Pay Play Profit

This is a special Thanksgiving episode as we’re bringing in everyone on the team at The Bottom Line CPA, DigiTax Pro™, and ProfitHERO™. 

Each one of us is going to share about the things we’re thankful for in 2020. It has been a challenging year for everyone but it’s all about focusing on all the things we’re blessed with. 

So get ready to know more about our rockstar team because these are the people that are taking care of you and your business every single day. 

In this episode, you will hear:

• Who we are, what we do, and how long we’ve been part of the team
• Things to be thankful for in 2020 - both personally and in business
• Our favorite holiday traditions

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

www.thebottomlinecpa.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

If you ever receive a tax demand notice from the IRS, don’t get intimidated. You see, the IRS is going to assume that you owe them and it's your responsibility to prove them wrong. They just want information.

In today’s episode, we talk about why doing business in California is taxing (and why it’s probably a great option too!) California, particularly, now has the fifth largest economy in the world. In fact, it’s greater than the whole of the UK.

So leaving California out because you're frustrated or intimidated or you think that it's too expensive, is something you have to weigh out first because that could mean you’re leaving profit on the table.

You need to understand that this can apply to other states. This is just a taste of what’s to come as our economy continues to grow its online, e-commerce revenue-generating engine. So make sure that, whatever needs to apply to you, you’re getting the answers you need for the trajectory of your business.

In this episode, you will hear:

• The tax demand letter sent out in California
• Why doing business in California is a great option
• How do you know if you owe California taxes and what are the options? 
• Why you should read tax notices even if you don’t understand them
• Are penalties and fines and interested tax-deductible?
• What you need to know once you file income tax returns in the state of California

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

Ep 007 Navigating Sales Tax On Your Own with Alex Oxford

https://www.profithero365.com/007-navigating-sales-tax-on-your-own-with-alex-oxford/

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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

As a business owner, you have to know how to operate and manage your self-employed health insurance premiums because this means significant tax deduction. And you don't want to miss a single ounce of it!

This can be a very confusing topic so we’re going to break this down into the simplest form possible.

You don’t want to miss your self-employed health insurance deduction because this can be really expensive, especially if you're paying for insurance for your family. 

In this episode, you will hear:

• What is self-employed health insurance?
• Why you need to keep track of your premiums
• Paying your premiums through your company
• How it works through different entities (sole proprietor, single-member LLC, S corp)
• Paying premiums through the C corp

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

Join the ProfitHERO™ mentorship program!

Gusto

https://gusto.com/

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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

Today's episode is all about how we wrecked our entire existence in 2020. And while we were wrecking ourselves, there were a lot of people who came in and partnered with us, thankfully. 

But what lies beneath our stories of success are challenges and hurdles that we had to jump over to get to the other side. 

Our zeal started to fade. Our friendship was tested. As business partners, we had the same heart for serving people, but we had different views on how we wanted to serve. We just weren’t on the same page. Then COVID came along where we had to weather through the storm. Although it also allowed us to bring our focus back to service, we were ready to give up the fight.

And so today, we just want to support you and encourage you that you’re not alone. What we learned the hard way is that there's always a path. You just have to look at it from different angles. Have those crucial conversations and make those decisions in a practical way. 

In this episode, you will hear:

• Our journey that began in 2013, the partnership we’ve made, and the challenges along the way
• Our experience in joining the business accelerator program
• The difficulty of separating friendship and the business relationship
• Our EOS experience and how we gained clarity from it
• Our core values
• Two questions you need to ask yourself

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

Mentioned Crucial Conversations episode in this episode. We also mentioned Michael Hyatt's BusinessAccelerator https://businessaccelerator.com/ program and the following EOS items ---

What The Heck Is EOS by Gino Wickman and Tom Bouwer: https://amzn.to/3k58q7h

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

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

EOS https://www.eosworldwide.com/

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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

If you’re a single-member LLC, you could actually be overpaying in tax to some degree, depending on your situation. And one of the ways to help you save money on tax is to switch to an S-Corp vehicle.

The best thing about Profit First is you get to set aside money for your taxes which takes the stress level down tremendously. However, you also have to be able to put strategies in place so you can keep more of that money that you’ve set aside and earned – legally. 

In this episode, you will hear:

• Why the S-Corp status is valuable as a tax strategy vehicle for businesses
• Why is it better to establish my business as an LLC first?
• The cost of a separate tax return
• Why get the help of a 3rd party when it comes to your payroll tax return
• How much is reasonable compensation
• The things you can and can't do in the S-Corp
• Why you need to document minutes of your shareholders’ meeting
• Additional types of expenses that can be reimbursed to you personally through the S-Corp

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

008: Profit vs. Cash Flow – What You Need To Know

https://www.profithero365.com/008-profit-vs-cash-flow-what-you-need-to-know/

https://www.profithero365.com/023-prime-year-end-tax-planning-happens-when-q3-ends/

027: Personal & Business Finance: Know The Difference

https://www.profithero365.com/027-personal-business-finance-know-the-difference/

https://support.gusto.com/

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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

Today, we dive into personal versus business finance and why you need to know the difference. This is one area a lot of people get into trouble with – but try to look at this as an area of opportunity.

Whether you're a person who owns a business, either as a side hustle or as a full-time business, it's critical you understand your personal finance vs. your business finance. Especially when you’re just starting, it’s very easy to mix both. And if you're not being intentional about it, you're going to struggle with this.

That’s why you need to learn how to draw that line between the two so you can understand your numbers better and reimagine entrepreneurial success.

In this episode, you will hear:

• Why it’s so difficult to separate business finance vs. personal finance
• The difference between personal vs business finance and why you need to separate them
• Understanding tax-deductibility and tax liabilities
• Banking, credit cards, and loans (and why you need to keep them separate)
• Personal liability attached to your business
• Paying personal expenses out of your business funds (and vice versa)
• Personal budget vs. business budget
• Profit First: Why the profit account is very powerful!

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

***

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

In today's episode, we talk about why crucial conversations are crucial for growth. 

2020 has definitely stirred the pot and added to the tension and we need to learn how to have crucial conversations now, more than ever.

Having those kinds of discussions is going to impact your ability to be financially successful and profitable. Because when it comes to growing and building a profitable business, it's way more than accounting – and this is what ProfitHero is all about.

There's every opportunity in the world to have a high-stakes conversation that leads to change. But when you don't have that conversation, nothing changes. And once you learn the right skills, you can then master these dialogues and achieve optimal results. 

In this episode, you will hear:

• What is a crucial conversation?
• Why you need to have crucial conversations 
• Making decisions about your money before your money shows up 
• Creating a safe place to share information
• Paying attention to timing and preparation
• The need to fight and knowing how to do it
• Having a clever division of responsibility

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

Crucial Conversations Tools for Talking When Stakes Are High by Kerry Patterson, Joseph Grenny, Ron McMillan, and Al Switzler: https://amzn.to/33agkWM

The Blinkist App: http://blinki.st/33d2dda677fd

***

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

How would you take it when a client or a team member decides to leave your community?

Would you feel bitter about it? 

Or would you rather choose to love them no matter what?

Today, we’re joined by Kristin Meador, CPA as we dive into the topic of choosing love on the way in and on the way out. Kristin used to be a part of Bottom Line CPA where she oversaw the onboarding process for new clients coming in. 

In her two years of working with us, Kristin experienced the pain of losing a client but she also saw how many of our clients came back – all because they saw how much we cared for them and their businesses. 

It takes faith to love on the way in and on the way out when there's no guarantee of reciprocity. And it takes faith to choose other people when they don't choose you. But it also takes radical generosity to believe the best about people and situations from the very beginning.

In this episode, you will hear:

• The culture of customer service inside the Bottom Line CPA community
• What's the experience of onboarding a client like
• The value of ownership and honesty
• Did you process or did you care?
• How to stay connected as a family online
• Handling exits of clients and team members gracefully

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.

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

https://www.profithero365.com/020-overcoming-the-strain-of-stress-and-self-sabotage/

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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

When was the last time you took some time off your work so you could fully relax and play? 

Play is critical to your health – your mental health, your business health, as well as the health of your people that are serving with you inside of your business. 

This podcast is called Pay, Play, Profit because we deeply value play as much as we value pay and profit – we believe all three are critical in keeping the health of a business.

But what does play really mean? 

Whether it’s going on an adventure or simply hanging outside for a walk, play could mean a lot of different things to a lot of different people.

Today, let’s dive deeper into the concept of play and how this four-letter word can actually have a four-fold impact to your business health!

In this episode, you will hear:

• Why play is critical for the health of your business
• What does having the freedom to quit mean?
• 5 characteristics that define play
• Finding opportunities for play
• How to encourage a culture of play in your team

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. 

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

https://www.psychologytoday.com/us/blog/freedom-learn/200811/the-value-play-i-the-definition-play-gives-insights

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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

The end of the third quarter (Q3) of each year is actually a special time for business owners to make sure the financial foundations have been set in place. 

Whether you do this with your own accountant or you’re considering to do this process for yourself, don't wait until the end of the year to have this conversation. Most importantly, don't wait until everyone is already on a holiday or show up after 12/31 to find opportunities for deductibles in your existing accounting.  

Again, the best work happens when the books are done – and that includes taxes. 

In this episode, you will hear:

• Why is Q3 a good time for many things?
• What do you think 2021 going to look like for the 2020 tax return?
• Are expenses using PPP money tax-deductible?
• Additional tax payment and exemptions
• What does 9/15 mean?
• Evaluating overall payroll compensation (for S corp or LLC situations)
• Your best work happens when the books are done.
• Actual cash planning of tax
• Should you outsource bookkeeping?
• Setting up a tax account
• Charitable contributions and retirement planning

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 us out a ton as we seek to bring you 

If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just fill in your information below to download it.

Supporting Resources:

ProfitHERO™

https://www.profithero365.com/022-your-best-work-happens-when-the-books-are-done/

***

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