On the first episode of the 2nd season of the A Dollar And A Dream podcast, we dive into the world of entrepreneurship and discuss how you can use your tax refund to start a business. Diamond Garner, owner of Shine Bright CPA, owner of one the largest Black owned accounting firms in Chicago talks turning a tax return into wealth and shares practical tips on identifying a business idea, creating a budget, and using your tax refund to invest in your future. We also explore the various tax benefits that come with starting a business, including deductions for home office expenses, travel expenses, and more. Whether you're a seasoned Black entrepreneur or a first-time business owner, this episode will help you make the most of your tax refund and turn your passion into profit. Get inspired to take the next step towards building your dream Black owned business.
About the show:
The biggest mistake Black small business owners make (4:48) while telling us how NOT to “pierce the corporate veil.”
When should a Black small business specifically should start exploring working with an accountant (8:17)
Filing your small business taxes even if you didn’t do any business last year and revealing a handful of other tax hacks for Black small business owners (11:36), how to make sure your business is never audited (12:39), the difference between a schedule C and “business taxes” and how to know what to file your business as (14:04), how to use amendments to leverage your taxes (15:10) and set your Black small business up to you build wealth through real estate.
How to avoid a huge tax bill in February (18:58) and set your Black small business up to stay off the IRS radar.
The difference in an accountant and bookkeeper, if you need one, when your small Black business should start looking for one, and what to look for (20:44)
The best ways to use your tax refund to start or grow your business (26:26), including one of the easiest hacks to erase your debt (27:26), and also the weirdest hang up of why Black small business owners HAVEN’T worked with an account/bookkeeper (29:33).
Diamond breaks down how she went from Corporate America to the owner of one of the largest Black owned accounting firms in Chicago (32:14), outlining how she helped the 2nd largest tax department in the country work with billionaires and how she’s bringing what she learned back and teaching us all (34:11).
Finally, the owner of Shine Bright CPA shares what she’s up against as a Black female business owner (37:23) and how she going to make her mark (47:45)
