most business owners back from real growth: delegation. I’ll share why trying to do it all yourself is costing you time, energy, and profits—and how letting go can unlock the freedom you’ve been craving. Whether you’re stuck in d…
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Start 2025 off right by saving money on your taxes! In this episode, we’re sharing five simple yet powerful tax strategies that can help you avoid overpaying and keep more of your hard-earned money. Whether you’ve never done tax planning or just want to improve your approach, this episode is packed with tips for small business owners. We’ll cover h…
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Kick off the new year on the right financial foot! In this episode, we’re diving into the three key steps every small business owner needs to take to set up for success in 2025. Learn why completing last year’s bookkeeping ASAP is critical, how to stay ahead of the game with quarterly tax payments, and why having a proactive tax strategy could save…
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In this episode, we dive into the shocking story of Bench Accounting’s sudden shutdown and what it means for small business owners. With no warning, Bench left many clients scrambling to access their financial records—right in the middle of tax season! We’ll break down what happened, why private equity firms are stepping in, and how to avoid findin…
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As we step into 2025, let’s take a moment to reflect on the wins, lessons, and growth from 2024. In this special episode, I’m sharing the things I’m most thankful for—both in business and life. From reaching over 100,000 podcast downloads to improving my health, breaking free from constant overwhelm, and leading my team with a renewed vision, it’s …
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This is part 2 of our series on uncovering if your CPA is really on your team—or working for the IRS. In this episode, we dive into three more powerful questions you need to ask your tax professional to ensure they’re helping you save money and reduce your tax bill. If you missed part 1 in episode 168, make sure to go back and listen! In that episo…
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Have you been told that payroll is your biggest expense as a business owner? Think again! In this episode, we uncover the real budget-buster: taxes. From income tax to property tax (and even taxes when you die), they add up fast. But here's the good news—reducing your tax bill is possible with the right strategies and professionals on your side. We…
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As 2024 wraps up, it’s time to set your sights on a bigger, better, and more successful 2025! In this episode, I’ll share the three powerful strategies I’m using to prepare my business for growth in the new year. You’ll learn why playing it safe holds you back, how to set goals that challenge and inspire you, and the secret to delegating effectivel…
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As the year wraps up, it’s the perfect time to reflect, plan, and prepare for a successful 2025! In this episode, I share four essential strategies that every small business owner needs to focus on to make the new year their best yet. From investing in yourself and creating strong systems to preparing your team and aligning with external partners, …
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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…
  continue reading
 
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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