If you’re planning to or already starting to do business across states, you’ve got to know what’s going on from an income tax perspective. A multistate income tax is different from a sales tax. And a multistate income tax can have a lot of different names attached to it depending on the state.  

Joining us today once again is Chris Mahler, CPA who is also part of our TBL family strategic partner and compliance consultant. We dive into multistate income tax – what is it and how do we get prepared for it?

A multistate income tax can be complex but it should not make you pay too much more in overall additional taxes. You're just going to be moving around what you pay to different states. There are a few caveats too that we'll discuss. The good news is there's always help out there as you navigate through all the potential pitfalls that are out there.

In this episode, you will hear:

• Understanding the franchise tax and the factor nexus
• The three types of nexus
• The thresholds for multistate income tax
• The minimum requirements for different states
• Things to consider when you’re a service provider
• The need for protective language in all your agreements

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We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

The Bottom Line CPA

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

Inflation is here – and it's here to stay for a bit. Obviously, we have to deal with it, but how? In today’s episode, we discuss some things you have to think through to shield yourself from inflation, or at least mitigate its impact.

Hindsight is a good teacher. And so, if you can capture those lessons and put them in your plans for your future, you're going to be better prepared when the next cycle comes around because there will be another cycle.

Hopefully, you will also learn to figure out what specific information will help strengthen your ability to predict as a leader so you can steer clear of those blind curves in your business. We are all in the middle of the same hurricane. But there is hope. Inflation is going to come down and things will get better. Just do the things you need to do to get through it!

In this episode, you will hear:

• Looking at your cash flow
• What to do with your savings, retirements, and investments
• Why compartmentalization is both a blessing and a curse
• Managing asset and debt issues
• The value of getting a plus-one
• Things to consider when it comes to taxes – before tax time!
• Reassessing your life and disability insurance coverages

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Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

The best profit decisions are happening with your time, energy, and money, which means more pay, play, and profit in your business and life. And a huge part of that is understanding your financials. 

Your financials are three-dimensional – profit, tax, and cash flow. You also need to think about direct costs versus expenses in all these three dimensions. “Direct cost” refers to the cost directly tied to your sales. You incur them directly with your sales. “Expense” refers to the operation cost. These are the things you do and spend money on that are not directly tied to the sales. Everything you spend obviously supports the sales but they're not directly tied to the sale. Now, the IRS has a very defined structure on how they want to see your costs and expenses filed on the tax return. This is part of the tax compliance. 

Today, we're going to dive into direct costs versus expenses, and why you should care about knowing the difference. And as a small business owner, you should definitely care!

Now, you have to get the foundation in place first, because if you don't understand the foundation of direct cost versus expenses, it's hard for you to navigate the three-dimensional conversation.

In this episode, you will hear:

• The difference between direct cost vs. expenses

• Why you should care about the difference

• The importance of having a relationship with your tax accountant

• Why you shouldn’t do miscellaneous expenses or general expenses

• Why your profitability and cash flow are not improving

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

What kind of entrepreneurial life do you want? Many people loosely exchange words like freelancer, sole proprietor, small business owner, and entrepreneur but really, they’re not the same. 

Entrepreneurship is a long journey and has its different seasons. For instance, you may have been freelancing for a while to get some extra money on the side. Then you probably caught the entrepreneurial bug and decided to make it official and become a sole proprietor or a single-member LLC, which eventually turns into a small business.

Indeed, there are levels of entrepreneurship. You can be small and still be entrepreneurial. The question is, are you loving and truly living the season you’re in right now?

Today, we’re doing an off-the-cuff book review of “The EOS Life” by Gino Wickman. He wrote this book to cast a vision for the visionary, the business owner, the entrepreneur, the operator, or whoever is trying to figure out what it is they wanted. 

It's important to understand where you're at in your season and journey and what that needs to look like. Regardless of where you are on the spectrum, today is the day to start moving the needle toward where you really want to go.

In this episode, you will hear:

• Learning how to delegate and having an accountability chart
• Doing what you love with people you love
• Making a huge difference and making sure things are aligned with your values
• Creating leaders and investing in your team and people
• Understanding what appropriate compensation looks like for you
• Finding time for your other passions
• Living your ideal life

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

The EOS Life by Gino Wickman

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

How can you attract new clients and make sure you’re the right fit for each other? There's so much to talk about when it comes to client onboarding, and part of that is learning how to attract new clients and set the right expectations from the start.

A partnership is a two-way street, which means your clients also need to know how they can help you serve them better. The magic happens when there’s transparency and you’ve set those expectations upfront.

When you get dialed in because people are looking for an accountant or a tax person, those are not relationships that people just walk out of all of a sudden. Otherwise, they’re leaving for two reasons. Either they didn't feel served, or they just couldn't afford you anymore. Ultimately, a partnership is similar to marriage – you have to be in it for the long haul. 

In this episode, you will hear:

• The discovery process: things clients should expect
• Customer service is your number one marketing tool.
• How selling can be a service
• The four things we want clients to know upfront
• Diving into the client to understand them better
• Putting everything in writing

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Xero

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

If you are a small business owner with children, putting your kids to work in the business is a great way to start helping them navigate some financial decisions. You’ve got to teach them to put money on the strong side of the table and one of the ways to do that is by getting them to invest in a Roth IRA.

A lot of people struggle with financial literacy and it's important to start teaching and training your kids how to understand and utilize money while they're still young. In this episode, learn how you can help your kids build wealth with IRAs. Find out what they need to do to set up their own retirement account, how much they need to contribute, and the benefit of doing a Roth IRA. Finally, take a look at the compounding effect of a Roth IRA that will hopefully inspire your kids to start investing today.

No age is too young and no amount of money is too small. You can make a big difference in your kids’ lives by encouraging and empowering them to build wealth through IRAs. No matter your kid’s age, it’s important you get them started now. It has to start with the right education and mindset. Learn how you can help your kids build their future today!

In this episode, you will hear:

• Qualifications
• Amount of contribution
• How to set up an individual retirement account
• The benefit of your kids getting a Roth IRA
• Some scenarios showing the compounding effect of a Roth IRA
• Ways to access the money before the age of 59 ½ 

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

You’ve probably mastered knowing your customer avatar, but have you taken the time to really figure out who your ideal teammate is? Imagine, this is somebody you’re going to spend 2 to 10 hours a day, depending on the season of life you're in with this person. You’ll perhaps engage with them more than you do your partner or your children sometimes. And yet, people make these decisions on who they're going to hire based off of a 30-minute interview.

In today’s podcast, Trivinia Barber, founder of Priority VA, talks about the value of an executive assistant, and how we, as business owners and entrepreneurs, need a right-hand person in our life. It's a great profit decision that will have a return on in terms of time, energy, and money. 

Trivinia Barber is the founder of Priority VA where they match executive assistants with entrepreneurs all around the globe. She started the company as a result of her own problem as a former executive assistant herself. Now, her company is focused on executive assistants and helping them get placed with high-level clients who understand the value of a team member and that they can only get as far as they can go with a team they can trust. 

In this episode, you will hear:

• Building your team is an investment, not a cost

• Finding your ideal teammate and characteristics to look for

• A sample demonstration of the Ideal Teammate Avatar training

• Your needs change so be willing to revisit the roles

• Why an executive assistant should be your first hire

• The 3 things an executive assistant can provide

• How to get yourself prepared on the financial side

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

Diary of a Doer Podcast

The Ideal Teammate Avatar Training

Priority VA 

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

Are you quick to say phrases like, “I won’t,” “I can’t,” or “I shouldn’t?” If so, that's a good sign that you're tapping into a limiting belief. 

We all have limiting beliefs as a result of our past experiences, family backgrounds, and spiritual or socioeconomic backgrounds. Oftentimes, these beliefs were instilled in us in childhood and we carried them with us as we got older.

In this episode, we talk about identifying and overcoming limiting beliefs because that is what will set you free. This is a very powerful conversation to have because a lot of us are stuck in prisons we don’t even know we’re creating. The key to getting out of your prison is identifying your limiting beliefs. 

You can overcome your limiting beliefs by retraining and rewiring your brain. Growth and freedom start in your mind. Ultimately, it's all about the power of the mind and what you choose to believe. That means you must unlearn what you think you know. 

This is one of the most powerful things that you can personally work on to make sure that your 2021 closes strong and that you're setting yourself up for success in 2022!

In this episode, you will hear:

• What limiting beliefs are

• Instances where limiting beliefs show up

• Tips for overcoming limiting beliefs

• Signs you’re tapping into a limiting belief

• How to turn your limiting beliefs into liberating truths

• An example of a negative money mindset

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

Do you feel like you’re a square peg in a round hole as an entrepreneur? 

Many times, we think we have to get it all figured out right away. Then, we think we have to stay exactly the same as who we were the day we started. If our business doesn't look like it was supposed to look when we set out to start it, we view that as a failure.

In today’s episode, Katie Chase shares how her entrepreneurial journey revealed to her where her strength truly lies. Just because you start somewhere doesn't mean that’s where you have to end. It’s not a failure if you eventually realize that the business you've been building is not the business you should be working in. If you, too, feel that way in your business, then it's probably time to do a heart check and let Katie’s story inspire you.

In this episode, you will hear:

• Katie’s origin story from motherhood to entrepreneurship.

• Her entrepreneurial journey and what she discovered along the way.

• Katie’s financial journey and her ProfitHero experience.

• Why make a financial investment in yourself and your business?

• Her role now as an Integrator.

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

RocketFuel by Gino Wickman + Mark Winters: https://amzn.to/3kbwdCA

Traction by Gino Wickman: https://amzn.to/3dwejaS

Bobby Klinck’s podcast: https://bobbyklinck.com/podcasts/

Episode 36: Visionary and Integrator 411 Gift Exchange: https://www.thebottomlinecpa.com/036-visionary-and-integrator-411-gift-exchange/ 

Episode 47: Online Legal Basics with Bobby Klinck: https://www.thebottomlinecpa.com/047-online-legal-basics-with-bobby-klinck/ 

Kolbe Instinctive Strengths Assessment: https://www.kolbe.com/kolbe-a-index/ 

Xero Accounting Software: https://www.xero.com

Gusto Payroll: https://gusto.com/

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com

What's the cost of protection worth to you? If you're a growing business, and you're involving people in it – even if it's just you and five others in your team, or whether it's virtual or physical – there are a lot of things to navigate around the HR world. 

Today, Tameaka Shelton of Employ and Relate helps us break down some HR basics that you need to get covered so you can bulletproof yourself and your business in the event of an audit.

In fact, this is a foundational thing that small businesses should do when dealing with a virtual team because what you don't know could cost you a lot of money. Therefore, you have the responsibility as a business owner to be as compliant as possible to lessen the risks and keep your hard-earned money.

In this episode, you will hear:

• Why HR compliance is critical even as a small business

• How to classify your staff: 1099 vs. W2

• Distinguishing exempt vs. non-exempt and salaried vs. hourly

• Creating an employee handbook

Subscribe and Review

Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet. 

We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.

Supporting Resources:

https://employandrelate.com/ 

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.

He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.

Find out more at https://emeraldcitypro.com