Pay Play Profit

In this episode, we talk about 2022 tax deadlines. Everyone should know when they need to file their taxes and pay their estimated taxes. If you show up with your accountant or tax pro on the day you have to get your tax return done, you're probably already too late to get it done in time. So, today we're going to break things down to the basics.

We want to bring out all this information so you will stop acting like the IRS is your boss. We want to protect you in a way where you don't overpay and know where to be and when you're supposed to be there.

If you're a partnership or an S-corp, we highly recommend doing the Profit First. It gives you a tax vehicle to save money on your taxes so you don't end up getting stressed out when payment deadlines come and actually have the money to pay for it.

That's the beauty of tax planning and being in a relationship with a team that wants to be your partner and your protector, which we do at The Bottom Line. We help you see around blind corners and walk through these kinds of things because we see them all the time.

Finally, taxes can be very stressful but you shouldn't let them paralyze you. Don't let taxes create blame, shame, or guilt because that will not serve you. You're up to big things and you're doing big things. This is just part of the entrepreneurial journey. Learn as you go so you can streamline things and create processes.

In this episode, you will hear:

• Estimated tax deadlines and extensions
• Reasons people file for an extension
• Why you should get your tax return done
• Tips on efficiently working with your tax professional
• Why you should pay attention to January
• Estimated tax payment dates
• The employer's tax calendar for W-2s and 1099s
• Things to consider if you went into a partnership or you turned your Schedule C business into an S corp later in the year

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:

For those who need the deep dive breadcrumbs from the IRS, you can pour over the details at https://www.irs.gov/publications/p509 and https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar

2022 Tax Dates: https://www.ineomobility.com/2022-tax-dates-important-irs-deadlines/

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

Most small businesses fail because they no longer have the cash to continue. And if you're growing a business, you've got to keep everybody on the same page and have the tools in place to drive extreme clarity.

In this episode, we're going to talk about how to master cash predictions through budgets. As a business owner, you have to get good at predicting. By putting the right systems and processes in place, you're able to make more accurate and faster predictions, especially that predicting cash through a budget could be painful the very first time you do it.

We have been doing the Entrepreneurial Operating System (EOS) for more than 18 months now and we're six quarters in. EOS is a powerful operating system based on the book "Traction" by Gino Wickman. It talks about five leadership abilities in growing an organization, and one of them is getting really good at predicting – be it in finance, cash flow, and even with tax. Although you never know what will happen until you get there, you have to predict, at least, based on some assumptions that will drive and create value in your organization.

Through the power of the EOS and how it has helped us evolve as leaders and owners, we now understand that the greatest skill and value we can bring to our organization is the fruit of predicting well. Predicting is the way to drive and create value in your organization – and your finances are no exception.

In this episode, you will hear:

• Why predicting is important in your organization
• Creating containers for financial success based on parameters or prediction
• The volatility of predicting sales
• The biggest lesson of collaboration
• The power of intentionality and focus
• Mastering predictions through budgeting

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:

Traction by Gino Wickman

https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837

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 this episode, the entire team at The Bottom Line CPA joins us to share our Thanksmas highlights. We spent a lot of time and energy having fun together and wanted to give you a glimpse into our world and what's happening behind the scenes.

It was nice that, for this one day, we just focused on building relationships with one other. All of us took our work hats off and just relaxed and opened up. Everybody was in their element: we weren't necessarily grinding to get things done but were just free and happy. Simply, we were celebrating the human side of things.

Celebrating Thanksmas is a worthy thing to engage your team in. As your team works hard for the company, it's important to always show them how much you appreciate them. One of the ways you can show appreciation is to spend the entire day getting to know each other better, especially if you're a virtual company.

There are a lot of companies out there that don't take the time to do things like this and it shows. The key is to make your people feel like they're a great team because they truly are!

Our greatest hope is for you to also spend time reflecting on and celebrating all the things that you did in 2021, whether you reached your goals or not. It can't always be about achievements. Celebrating Thanksmas is one small way to build trust as a team, to stay healthy as a team, and to celebrate all the highs and lows that have come along the way.

In this episode, you will hear:

• The story behind our company's Thanksmas tradition
• Memorable activities we did for Thanksmas
• How we choose our words for ourselves each year
• Our reflection on the words we chose this year and how they showed up for us

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

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

In this episode, we dive into understanding tax deductions for mileage and vehicles. We get lots of questions about vehicles before the end of the year because people want to know if they can buy a vehicle with all of their profit and get a tax deduction for it.

Well, hopefully. Like all tax subjects, things can get a little confusing because there are different options to consider.

You shouldn't just spend your money to save on taxes. At the end of the day, it's a profit decision that you need to make.

The reality is every situation is unique, every business is unique, and every business owner is unique. Their cash flow and tax situations are all different. Therefore, you need to understand that tax is not a one-dimensional thing.

There are a lot of scenarios that need to be covered; that's why you need to talk to your tax people. You can't just read things on the internet, watch videos on YouTube, join a Facebook group, and make profit decisions from there. It just doesn't work that way.

In this episode, you will hear:

• How to keep track of your business mileage consistently
• What the reimbursement rate for mileage is
• Buying the vehicle inside the business vs. personally
• Using cash from profit to purchase a vehicle (Section 179)
• How a fringe benefit works and types of vehicles that qualify for purchase
• Buying new vs. used vehicles
• Purchasing vs. leasing cars
• Why you need to have a good accountable plan

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

It's almost Thanksgiving! It's also a great time of year to understand what quarterly and annual planning should look like because, as an entrepreneur, you want to schedule your success and not lose traction.

At The Bottom Line CPA, we're following the EOS (Entrepreneurial Operating System) style where we break our annual planning down into 90-day segments to make sure that we're still aligned with our annual goal.

Now, the bigger the goal is, the more you can lose focus. If the goal feels too big, it can get overwhelming to the point that your productivity suffers. EOS teaches you how to compartmentalize and break down your goals into 90-day steps so they become more achievable.

Most importantly, you've got to do this in a way that's aligned with you and your gifts. Otherwise, you won't be able to leverage your strengths with the right people in the room and your efforts won't be as fruitful as they could be.

In this episode, you will hear:

• The benefits of using the EOS style
• What Quarterly Pulsing looks like
• The core value speech
• The 3 main objectives of a quarterly planning session
• The benefits of quarterly planning
• What annual planning looks 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:

Book: What the Heck is EOS?

Book: Traction

BusinessAccelerator referral

Top 50 Tax Deductions for 2021

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 definitely want to maximize your tax deductions. In simple terms, a tax deduction is anything you spend or incur in your business that is an expense of some sort. It's a deduction against the revenue of your business, whether you consider it a cost of goods, an expense, or even a home office deduction.

Sometimes, tax deductions are not 100%. In particular, most people think about meals when talking about tax deductions. In 2021, all meals have only been 50% deductible.

That being said, the business can pay for what it needs to pay for as long as it has a business purpose. However, within the tax arena, deductions are the things that get to be reduced from your income before tax is calculated.

The goal is to get as much as you can in tax deductions to minimize liability. However, that shouldn't be your only reason. If there's something your business should pay for but you might not get a 100% deduction for it, that shouldn't stop you from doing it.

It can be a complex world out there. Just be consistent and have a process in place and you'll be fine. Don't blame your bookkeeper if your tax return ends up not being right. You need to look at your books because you're the one who's going to have to stand up for them in the event of an audit, not them.

Therefore, understand where you need to allocate things and what expenses are what. Once you make those decisions, you won't have to make them again anyway.

In this episode, you will hear:

• What an actual tax deduction is
• Different types of tax deductions for 2021 (merchant processing fees, legal expenses, shipping, postage, dues and subscriptions, etc.)
• Why it's important to be consistent about the application of an expense
• Factoring in reasonableness that the IRS will look at
• Different types of expenses

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:

Top 50 Tax Deductions for 2021

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

Year-end is the perfect time to decide if you're with the right accounting partner. In this episode, Ashley Travis, our digital marketing person at The Bottom Line CPA, joins us to talk about the top 12 questions you should consider asking when it's time to hire an accountant, tax preparer, or accounting team for your business. Ashley pulled these 12 questions together based on the things we get asked all the time here at The Bottom Line and on some things that she saw people from other communities asking. These are not easy conversations to have but they're necessary and crucial.

In this episode, you will hear:

• 12 questions to ask when hiring an accountant
• Why it's important to ask these types of questions
• Knowing their types of clients and experience in the field
• Focusing on relationships, not transactions
• Setting expectations and finding the right fit

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:

Top 12 Questions When Hiring An Accountant

Top 50 Tax Deductions for 2021

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, Lindsey Fronaphel CPA joins us as we dive into inventory and operational expectations in 2021. There are a lot of moving parts to inventory, making it a big deal especially in the world of e-commerce.

If you don't have inventory, you don't have sales. You have to keep your eyes on your inventory levels so you don't run out of it and in order to maximize sales. You also need to understand not only the financial and operational pieces of it but what it means to your growth and scalability as well.

At Bottom Line CPA, we believe that what your bottom line says is more important than what your top line says. However, many entrepreneurs only think about their top-line growth.

Ultimately, your net income is driven by your inventory. Therefore, at some point, you need to be in a mindset where inventory becomes a priority and you make a point to wade through it. You'll probably never have a perfect inventory but you've got to at least find the inventory solution that best fits your business.

In this episode, you will hear:

• Why you should care about inventory and make it an operational priority
• The best way to track your inventory
• When to start prioritizing your inventory
• Inventory as your growth indicator
• How to stop underestimating the value of your inventory
• Some inventory apps you could use
• What to do with inventory that's not moving
• Reconciling your inventory with the IRS

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:

Podcast episode on Inventory

Pocket More Profit Workshop

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 does your desk say about you? Are you the cluttered or clean desk type? Do you have post-it notes all over or is the OCD-ness in you evident in your desk being filled with Clorox wipes, air spray, and all the other cleaning supplies you have? Our desks actually tell a lot about us and how we work.

Today, we talk about the tale of two desks and their meanings. This episode is about what our desks say about us and what your desk might say about you; there are different strokes for different folks. At the end of the day, you have to make it your own. It's your personality and it's your history. Do whatever helps you create your magic in the world.

In this episode, you will hear:

• What our desks look like
• What your desk says about you
• What your desk has to do with pay, play, profit
• Why you should care about your employees' desks

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://www.bbc.com/worklife/article/20161108-what-the-state-of-your-desk-says-about-you

https://www.salary.com/chronicles/13-things-your-desk-says-about-you/

Pocket More Profit Workshop: https://payplayprofit.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