Elizabeth Hale – Protect Your Profit – SIV #075 Shownotes
Not going to lie, I am NOT a fan of the IRS. We have tangled more than once and surprisingly I have yet to win… Today’s guest Elizabeth Hale is a CPA that specializes in business accounting. She is definitely a fantastic resource for the self-employed. Elizabeth has a passion for helping businesses protect their profit through multiple avenues, not the least of which is helping them avoid unnecessary taxation. I have run my own businesses for 25 years and thought I had a pretty good handle on tax strategies. Elizabeth gave me (and you) a Master Class. If you don’t get out something to take notes on, you deserve every single penny you are going to pay in taxes this year. But maybe you don’t feel the need to save money on your taxes. If that’s true, please make your checks payable to the Tim Martin retirement fund…
Things elizabeth And I Talked About
- Her start in the family restaurant business.
- Just because there is money in the checking account doesn’t mean that things are on track financially in your business.
- Time is actually a financial asset.
- Why you MUST set aside money aside for taxes.
- How you structure your business (sole proprietor, LLC, etc.) can dramatically impact your tax liability.
- You actually make money by hiring someone to handle non-revenue generating activities.
- How Process Street can help you create checklists for employees.
- Why “benchmarking” is so important.
- Why you would want to file an extension.
- Preserve time you can go back.
- Fund retirement before the end of the extension.
- Amend previous year’s returns.
- Interest the IRS charges may be less than any other financing.
- Other strategies to increase profitability.
- Ongoing training of your employees.
- Keeping employees engaged.
- Looking at ALL overhead expenses carefully.Limiting discretionary expenses.
- The 2018 tax break doesn’t mean larger refunds.
- To avoid overwhelm at tax time:
- Get a simple accounting software system (she recommends QuickBooks Online) and keep it up to date
- Get a separate bank account and credit card just for the business. (Don’t comingle funds!)
- Avoid the challenges of writing off meal and entertainment expenses by buying gift cards for YOU to use.
Protect Your profit!
The Books We Talked About
As always: Click on the cover below to learn more or purchase through Amazon.
Join me again next week when I bring on retirement specialist Daniel Blue. I promise he is going to blow your mind! At least he did mine.
Until then, I wish you great SUCCESS! I’ve heard it’s VOLUNTARY…