SMALL BUSINESS FINANCE – Your Guide to Business Tax Planning & CPA Tax Advice

Could your health plan help you keep more of what you earn? Tiffany Phillips, CPA and tax strategist, explains how an HSA can offer a deduction, tax-free growth, and federally tax-free spending on qualified medical care. Learn who qualifies in 2026, how the family limits work, and what S corp owners need to get right. Two business-owner examples show how age, coverage, and reporting affect contrib...

Tax worries can follow you home after a long workday. In this episode of Small Business Finance, Tiffany Phillips, CPA and tax strategist, explains three mistakes that can hurt your cash flow: treating workers incorrectly, missing expense records, and falling behind on estimated tax payments. Through simple teaching examples, you’ll learn why a contractor agreement doesn’t settle worker status, wh...

Already maxing out your 401(k) but still facing a large tax bill? Tiffany Phillips, CPA and tax strategist, explains how a cash balance plan may help profitable business owners put much more toward retirement while reducing current taxable income. Through two simple examples, learn why a bigger deduction also means a bigger cash commitment. Tiffany covers employee costs, funding duties, hiring pla...

You can pay your full tax balance in April and still owe an IRS underpayment penalty. The problem may be when you paid, not whether you had the money. Tiffany Phillips, CPA and tax strategist, explains estimated tax safe harbors through two simple examples. Learn how to compare payment targets, check earlier shortfalls, and understand why December payroll withholding works differently from a late...

A tax problem does not always start with bad intentions. Sometimes it starts with messy records. In this episode of Small Business Finance, Tiffany Phillips explains five recordkeeping problems business owners should clean up before year-end. You will learn how payment apps, cash deposits, mixed accounts, home office records, and contractor paperwork can create problems when the numbers do not mat...

You spent years building your business and saving for retirement. But a large pretax retirement account can create a tax problem later if you don’t plan how that money comes out. In this episode, Tiffany Phillips explains how one business owner’s retirement tax plan created a projected $212,000 difference in taxes and Medicare surcharges. You’ll learn how required minimum distributions, Social Sec...

A Solo 401K and SEP-IRA can look similar, but the tax savings can be very different. In this episode, Tiffany explains why an S-corp owner's December payroll decisions can determine how much retirement contribution room remains for the year. You'll see how a $75,000 W-2 can create about $18,750 of employer-only contribution room or more than $43,000 when the employee and employer Solo four-oh-one-...

SHOW NOTES A living trust can own your business and still leave your family unable to run it. In this episode, Tiffany explains why your trust, operating agreement, buy-sell agreement, bank authority, insurance, and tax planning all need to work together. You'll hear two real client examples showing how business owners can lose control, create valuation problems, or put an S corporation at risk ev...

Having a will doesn't mean your family will avoid probate. In this episode, Tiffany Phillips explains how probate works, why a revocable living trust can help, and the funding mistake that can make even a well-written trust useless. You'll learn what assets may pass outside probate, why business owners need to coordinate their LLC interests and accounts with their estate plan, and how poor plannin...

The QBI deduction is permanent, but that does not mean every business owner automatically gets the full benefit. In this episode, Tiffany Phillips explains how taxable income and W-2 wages can limit your Section 199A deduction and why Q4 tax planning matters. You'll follow a real-world example of an S corporation owner with about $300,000 in qualified business income and see how year-end decisions...

You may already have capital gains this year, but that does not always mean the tax bill is locked in. In this episode, Tiffany Phillips, CPA and Tax Strategist, breaks down how one client used tax-loss harvesting to offset $47,000 in capital gains before year-end. You'll learn how the 61-day wash-sale window works, why automatic reinvestments can create problems, and how specific-lot identificati...

Your business can look successful and still be losing money. In this episode, Tiffany Phillips, CPA and Tax Strategist, breaks down the accounting and finance basics every business owner should understand. You’ll learn what your income statement, balance sheet, and cash flow statement actually tell you, and why revenue is not the same as profit. Tiffany also explains cash versus accrual accounting...

You may give thousands to charity every year and still get very little tax benefit. In this episode, Tiffany Phillips explains how a donor-advised fund can help business owners bunch several years of giving into one high-income year. You'll learn how this tax strategy may help you itemize, increase your tax savings, and continue supporting the same charities over time. Tiffany also explains why do...

Making more money should feel like a win. But once your income reaches the $200,000 range, several tax rules can start changing at almost the same time. In this episode, Tiffany explains five important tax thresholds that can affect business owners. You’ll learn how NIIT, Medicare tax, self-employment tax, the QBI deduction, and tax brackets can change your final bill. You’ll also see why differen...

What if your kids could earn real money from your business while helping you lower your tax bill? In this episode, Tiffany explains how hiring your kids for real, age-appropriate work can become a powerful tax strategy. You'll learn how reasonable wages can create tax savings for your business while giving your child earned income that may qualify for a Roth IRA. Tiffany walks through a family tha...

How much should you pay yourself from your S corporation? Get it wrong in either direction, and it could cost you. Pay yourself too little, and you may create an IRS red flag. Pay yourself too much, and you could waste thousands in payroll taxes. In this episode, Tiffany Phillips explains how reasonable compensation actually works. You will learn why there is no magic 40/60 rule, how to use market...

A simple retirement plan could be costing you thousands in tax savings. In this episode of Small Business Finance, Tiffany Phillips, CPA and tax strategist, breaks down the 2026 math behind a SEP IRA vs. Solo 401(k). You’ll see why the same business income can produce very different retirement contributions and tax deductions depending on the plan you choose. Learn how employee and employer contri...

Your tax bill is not decided when you file in April. Many of your best opportunities for tax savings happen before the year ends. In this episode, Tiffany Phillips, CPA and Tax Strategist, shares five Q4 tax planning moves business owners should review now. You’ll learn why a tax projection comes first, how retirement planning can create more options, when timing income and business purchases may...

Waiting until January to start tax planning could cost you valuable tax savings. In this episode, Tiffany shares five year-end tax strategies business owners should review before key deadlines pass. You’ll learn why a tax projection should come first and how retirement contributions, equipment purchases, S corporation payroll, business expenses, and estimated payments can affect your final bill. T...

Are you paying your company’s bills with your own money? If you own an S corporation, your company may be able to pay or reimburse those costs without adding the money to your taxable wages. In this episode, Tiffany explains how an accountable plan works. You’ll learn which expenses may qualify, including business mileage, phone service, travel, education, and a home office. You’ll also discover w...

Could your business structure be costing you tens of thousands of dollars each year? In this episode, Tiffany explains how a consultant earning $1.5 million faced nearly $74,000 in self-employment and Medicare taxes. After modeling an S-Corp election and a reasonable salary, the gross employment-tax difference was about $50,000. You’ll learn how S-Corps work, why owner salary matters, and which IR...

Health Savings Accounts are known for their powerful triple tax advantage. But an HSA is not the right choice for every business owner. In this episode, Tiffany explains five situations where an HSA could cost you more than it saves. You’ll learn how high deductibles, regular medical bills, account fees, strict withdrawal rules, and unpredictable costs can weaken the benefits. You’ll also discover...

The money in your business bank account is not always yours to spend. In this episode, Tiffany shares how one business owner confused cash with profit—and nearly ran out of money after taking large owner draws. A hidden $68,500 tax bill and penalty left her business with a dangerously small cash cushion. You’ll learn the three numbers every owner should track: total cash, committed cash, and truly...

Should you sell your rental property or leave it to your children? The answer could change your family’s tax bill by six figures. Tiffany explains how a stepped-up basis may reduce capital gains taxes when a property is inherited. You’ll learn why gifting property too soon—or adding a child to the deed—can create an unexpected tax problem. She also explains how a properly funded revocable living t...

One lawsuit could put more of your rental portfolio at risk than you think. An LLC alone may not be enough. In this episode, Tiffany explains the four layers of real estate asset protection: insurance, separate entities, privacy, and advanced legal planning. You’ll learn the difference between a claim tied to a property and one that follows you personally. Tiffany also shares how better coverage a...