Title: 10 Tax Deductions Contractors Miss (and Bonus Strategies!)

Don't forget to download so you don't miss these game changing deductions!

Summary: Steven Young shares the top 10 tax deductions contractors often miss, plus two bonus strategies to save even more. Learn how to track expenses, avoid common mistakes, and maximize your write-offs before year-end. Perfect for contractors looking to keep more of their hard-earned money.

Host: Steven Young, Savvy or Surrender Podcast

[00:00] Introduction

• Why contractors overpay taxes
• Overview of 10 deductions and bonus strategies

[00:19] Meet Your Host

• Steven Young introduces the episode and its focus on maximizing deductions

[01:37] Deduction #1: Tools & Equipment

• What qualifies as deductible tools and equipment
• Safe harbor rule for items under $2,500
• Section 179 and bonus depreciation
• Common mistakes: missing receipts, cash purchases

[05:11] Deduction #2: Mileage vs. Actual Vehicle Expenses

• Standard mileage vs. actual expenses
• When to use each method
• Tracking mileage: QuickBooks app, MileIQ

[09:18] Deduction #3: Uniforms & Safety Gear

• What clothing and gear is deductible
• Importance of capturing receipts

[11:19] Deduction #4: Job Supplies & Materials

• Commonly missed supplies (pipes, wire, nails, etc.)
• Tracking materials used on jobs

[12:21] Deduction #5: Subcontractor Payments

• Importance of W-9s and 1099s
• Audit triggers and best practices

[14:31] Deduction #6: Cell Phone & Internet

• Calculating business use percentage
• Deducting software and cloud services

[16:46] Deduction #7: Business Insurance

• Types of insurance you can deduct
• Tips for audits and tracking insurance codes

[23:45] Deduction #8: Education, Licensing & Training

• Deducting courses, seminars, and coaching

[24:52] Deduction #9: Home Office & Storage Space

• Rules for home office deduction
• Including garage and storage areas

[28:07] Deduction #10: Meals, Travel & Overnight Jobs

• What qualifies for 50% vs. 100% deduction
• Using per diem rates

[29:35] Bonus Strategy #1: Board Meetings

• How to write off meals and meetings with proper documentation

[31:19] Bonus Strategy #2: The Augusta Rule

• Renting your home to your business for meetings/events

[32:55] Year-End Wrap-Up

• Importance of having your books in order
• Call to action: Schedule a discovery call at meetwithsavvy.com

SEO Keywords:
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Episode Title: How to Start the Profit First Method for Small Contractors (Step-by-Step)

Host: Steven, Savvy Tax Strategies and Bookkeeping

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Summary:
In this episode of the Savvy or Surrender Podcast, Steven breaks down the Profit First system for contractors, providing a step-by-step guide to managing cash flow, setting up bank accounts, and ensuring your business is profitable. Learn how to shift your mindset, allocate income, avoid common pitfalls, and set your business up for long-term success. Whether you’re a small contractor or a growing business, this episode offers actionable advice to help you stop living paycheck to paycheck and start building real profit.

Timestamps & Highlights:

00:00 – Introduction: Why contractors struggle with cash flow
00:26 – Who this episode is for & what you’ll learn
00:51 – What is Profit First? The envelope system for business
03:18 – The five essential bank accounts for Profit First
04:34 – The contractor twist: Isolating materials and subcontractors
06:46 – Why Profit First fails: Common implementation mistakes
10:15 – The mindset shift: Sales minus profit equals expenses
13:15 – The importance of paying yourself and avoiding burnout
16:25 – Making your business sellable and sustainable
18:14 – How to adjust expenses and avoid overdraft
21:14 – Target allocation percentages (TAPs) for contractors
24:27 – How to set and gradually increase your TAPs
27:28 – When and how often to allocate funds (10/25 rule vs. weekly)
30:12 – How to handle income account buffers and allocations
34:13 – Quarterly profit distributions and building resilience
38:13 – Your first 7 days: Step-by-step implementation plan
42:56 – Common pitfalls: Stealing from accounts, overpromising, ignoring seasonality
48:19 – Real-world example: Handling seasonality and big bills
51:51 – The importance of job costing for larger contractors
54:16 – Assignment: Open your accounts and do your first allocation
56:23 – Free resources: Take the Profit First quiz and get core chapters
57:45 – Outro: Subscribe, review, and what’s next

SEO Keywords:
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Episode 10 – Why Is My $1 Million Service-Based Business Broke?

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Description:
In this milestone 10th episode of The Savvy or Surrender Podcast, Host Steven Young dives deep into the hidden reasons why even seven-figure service-based businesses can struggle with cash flow. Learn why big revenue doesn’t always mean big profits, the most common financial mistakes business owners make, and actionable steps to finally take control of your money. If you’ve ever wondered where your money is going—or why your bank account doesn’t reflect your hard work—this episode is for you.

Show Notes

00:00 – Introduction

Steven opens the episode, celebrating the 10th show milestone.
Importance of podcast consistency and audience engagement.

00:45 – The Illusion of Success

Big revenue doesn’t guarantee cash in the bank.
Revenue ≠ Profit. Many business owners struggle with cash flow despite high sales.

02:13 – Overspending on Growth

Common mistake: investing in growth (equipment, staff, offices) before profits justify it.
Real-life examples: Boston Market, Mattress Firm.

07:16 – Poor Cash Flow Management

Watching the bank balance instead of managing cash flow.
Importance of systems like Profit First and cash flow forecasting.

08:47 – Underpricing and Overdelivering

Fear of charging what you’re worth leads to exhaustion and underpayment.
The “Savvy Ritz” concept: providing first-class service at budget prices is unsustainable.

11:48 – Being Reactive on Taxes

Treating taxes as a once-a-year event leads to surprises and financial stress.
The wealthy plan for taxes all year.

14:14 – Lack of Financial Clarity

Outdated or messy bookkeeping leads to poor decision-making.
Importance of reconciled accounts and understanding financial statements.

16:54 – The Savvy Fix: How to Stop Being Broke at a Million

Adopt Profit First: pay yourself first, set up multiple bank accounts.
Know your real numbers: track profit margins, expenses, and trends.
Stop buying growth without ROI.
Schedule regular money meetings.
Build a cash cushion (3 months of expenses).

23:32 – From Operator to CEO

Shift from chasing money to controlling it.
Take the Savvy Tax Strategies quiz and get free Profit First chapters.
Book a Savvy Path to Cash assessment.

25:28 – Closing

Steven thanks listeners, encourages reviews and engagement.
Teaser for next episode.

YouTube SEO Keywords:

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How to plan for business taxes
How to build a business emergency fund

Hashtags:

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Podcast Title: Savvy or Surrender Podcast – Episode 9
Host: Steven Young

Episode Title: When to DIY and When to Hire

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Summary:
In this episode, Steven Young explores the critical decision every business owner faces: when to handle tasks yourself and when to bring in a professional. Drawing from personal stories and client experiences, Steven breaks down the cost-benefit analysis of DIY versus hiring, especially in the context of bookkeeping, taxes, and business growth.

Timestamps & Key Topics:

• [0:00] Introduction
  Steven welcomes listeners and introduces the topic: DIY vs. hiring a professional.
• [0:48] The “Chief Everything Officer” Trap
  Why business owners try to do it all and when that becomes a problem.
• [1:35] Personal DIY Story: Landscaping Gone Wrong
  Steven’s experience with a home project, the hidden costs, and the moment he realized he needed an expert.
• [4:02] The True Cost of Cheap Help
  How hiring cheap or doing it yourself can lead to expensive mistakes.
• [5:23] When DIY Makes Sense
  Criteria for when it’s okay to DIY: low revenue, no employees, simple finances.
• [6:27] The Value of Understanding Your Systems
  Why it’s good to know your numbers and systems, even if you plan to outsource later.
• [7:45] Red Flags: When It’s Time to Hire
  Signs you need a pro: revenue over $100k, employees, IRS letters, emotional money decisions.
• [9:02] The Peace of Mind from Hiring a Pro
  How professionals can relieve stress and help you sleep better at night.
• [10:15] The Value of Your Time
  Real client stories: doctors and business owners who lost money by DIYing their taxes and books.
• [11:07] Staying Involved in Your Finances
  Even when you hire, you should know your numbers and review reports.
• [11:56] Taking the Next Step
  How to move out of DIY mode and get a business review.
• [12:19] Client Story: From DIY to Professional Help
  A client’s journey from doing his own books to hiring Steven, and the financial impact.
• [14:02] Planning for Growth: The Expansion Account
  Using Profit First to safely scale your business and prepare for hiring.
• [16:41] The Profit First System Explained
  How to set up accounts, manage cash flow, and use the Profit First formula.
• [21:31] Additional Accounts for Growth
  Creating accounts for debt, expansion, or new hires.
• [22:51] Weekly Allocations and Automation
  Tips for making Profit First work for you.
• [23:49] DIY Taxes and When to Get Help
  The risks of using TurboTax and missing deductions.
• [24:46] Final Thoughts & Resources
  When to DIY, when to hire, and where to get more help.

Resources Mentioned:

• Profit First by Mike Michalowicz
• MeetWithSavvy.com – Book a discovery call
• Savvy CEO Alliance – Free community for business owners

Connect with Steven Young:

• Website: Savvy Tax Strategies & Bookkeeping

Call to Action:
If you’re feeling stuck in DIY mode or want to learn more about optimizing your business finances, book a discovery call or join the Savvy CEO Alliance community.

Thank you for listening! Don’t forget to subscribe and leave a review.

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What the Wealthy Know About Taxes – Savvy or Surrender Podcast (Episode 8)

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Welcome back to Savvy or Surrender! In this episode, our host Steven Young reveals the tax strategies the wealthy use to maximize their savings and grow their wealth—strategies that most business owners have never been taught. If you want to stop leaving money on the table and start playing by the rules that benefit you, this episode is a must-listen.

Timestamps & Topics Covered:
00:00 – Introduction: The IRS and Your Intentions
01:00 – Why Most Business Owners Miss Out on Tax Savings
02:00 – Tax Prep vs. Tax Strategy: What’s the Difference?
04:00 – The Wealthy’s Playbook: Entity Structuring (LLC, S-Corp, C-Corp)
07:00 – Hiring Your Kids: A Legitimate Tax Write-Off
10:00 – The Augusta Rule: 14 Days of Tax-Free Income
13:00 – Cost Segregation: Advanced Real Estate Strategies
16:00 – Section 179: Writing Off Equipment Purchases
18:00 – S-Corp Payroll Optimization: Save on Self-Employment Tax
21:00 – Accountable Plans: Reimbursing Personal Business Expenses
24:00 – Retirement Strategies: Solo 401k & Defined Benefit Plans
26:00 – Energy Credits & Other Opportunities
28:00 – Common Mistakes Business Owners Make
31:00 – Taking Action: The 360 Tax Assessment
33:00 – Closing Thoughts & Next Episode Preview

Key Takeaways:
Tax strategy is about being proactive, not just filing paperwork.
The wealthy use legal structures and strategies to minimize taxes.
Hiring your children, leveraging the Augusta Rule, and cost segregation can save thousands.
Don’t commingle business and personal funds—structure matters!
A 360 tax assessment can reveal savings you never knew existed.

Resources Mentioned:
MeetWithSavvy.com – Schedule your 360 Tax Assessment
“The 7 Habits of Highly Effective People” by Stephen Covey

Connect with Us:
Subscribe for more episodes and tax-saving tips!
Leave a 5-star review if you found this valuable.
Questions or topics you want covered? Drop them in the comments!

Thanks for tuning in to Savvy or Surrender. Stay savvy, and see you next week!

#SmallBusinessTips, #TaxStrategy, #BusinessTaxes, #EntrepreneurFinance, #TaxWriteOffs, #LLCvsSCorp, #BusinessStructure, #SelfEmploymentTax, #TaxPlanning, #SmartMoneyMoves

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Title: Why cashflow is better than ego

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Summary In this episode of the Savvy or Surrender Podcast, host Steven Young dives deep into the importance of cash flow over ego for business owners. He explains why big revenue numbers can be deceiving, shares actionable tips for managing cash flow, and discusses the Profit First method for financial health. Steven also shares real-world stories, common ego traps, and practical strategies to help you build a more profitable, stress-free business.

Show Notes & Timestamps:

• 00:00 — Introduction: Why cash flow matters more than ego
• 00:44 — Welcome, subscribe, and podcast housekeeping
• 01:03 — The problem with focusing on revenue over cash flow
• 01:39 — Defining cash flow and its real impact
• 03:18 — Phantom cash flow and the reality of business finances
• 04:04 — Vanity metrics vs. real business health
• 06:31 — The Profit First method explained
• 09:10 — Understanding P&L, balance sheet, and cash flow statements
• 11:40 — Real-world client story: Turning a business around with Profit First
• 14:39 — Ego moves vs. savvy moves in business decisions
• 16:51 — Smart investments and hiring strategies
• 19:44 — How to get help and next steps for your business
• 20:24 — Closing thoughts and quote: "You can impress people or you can pay yourself first. You decide."

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Savvy or Surrender Ep 6

Title: From Confusion to Clarity--Entity Structuring and Tax Write-Offs That Really Save You Money

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Too many business owners either overpay in taxes or follow bad advice from social media that could land them in IRS trouble. In this episode of The Savvy or Surrender Podcast, host Steven Young, Profit First Professional and small business expert, breaks down the right way to set up your business structure and take legal tax write-offs that can save you thousands every year.

You’ll learn the differences between sole proprietorships, LLCs, S Corps, and C Corps, which structure fits your income level, and how to avoid IRS red flags. Stephen also shares over 30 legitimate write-offs—from hiring your kids and home office deductions to health reimbursements, the Augusta Rule, and Section 179 depreciation.

If you’re ready to run your business smarter and keep more of what you earn, this episode is a must-listen.

Keywords: small business taxes, tax deductions, S-Corp vs LLC, business structure, write-offs, Profit First, IRS audit tips, entrepreneur tax planning, small business accounting, tax strategies.

Show Notes & Timestamps:

00:00 – Welcome + Why This Matters
Stephen opens the episode by explaining why so many small-business owners overpay taxes or follow risky online advice. Learn what this episode will fix — how to choose the right business structure and claim write-offs safely.

01:00 – Host Intro & Mission
Meet Stephen Young, Profit First Professional and small-business advocate. He shares his background, the purpose of The Savvy or Surrender Podcast, and why understanding profit and taxes is essential to staying in business.

03:00 – From Skill to Strategy
The classic example: a great plumber who struggles as a business owner. Stephen highlights why financial systems and education — not just skill — make or break entrepreneurs.

05:00 – Sole Proprietor vs. LLC
Learn what it means to operate as a sole proprietor, when to form an LLC, and how “piercing the veil” can expose your personal assets if you mix business and personal funds.

07:00 – C-Corporations & Taxes
Stephen breaks down how C-Corps are taxed at 21%, what forms are required, and when this setup makes sense (usually for larger or growth-focused companies).

9:00 S-Corporations: The Smart Middle Ground
How to elect S-Corp status with IRS Form 2553, reduce self-employment tax, and pay yourself a reasonable salary. Includes payroll basics and deadlines to remember.

12:00 Understanding Self-Employment Tax
What the 15.3 % self-employment tax really covers — and how S-Corps help you save thousands by splitting income between wages and owner distributions.

14:30 Real-World Example
Stephen shows how one client saved over $7,500 per year simply by restructuring as an S-Corp.

18:00 Home Office, Meals & Sponsorships
What qualifies as a home-office deduction, how to properly deduct meals (50 % vs 100 %), and how sponsoring your kid’s team can count as marketing — not charity.

21:00 Hiring Your Kids
Rules for paying your children tax-free through your business, with real examples like Stephen writing off his son’s taekwondo lessons.

23:30 Health, Retirement & Advanced Deductions
Using HSAs, HRAs, and Solo 401(k)s for tax-free reimbursements. Plus, bonus strategies: the Augusta Rule, Section 179, and 20 % QBI deduction.

25:30 Accountable Plans
How to reimburse yourself tax-free for car use, mileage, and home-to-office expenses —

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Episode 5: How the Profit First System Can Transform Your Business Finances

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Are you generating six or even seven figures in your business but still feeling broke? In this episode of the Savvy or Surrender Podcast, host Stephen Young, a certified Profit First Professional, dives into the Profit First System by Mike Michalowicz — a proven framework that helps business owners take control of their cash flow, pay themselves consistently, and build lasting profitability.

Stephen breaks down how simple percentage-based allocations can eliminate the “feast or famine” cycle, sharing a real-life story of a roofing client who went from chaos to clarity by following Profit First principles. Learn how to create separate accounts, control marketing budgets, and build financial clarity — all while ensuring your business truly serves you.

Sponsored by: SavvyCEOAlliance.com — Join a free community for business owners learning profit-first principles, tax strategies, and marketing systems that create long-term success.

Show Notes & Timestamps

00:00 – 00:08 | The Financial Struggle of Success
Stephen opens with the question every entrepreneur has asked: Why am I making six or seven figures and still broke?

00:08 – 00:31 | Introduction to Profit First
Learn about the Profit First System by Mike Michalowicz — a book that helps business owners prioritize profit and pay themselves first.

00:36 – 00:43 | Welcome to the Savvy or Surrender Podcast
Host Stephen Young introduces Episode 4.

00:43 – 01:09 | Sponsor: Savvy CEO Alliance
Discover SavvyCEOAlliance.com — a free business community offering workshops, trainings, and insights on profitability, taxes, and marketing.

01:21 – 02:09 | Case Study: The Roofing Client
Stephen shares how one roofing client went from “chaos to clarity,” struggling with overspending on marketing despite strong profits.

02:09 – 02:47 | How Profit First Solves Overspending
Learn how the Profit First method can create clarity with expense management by allocating specific funds for categories like marketing.

02:47 – 03:15 | Practical Example: The 5% Rule
Stephen explains how setting aside 5% of revenue for marketing builds discipline and control, preventing unexpected cash shortages.

03:15 – 03:39 | Real-Time Budgeting Example
He walks through a monthly allocation example, showing how to adjust ad budgets based on actual available cash.

03:39 – 04:18 | Long-Term Budgeting and Consistency
Stephen discusses how tracking 12 months of averages allows business owners to plan consistent, predictable spending.

04:20 – 04:52 | Helping Clients Find Clarity
Learn how Profit First principles helped a roofing client transform their financial outlook and gain full clarity on ad spending.

04:52 – 05:11 | Closing Thoughts & Feedback Invitation
Stephen encourages listeners to like, subscribe, and email feedback at [email protected] to help improve future episodes.

05:11 – 05:17 | Final Message
Stephen wraps up with a reminder to “stay savvy and never surrender.”

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Savvy or Surrender Podcast – Episode 4

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Summary:

The IRS doesn’t care about your excuses—they care about compliance.

In this eye-opening episode of the Savvy or Surrender Podcast, host Stephen Yang dives into the hidden truths about tax penalties, audits, and how procrastination can cost you thousands. From shocking client stories to the five biggest IRS red flags, Stephen shares practical strategies to keep you compliant, reduce stress, and protect your profits.

You’ll learn why messy bookkeeping, co-mingling accounts, and ignoring letters can destroy your business, and how taking proactive steps—like setting aside tax funds and filing on time—keeps you ahead of the IRS and your state.

Whether you’re a business owner, freelancer, or just trying to stay tax-smart, this episode gives you the tools to act now instead of paying the price later.

Episode Timestamps

00:50 – The IRS doesn’t care about excuses—only compliance. Why you shouldn’t put off filing and how penalties stack up fast.
01:30 – Real client story: 7 years of unfiled taxes and tens of thousands in penalties.
03:17 – Why the “taxes aren’t legal” argument won’t save you and what really gets you audited: the top 5 red flags.
07:00 – Keep up with your proof and more red flags.
09:53 – Schedule C vs. S-Corp: Which is more likely to trigger an audit?
12:41 – Filing on time vs. being truly compliant.
14:17 – How to proactively prepare for taxes with profit-first principles.
15:46 – How to stay out of trouble with the IRS or your state.
22:03 – Stephen’s challenge for listeners.

Keywords & SEO Tags

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Hashtags

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In Episode 3 of Savvy or Surrender, host Steven Young exposes the real cost of “playing it safe” in business.

❗Don’t forget to download the episode — that way you never miss the game-changing cash flow tips that keep your business running strong. 

Too many entrepreneurs think they’re protecting themselves by delaying bookkeeping, skipping quarterly tax payments, or waiting until it “feels right” to hire help. In reality, those decisions quietly drain profits, create chaos, and can even bankrupt a thriving business.

Steven shares:
 ✅ Real-world examples of entrepreneurs who lost it all by avoiding IRS compliance
 ✅ The danger of co-mingling funds, avoiding payroll, and putting off S-Corp/LLC setup
 ✅ Practical “Savvy Moves” to build long-term success, like Profit First, hiring a bookkeeper early, and setting up systems that scale

👉 If you’re ready to stop surrendering and start scaling, this episode will give you the clarity and tools you need to grow smarter, not riskier.

📌 Chapters / Timestamps:
[00:00] Playing it safe vs. making bold business moves
[00:40] Welcome to Savvy or Surrender with Steven Young
[02:19] The car brake analogy: how safety can quietly damage growth
[03:40] Surrender move: waiting until tax season to handle bookkeeping
[04:34] Stashing cash with no plan & co-mingling funds
[05:06] Avoiding payroll and skipping quarterly tax payments
[06:04] Case study: $300K flooring business bankrupted by IRS debt
[07:15] The myth of “I’ll do it when I have time”
[08:00] Sole proprietor fears: avoiding S-Corp or LLC setup
[08:35] Flipping the script: what savvy moves look like
[08:44] Profit First principles: allocating funds weekly
[09:19] Sneak peek: next week’s episode on Profit First
[10:35] Hiring a bookkeeper before you think you’re ready
[10:46] Why Steven built Savvy Tax Strategies for small businesses
[12:14] If you are making 50K a year, become a S Corp if…
[15:43] Quit treating your business like a hobby and not a business
[20:00] We can help make your business less of a mess

Hashtags:

#SavvyOrSurrender #SmallBusinessTips #ProfitFirst #EntrepreneurLife #Bookkeeping #TaxStrategy #BusinessGrowth #IRSCompliance #MoneyManagement #StartupLife

SEO Keywords (weave into tags/metadata):

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