The Business Plan Podcast is a weekly podcast for small business owners and creative entrepreneurs, hosted by Renee Taylor CPA and Bryan Colvin CPA. We discuss topics ranging from: which accounting software to use, how do business owners pay themselves, LLC's vs S-corps, and what it's really like to work for yourself. Most episodes are 20-25 minutes, and we try to make difficult topics fun & interesting!
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Here are Bryan & Renee's top takeaways from Season Two. We talk about independent contractors, budgeting, record-keeping, and business planning.Bởi The Business Plan Podcast
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2.19 // Five Things to Know When You Owe Taxes
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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.Bởi The Business Plan Podcast
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2.18 // Bad Recordkeeping Can Hurt You
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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…
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2.17 // Deductible Automobile Expenses
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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 del…
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2.16 // Pricing Strategies for Service Businesses
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Hourly billing. Fixed rates. "Value pricing." Which one is better? Renee & Bryan discuss pricing strategies for your service-oriented business.Bởi The Business Plan Podcast
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2.15 // Let's Talk About the Balance Sheet
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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 (asse…
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2.14 // Reasonable Compensation for S-Corp Owners
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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 compensat…
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