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

In this episode, I tackle listener questions that every new business owner needs to hear. We dig into two critical topics: Business addresses: Should you use your registered agent’s address or your home address on tax filings, and why does it matter? Quarterly taxes: How to handle estimated taxes in your first year, what percentage of profit to set aside, and when the IRS expects payments. High-yi...

In this episode, I tackle the single biggest reason millions of business owners are overpaying taxes: the wrong business structure. You’ll learn: Why 23 million small businesses are paying more taxes than they should. How your entity type (LLC, S Corp, Partnership, C Corp) impacts what you owe. The two questions that tell you if you’re leaving money on the table. When an S corp makes sense—and whe...

Cash flow can make or break a small business. In this episode, we talk about why so many small businesses run into cash flow problems and what to do about it. You’ll learn how to forecast your cash flow, manage receivables and payables, avoid relying too much on a few big clients, and build a healthy cash reserve. We cover simple tools, from spreadsheets to software, that help you stay ahead. You’...

Big tax changes are coming, and this episode breaks them down in plain English. We cover draft bill HR 3938 and how it impacts research and development credits, bonus depreciation, and energy credits. You’ll learn what the GOP’s proposed tax package means for families, contractors, small businesses, and those using apps like PayPal and Venmo. We also talk about changes to 1099 rules, potential ext...

Do you suspect you’re paying too much in taxes? You’re probably right. In this episode, we break down why most business owners overpay and how to fix it. You’ll learn what true tax planning looks like (it’s more than a once-a-year meeting), how tax advisory services can uncover missed deductions, and why the right business structure can make a massive difference. We cover strategies like home offi...

If your small business has hit a ceiling, a CFO might be the key to breaking through. In this episode, we unpack why a chief financial officer—especially a fractional CFO—is so valuable for growing companies. You’ll learn how a CFO helps with cash flow management, budgeting, financial strategy, key performance indicators (KPIs), and getting funding when you need it. We cover how they go beyond boo...

Most small business owners focus on the daily grind and ignore one of the biggest growth tools they have: a budget. In this episode, we dig into why budgeting matters, how to build one from scratch, and how it can change the way you run your business. You’ll learn how to set realistic revenue goals, track expenses, and use historical trends to plan for the future. We cover how to break numbers dow...

Join Tiffany Phillips, CPA and host of the Small Business Finance podcast, and Brian Webb as they share insights from their two-day Business Growth Intensive in Houston. This episode dives into business strategy, tax strategies, and financial mindset shifts that help entrepreneurs scale without burnout. You’ll hear how hot-seat problem solving, wealth planning, and networking with successful leade...

Most small business owners feel lost when looking at their financial statements. This episode breaks down the basics of small business finance so you can finally feel confident with your numbers. You’ll learn what a profit and loss statement, balance sheet, and cash flow statement actually tell you, how they work together, and why understanding them is critical for growth. We also cover key metric...

Taxes don’t have to be so confusing. In this episode, we answer real questions from small business owners about some of the most common tax headaches. You’ll learn exactly what a K-1 is, how pass-through entities like S corps and partnerships report income, and why you can’t file your 1040 without one. We also cover how to properly handle self-employed health insurance on your W-2, and what capita...

Real estate can be a goldmine for tax advantages—if you know how to use them. In this episode, we cover six powerful strategies that every real estate investor should know, from beginners to seasoned pros. You’ll learn how to use 1031 exchanges to defer taxes, why living in your flip for two years can eliminate capital gains, and how seller financing spreads out your tax hit. We also dig into borr...

Many small business owners make critical decisions without really understanding their numbers—and it puts their business at risk. In this episode, we tackle the three biggest steps you need to take to eliminate financial blind spots. You’ll learn how to identify where your weaknesses are, why hiring people smarter than you is non-negotiable, and how to grow your own financial knowledge so you can...

Most small business owners avoid financial organization because it feels overwhelming—until tax season hits and the mess costs them time, money, and peace of mind. In this episode, Tiffany shares three practical tips to organize your financial records and finally stay ahead of it. You’ll learn why going digital is a game-changer, how to set up a simple filing system (paper or cloud), and how often...

Most small business owners skip reconciling their accounts—until it costs them big. In this episode, Tiffany breaks down what reconciliation really means, why it’s non-negotiable, and how missed transactions can either cause you to overpay the IRS or look like you’re underreporting income. You’ll learn how to reconcile whether you use QuickBooks or a simple spreadsheet, why monthly check-ins matte...

In this episode, learn how hiring your kids can be a powerful tax strategy for small business owners. We answer a listener’s question about whether to pay kids through an S Corp or a family LLC and explain how this decision impacts payroll taxes, tax deductions, and tax savings. You’ll hear how to keep records, what ages qualify, and why paying your children can create a solid work ethic while unl...

Learn how the Augusta loophole (IRS Section 280A) can help you keep more of your money. In this episode, discover how renting your home to your business for up to 14 days a year can create tax-free income and reduce your overall business tax burden. We explain how to set the right rental rate, document board meetings, create a rental agreement, and properly issue a 1099 to stay compliant with the...

Confused about how much to pay yourself as an S Corp owner? In this episode, we break down the IRS reasonable compensation rules so you can avoid penalties and audits. You’ll learn how to calculate a fair salary, the difference between draws and payroll, and why paying yourself too little can cost you big later. Using a listener’s question as a real-world example, we explain how to decide on your...

If your side hustle or small business is losing money, you need to know how to stay out of trouble with the IRS. In this episode, we explain the hobby loss rules and how the IRS decides if your business is legitimate or just a hobby. You’ll learn how to document your business, the two safe harbor tests, and practical steps that help prove you are running a for-profit business. Using real-life case...

Are you struggling to keep up with your business finances? In this episode, we talk about why QuickBooks isn’t always the best answer and when a simple spreadsheet can be a smarter solution. You’ll learn how to decide if QuickBooks is right for you based on your revenue and transaction volume, why so many small business owners feel overwhelmed by accounting software, and how a simplified system ca...

Need to lower your tax bill before the year ends? This episode gives you three practical and legal tax strategies you can still use for 2022. Learn how paying your kids through your business can reduce your taxes, why marital status can impact your tax return, and how gifting appreciated stock can save you and your family thousands in taxes. We break down the details of each tax strategy, what doc...

If your LLC or small business is showing losses, you need to know how to protect yourself from IRS scrutiny. In this episode, we break down the IRS hobby loss rules and explain what steps you must take to prove you are running a legitimate business. Learn about the safe harbor tests, the records you need to keep, and the red flags that trigger audits. Using real-world case studies, we show how bus...

Confused about 1099s? You’re not alone. In this episode, we break down what business owners need to know about 1099 NECs—who needs to receive one, how to collect W-9s, and why misclassifying employees as contractors can cost you. Learn the rules for payments over $600, when to issue a 1099 NEC versus 1099 MISC, how international contractors and payment platforms like PayPal affect reporting, and w...

In this episode of the Small Business Finance podcast, Tiffany answers listener questions on some of the most confusing parts of running a business. She explains how sales tax reporting really works when you haven’t made any sales, why states send out unexpected bills, and what to do to avoid penalties. Tiffany also breaks down the differences between health insurance and health sharing programs,...

Your money mindset might be the biggest thing holding your business back. In this episode, we dig into the mental blocks that stop entrepreneurs from growing, closing more sales, and hitting the next level. You’ll learn how to build confidence in your offer, why desperation repels clients, and how to handle “no” without letting it derail your momentum. We talk through the importance of objection h...

Struggling with bookkeeping? This episode breaks down when it’s time to stop doing it yourself and hire help. Learn how small business owners can decide whether to use Excel, outsource, or hire a bookkeeper. You’ll hear why understanding your own accounting matters, how to tell if your bookkeeper is doing a good job, and the simple reports you need to review each month. We also cover when outsourc...