Pay Play Profit

Let's dive into another hot year-end topic as we discuss the financial closing checklists to put your year behind you.

People need to care about having their books updated before year-end. It's not for tax reasons, but so that you can clearly see how your business is doing and make strategic decisions for you and your business along the way.

You've got to get your books together. Make sure all of your income and expenses are represented properly. And if you're an S Corp, an LLC S Corp, or a C Corp, make sure you've got reasonable compensation, you're handling all of your benefits properly, and those are properly categorized. You've got to have a few key things nailed down such as income, costs, expenses, the dreaded balance sheet, etc.

As we always say, the best work is done when the books are done – and it's for a lot of reasons! Ultimately, the process you'll use is the best process for you.

In this episode, you will hear:

• Getting your books in order
• Reporting your income and debt service payments properly
• Understanding your cost of goods and expenses
• The beauty in a balance sheet
• Finding the process that works for you

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 Accounting

Pocket More Profit Master Class

Stress Less Tax Prep Master Class

The Bottom Line® Newsletter

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.

Today, we're diving into our annual planning for 2022 and we'll show you how we're crafting our one-thing commitments for growth in 2023. This activity is actually a part of the EOS way. But whether you're on EOS or not, this exercise definitely applies to every single business.

Trust is the foundation for every relationship and it has been a very important ingredient in our journey with EOS for the last two years and in our last 10 years in business in general. Building trust is a 24/7 opportunity. And part of building that trust is to have some form of planning.

If you're making this a commitment for your leadership team, you will grow together as a team and be able to practice vulnerability – a muscle that you have to learn to use continually. This is a great time for everyone in the leadership to receive feedback and be vulnerable and kind.

Remember, you will feel every ounce of growth you ask for when you want it. And depending on how hard you want to play this one-thing commitment will help you discover that.

In this episode, you will hear:

• How commitment exercise in the leadership team works
• Start or stop statements are a trust builder
• Why vulnerability requires risk
• What the one-thing commitment statement looks like
• Capitalizing on your asset, which is your team member

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:

EOS The Five Dysfunctions of a Team by Patrick Lencioni

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.

As part of our yearly tradition, our team is gathered here today to dive into our Word of the Year.

Every year, we pick a theme that we want the company to focus on as a whole. In 2022, our theme was Shine and Be Kind. And so, today, we discuss some lessons about giving or receiving kindness that we are grateful for in 2022.

We're also sharing our individual Word of the Year for 2022 as well as the best laughs we've had this year.

As we celebrate the season of giving, let's all be thankful and kinder to ourselves and each other in the process.

In this episode, you will hear:

• Why kindness is not just about feeling good
• Viewing humility as the willingness to learn
• Being mindful of what you put out to the world
• Going over our individual "word of the year" and how it manifested for us this year
• Our best laughs for 2022
• Our favorite Thanksgiving foods

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.

It's the end of 2022 and there have been some new things that have been flying through about taxes this year. From the new reporting requirements for returns to new credits and new things around energy being done.

You can't navigate this all on your own because frankly, we can't either. It's a frenzy most of the time, especially when we're cycling up to an election year. And this is the very reason you don't want to wait until December 31.

Today, we discuss six powerful business tax deduction strategies you need to think about. Talk to your accountant or tax pro about what makes sense for you because there's nothing more personal than tax. Every situation is different so make sure to understand how it relates to you and your tax situation.

Lastly, please show grace to your accountants and tax preparers. There's a lot that you depend on them for and hopefully, you're with the one that you trust, because this is one of those times when partnership matters a lot.

In this episode, you will hear:

• Pre-paying your expenses and delaying billing your customers
• Buying office equipment to write it off through depreciation
• Using credit cards correctly and dealing with qualified improvement property
• Deduction strategies for vehicle purchases to save on taxes
• Last year-end retirement deductions and medical plan strategies
• Year-end strategies for marriage, kids, and family, and your investment portfolio

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:

Gusto Guideline Why Hiring Your Child or Grandchild Is A Rock-Solid Profit Decision For Your Business

Episode 084: How to Help Kids Build Wealth with IRAs

The Bottom Line® Newsletter

***

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.

In this episode, we dive into crafting and delivering your Company Core Values Speech quarterly. How? By sharing our own core values speech at The Bottom Line. We have our core values speech that happens every quarter. And we decided to share it for you to have an idea of what our team hears every quarter. Hopefully, you will find value in it.

In March 2023, we will be celebrating 10 years as a business online. In January 2020, even before the pandemic actually hit, the company was facing some big decisions. Ultimately, we decided to adopt the EOS to help us get focused and clear on what we really wanted to do.

In the two years of this three-year process, we have resolved our identity crisis and we have come back home to the vision, purpose, and mission that God set us on, all those years ago. And part of the EOS process is to have a quarterly core values speech for every team member to reflect on and have a conversation around it.

Our core values are the foundations that our vision is built, therefore, we have to live out these core values every day.

In this episode, you will hear:

• How EOS has impacted the business
• Culture as the unseen force that drives operational results
• The importance of delivering a core values speech every quarter
• Our core values speech this quarter
• What every core value in our company looks like and doesn't look like

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:

EOS

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.

In this episode, we're diving into all things payroll. In particular, we focus on completing a year-end checklist for January. It's simply a checklist of things you need to do before the end of the year. This is very important because payroll has very tight deadlines that you need to complete by January 31 of each year. The year-end starts before the last payroll is run for the year. Once the final payroll for the year has been run, your payroll processor like Gusto will start working on things right away.

Gusto, in particular, wants you to make sure you've completed a good portion of your year-end checklist before December 27 of each year. They want to be able to file everything on time because January is such a big month, which is when you're filing the quarter-end forms and the year-end forms. Then there's another round of deadlines and dates by the 31st of the month as it relates to payroll. The farther in advance that you can start and get the process going before 12/31, the better.

Everybody has a responsibility to make sure their payroll is right and companies need to make sure their employees are involved and they do their part. Finally, if you're a business owner who doesn't have the time for this, just remember that because you delegate doesn't mean you're not responsible for it.

In this episode, you will hear:

• Every employee and contractor, (current and dismissed) should be added to Gusto
• What to do when adopting new systems and software
• Adding fringe benefits and employees' ​​retirement deductions and contributions to Gusto
• Marking shareholders in your employment details
• Making sure employees' work addresses are updated properly
• Reporting special compensations

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: Gusto

The Bottom Line® Newsletter

***

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

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:

Episode 101: Back to The Basics Checklist to Achieve Breakthrough When You Are Stuck

The Bottom Line® Newsletter

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

The Bottom Line® Newsletter

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'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

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:

Episode 103: What To Know & Understand About Building a Team Across Multiple States

The Bottom Line® Newsletter

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.

A lot of people have this idea that they can just open a shop in whatever state they want and just send the paycheck to the person working remotely. Well, it's actually more complicated than that because there are some things you need to consider to ensure compliance when it comes to hiring from outside of your state.

At The Bottom Line®, we've been doing this for almost 10 years now, and so, we'd like to share with you what has worked for us – and not. Joining us today is Chris Mahler, our strategic partner and compliance consultant here at The Bottom Line®.

In this episode, we're diving into what you need to know and understand about building a team across multiple states. Sure, it's a nice idea to believe you can hire anybody from anywhere. But then you've got to start counting the cost and what that actually means administratively, financially, and from a tax perspective. Don't freak out or get worried about all this because there are experts who can do all this for you. But at least you want to be able to see around the blind corners when it comes to making decisions around payroll.

In this episode, you will hear:

• How states have different laws and statutes
• Factoring in states that are more advantageous than others
• Why hire your first employee from the state you're in
• What "nexus" means and the types of nexus
• Why partnership is important in your business
• Choosing your payroll provider

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:

Gusto Payroll

Employ and Relate

TaxValet

QuickBooks

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.