The Business Plan Podcast

Here are Bryan & Renee's top takeaways from Season Two. We talk about independent contractors, budgeting, record-keeping, and business planning.

Since it’s late January, you might be finding out shortly that you owe income taxes...and they might be a lot. Whoops! (But as Renee always says, "If you owe taxes, it means you made money!") Here are five things you should know.

Every year, a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose -- due to poor recordkeeping, not meeting all requirements for particular deductions, or inadequately separating business from personal expenses.

Listen in as we discuss two tax court cases where deductions were denied to taxpayers, mostly because they kept poor records.

Deducting automobile expenses is one of the most common tax-saving tactics used by small business owners. You may choose a deduction based on either your miles driven or your actual expenses (but not both). You must also differentiate between business miles and personal miles -- which includes commuting and isn't tax-deductible. Listen in as we delve into the details.

Hourly billing. Fixed rates. "Value pricing." Which one is better? Renee & Bryan discuss pricing strategies for your service-oriented business.

Everybody cares about the income statement, aka the profit & loss statement. That's where you can see how much money you're making!

But no one pays any attention to the balance sheet. Maybe that's because it's a little harder to understand...but that doesn't make it any less important. After all, the balance sheet shows what your business owns (assets), how much it owes (liabilities), and who owns it (equity).

Everyone wants to earn *at least* reasonable compensation for their work, right? So what's the point of even talking about this most obvious of concepts?

Well, because if you're an S-corporation shareholder/owner, those two words have a very particular meaning. Bryan & Renee share their thoughts on determining what the IRS deems reasonable compensation.