Belk on Business

Entity Compliance in 2024 – Belk on Business – Episode 182 As we begin a new year, think about where you conduct business at the state and local level (physical location, on site sales, online sales, remote employees) 1) Register your business with any state you conduct business that requires registration (income tax, local tax, sales tax, payroll tax, etc.) 2) Annual report requirements with the...

When is my Business Considered a Hobby? – Belk on Business – Episode 181 IRS Section 183 outlines what activities not engaged in for profit and the tax implications. The IRS states that a business has to be carried out “in a businesslike manner” with “complete and accurate books and records,” says the IRS. The taxpayer must put in time and effort “to show they intend to make it profitable,” and ha...

J.D. Rockefeller, Purpose and Numbers – Belk on Business – Episode 180 John D. Rockefeller considered the wealthiest American in US history defined part of his purpose as follows: “It has seemed as if I was favored and got increase because the Lord knew that I was going to turn around and give it back” It was said by historian Michael D. Simmons that Rockefeller was “singularly gifted to acquire m...

Top Common Bookkeeping Issues – Belk on Business – Episode 179 1) Invoice and receipt tracking 2) Handling of expense reimbursements 3) Proper classification of employees 4) Monthly reconciliations 5) Data handling 6) Sales tax and income tax exposure 7) Handling of petty cash 8) Too few or too many accounts 9) Handling bookkeeping internally without oversight or review 10) Ineffective communicati...

2023 Year-End Tax Planning – Belk on Business – Episode 178 Topics: - Ordinary and necessary expenses - Hiring minor children - Business travel - Classification of expenses - Business start up and expansion - Bonus depreciation - Augusta Rule - Auto expenses - Meal expenses - Home office deduction - Retirement accounts - Section 105 medical plans - Health savings accounts - Defined benefit plans -...

Five Plans Everyone Needs – Belk on Business – Episode 177 1) Spending plan 2) Compensation Plan 3) Savings Plan 4) “What if” Plan 5) Debt elimination plan Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/mADsYEBCEAw

Reasons Businesses Fail Pt 4 – Belk on Business – Episode 176 1) Poor management or leadership of team 2) Poor treatment of customers and/or vendors 3) Lack of diversity of thought 4) Not focusing on and leading with your differentiator 5) Failure to plan for your future or the future of the business Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcW...

Reasons Businesses Fail Pt 3 – Belk on Business – Episode 175 1) Not enough knowledge of the numbers 2) Poor tax management 3) Poor decisions regarding debt 4) Wasteful spending 5) Failure to protect equity Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/nOfF_1A4p_U

Reasons Businesses Fail Pt 2 – Belk on Business – Episode 174 6) Not taking ownership 7) Failure to be purposeful regarding work-life harmony 8) Poor time management 9) Failure to take adequate risk 10) Poor evaluation of customers Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/KH7bFu...

Reasons Businesses Fail Pt 1 – Belk on Business – Episode 173 1) Losing sight of purpose. 2) Stop investing and developing. 3) Poor leadership and management 4) Spending time on tasks that we aren’t good at or don’t push the business forward. 5) Failure to be kind. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO...

Meaningful Communication with Team Members – Belk on Business – Episode 172 Much of our communication with our team involves tasks and the best leaders and managers also spend quality time having conversations with team members on what matters most to them. Most employees want to please their employer if the vision is clear and the culture is one that includes good collaboration and sincere care....

IRS and Taxpayer Service Improvements – Belk on Business – Episode 171 The Inflation Reduction Act provided about $79 billion in long term funding for the IRS. The primary goals were to improve phone and correspondence response, increasing audits on taxpayer making over $400,000. The IRS has begun initiatives to improve how it serves and communicates with taxpayers, especially for low- and middle-...

IRS Enforcement and Improvements – Belk on Business – Episode 170 The tax code and implementation are to get us as taxpayers to act in a certain manner. Last year the IRS was granted an additional $79 billion in funding over the next ten years. Broken down into the following areas: - $46 billion for enforcement “to determine and collect owed taxes, to provide legal and litigation support, to condu...

Land Trusts with Attorney Joseph Seagle – Belk on Business – Episode 169 Joe Seagle is a legal “GPS” for real estate investors and high worth individuals. Mr. Seagle’s law firm and land trust company supports real estate investors, developers, brokers, property managers, and private lenders on their land trust, private lending, and entity formation needs. Practicing law since 1996, he is licensed...

Mindset of Money: Equity and Business Maintenance – Belk on Business – Episode 168 - How are we managing equity?  Are we bringing in equity participants because the business model is broken (can’t pay operational bills or make debt payments)  Ability to pay yourself a reasonable salary for the services you are providing to your business (does it align with what it would cost to replace your posi...

Mindset of Money: Debt– Belk on Business – Episode 167 1) How are we using debt? 2) Debt and bank accounts 3) How are we managing debt? 4) Paying operational debt 5) Fixed assets, depreciation, and loans 6) Owner loans and seed money Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/Bdra...

Mindset of Money: Cashflow – Belk on Business – Episode 166 1) Cash flow is rarely defined properly, if defined at all 2) Cash flow statements – coordination and control 3) Cash inflow – good or bad air 4) Free cash flow – measurement of business health 5) Operating cash flow ratio 6) Three metrics to review weekly Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: http...

Mindset of Money: Purpose before Profit – Belk on Business – Episode 165 - Your purpose is your legacy. - When we focus on purpose, people then process, profits will follow. - Confront the work.  Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/sK0WLDO8TnU

Mindset of Money: Purpose First – Belk on Business – Episode 164 1. Planning begins with purpose. 2. To make purposeful plans, we must first understand our purpose. 3. To make purposeful progress in business, we need to know our current position. 4. When we know our purpose, it fuels our motivation and becomes the foundation of our vision. Subscribe on these platforms: Apple Podcast: https://apple...

Growth and Team Development – Belk on Business – Episode 163 Once the business is growing and many of the foundational elements have been addressed, the logistics of the business, as it relates specifically to team members, must be continually maintained. -The decision of whether to focus on fewer, higher-paying customers or many lower-paying customers should not be a distraction. The owners and s...

Proper Business Growth – Belk on Business – Episode 162 Growing a business is not easy. There are always hurdles that range from marketing on one end of the spectrum to meeting or hopefully exceeding customer expectations on the other. To properly grow a business, there are steps both foundationally and logistically that need to be addressed. This week we will talk about the foundational, next we...

Qualities of an Effective Team Member – Belk on Business – Episode 161 - Ability to work independently and collaboratively. - Mindset is team before individual. - Comfortable working in the gray areas. - Can manage stress. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/MlIXDWYyvdA

Onboarding to Relationship – Belk on Business – Episode 160 - Set objectives - Define deliverables and timelines - Assign responsibilities - All involved in the process receives regular status updates - Project leader focuses on implementation not with day-to-day tasks - Document client’s policies, processes and approval hierarchies - How do we improve the business? - Set quantifiable objectives a...

Meeting Participation – Belk on Business – Episode 159   When in a meeting, regardless of whether you are holding the meeting or are participating otherwise in the meeting, a few questions to consider as to how and when to participate.     1) How do you show up prepared?    2) Is what you’re saying on point and necessary?    3) Does what you’re saying bring...

Charitable Giving Strategies – Belk on Business – Episode 158 - Contribution Limits - Qualified Charitable Contributions - Bunch giving / prefunding - Donor Advised Funds - Private Foundations / nonprofits - Legacy or Planned Giving / Charitable Remainder Trusts (CRUT / CRAT) Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj  Spotify: https://lnkd.in/gcWDnFZ Stitcher: http...