Incite-FUL Profit Podcast | Incite Tax

What triggers an IRS audit? If you decide to file your own tax returns. We've covered a couple videos recently about red flags and what to be aware of so you won’t be audited. We will link that video in the description of this video. I'm going to go over a couple more red flags today. Filing a Schedule C can be a red flag for the IRS. The reality is tax returns that have Schedule C compa...

Click Here for Tax Help How to do taxes for the first time? Let's start with tax brackets. The first thing we look at is the filing status, because each status has a different tax bracket: single, married filing jointly, head of house, married filing separately and surviving spouses. Each is a separate tax bracket. Listen as John Briggs, Tax Genius, guides you through important information on...

Click Here for Tax Help How can I file my personal taxes by myself?  First thing I'll say is don't fill out the forms by yourself, by hand. Everyone I know who has filled out papers by hand has been audited because they, at a minimum, messed up some calculations Follow along as John gives you advice on personal software and red flags to watch out for when filing personal taxes by yoursel...

How to Avoid Paying Taxes as an Independent Contractor? An independent contractor is someone who has a 1099 income or self-employed income. This allows you to take advantage of the same tax code that large corporations, like Fortune 100 companies take. To file your taxes, you first are going to have to determine how you've set up the entity structure for your income. We have lots of videos an...

FREE Bookkeeping Checklist A checklist for bookkeeping. What does that look like? First of all, we recommend that you update your books no more than once a week. More than once a week is just a lot of unnecessary effort. We follow the Profit First system, so a lot of our clients and a lot of our recommendations also will fall into biweekly, every two weeks.  Follow the outline below for all our Bo...

Bookkeeping Red Flag FREE Checklist What are some bookkeeping red flags to watch out for? The first bookkeeping red flag is you want to run a profit and loss statement by month. When you're looking at the statement, it'll show January, February, March, April, however many months you're looking at in separate columns. You wanna notice trends, mainly inconsistent trends. If you see th...

Tips to Clean Up Your Books For Tax Filing Purposes John Briggs, Tax Genius, gives you tips for cleaning up your books this tax season! Avoid the #1 item auditors look for on your taxes. John also offers instructions to send your books to Incite Tax for a FREE review! Remember, profit is a choice. Have the courage and wisdom to choose it. John Briggs | Tax Genius info@incitetax.com 801-999-8295 PD...

Comprehensive Cash Flow Management Course - Profit First Walkthrough I hear small business owners ask all the time, “How do I get to the point where I can work more on my business, and not in the business?” It will be a struggle, but I’ll show you how to stop working in your business.  No matter where you're at, the goal is to figure out how to free up more of your time so you can work more o...

Profit First Cash Flow Management System When cash flow is tight, do you find yourself putting a band-aid on the symptom instead of trying to find the root cause, trying to dig a little bit deeper? Short Term Fixes There's a variety of reasons why we could have short cash flow. Regardless of the reasons, oftentimes the two common responses from small businesses are…   … take out money in a lo...

Free Forecast Template Wealth Building Framework Sneak Peek Forecasting financials for the next year can be a daunting task. Sometimes it feels like a guessing game or worse, pointless. But after following these steps of the best way to forecast revenue and expenses, you’ll have a roadmap to guide you to success the way you want it. Best Way to Forecast Revenue You are going to start with forecast...

Free Wealth Building Tools & Resources Let’s talk about small business health insurance options. I’m only covering a small snippet of small business health insurance options here. You really do need to talk to a health insurance agent about the specific options that exist for you, both in your state and based on the unique factors of your company and your team. Group Insurance for Small Busine...

Big Sexy Beefy Tax Crushing Packet These are the top 10 pros and cons of being a business owner. There are many advantages and disadvantages of owning a small business, but the pros seem to outweigh the cons.  John Briggs | Tax Genius info@incitetax.com Visit our website @ Incite Tax Schedule A Call Follow us on… Facebook LinkedIn Instagram YouTube

Growth Plan Presentation Slides: https://incitetax.com/wp-content/uploads/2019/09/Growth-Plan-Lead-Magnet-1.pdf Wealth Building Framework: https://incitetax.com/wealth-building-framework-sneak-peek/ What's a simplified business planning process that you can use to make sure all aspects of your business are ready for the new year? There's a lot of stuff out there. You've heard of bus...

John explains how you can absolutely apply the Profit First cash flow management system to your personal finances. It's a great system of principles that are easily adaptable to personal financial management. You can use it so you're prepared for taxes, home improvement projects, and even holiday shopping! After you've applied Profit First  to your personal financial plan, you'...

John shares with you his experiences with trying to make confident decisions for his businesses. The confidence part wasn't always there. Get tips on how to approach decision making and a simple two question analysis that significantly increases confidence when making decisions. Visit our website @ Incite Tax Schedule A Call Follow us on… Facebook LinkedIn Instagram Twitter YouTube John Brigg...

John explains the importance of company culture and how to create positive company culture in your own business. He goes over the same principles used at Incite Tax that have maintained it's unique culture in spite of doubling the number of employees over the past couple years. Schedule A Call Check out our website - Incite Tax Follow us on… Facebook LinkedIn Instagram Twitter YouTube John Br...

Hiring bad employees not only impacts your profits, but also your other team members and company culture. What you need is a process that can weed out candidates that aren't a great fit for your company and minimizes the chance of hiring mistakes. Listen in as John lists each step in Incite's hiring process and explains why each one is necessary for hiring A players. Schedule with a Tax...

It's not easy embracing change. The thing is that there's no way to truly put a business on cruise control and have it remain the same. Because even maintaining a business requires innovation and change. We'll look at examples of businesses that failed to change and some tips to help you, the small business owner, take back some of your time to work on your business. #incitechange ...

Whether you're playing catch up with your books to get them in good enough order to file your tax return or you're planning for the coming year and want to start off your bookkeeping system right, there are some basic red flags you need to look out for. Some are minor and easily fixed in your software, while others could be signs of more major issues. Get details on the red flags you nee...

A lot of business owners seem to be under the impression that they need to spend just about all the cash they have to maximize tax deductions. Not all deductions are created equal. Don't sabotage your cash flow thinking it will all even out come tax time. This issue get's more critical near year end, but it's a good idea to plan your spending now so cash flow isn't an issue dur...

Profit First is an amazing cash flow management system. Some owners are fine using a simple spreadsheet. Whatever works for you is great. There is one constant that causes major stress for almost all business owners... taxes! Whichever system you use to manage your finances, the bare minimum thing you should do that will save stress and minimize cash flow issues, is to open a separate Tax Account....

In the fitness industry, Coaches are employees that could actually be categorized differently to save both them and your business on taxes. As you're listening, think through what employees in your business have enough flexibility that perhaps they could be contracted. Get details on if the way you pay your employees can be changed and the benefits of doing so. Incite Tax Schedule A Call Foll...

The quick answer is yes, your vacation can be a tax write off. It may seem tricky, because it's only the business portion of the trip that is deductible and some preplanning needs to take place, but once you learn the few details, it's pretty straight forward. Almost any trip you take, with your family or not, could be a write off with very little effort. Incite Tax Schedule A Call Follo...

Paying taxes is difficult enough without the seemingly constant change to tax policy and regulations. Unfortunately we don't have a lot of control over those matters. However there's quite a bit we do have control over, so we might as well focus our energy on those things. Good healthy tax strategies that minimize frustration. Incite Tax   Schedule A Call   Follow us on… Facebook LinkedI...

A top reason small businesses don't have great bookkeeping or cash flow management is because the owner tells themselves, "I'm just not good with numbers." Stop saying that! First of all, you own a business. You're plenty capable of learning enough to understand your business' numbers. Second, the Profit First cash flow management system, along with some free tools by...