The Real Buzz
Episode 1: Are You Maximizing Your Travel and Reimbursement Expenses for Taxes?
It’s the first episode of The Real Buzz with Eric and Melissa Broughton, owners of Busy Bee Advisors. So they’re going to talk travel. Like how to take advantage of travel for business purposes, and how to appropriately justify and support your travel-related expenses. Plus a little irreverance on travel-related per diems, how they work and who can use them. And finally, they offer a reminder about reimbursements to business owners for business-related expenses – how to do them and why it is important if you really want to save money on your taxes. After all, that is what the show is all about, right?
Episode 2: C-corps and S-corps and LLCs oh my!
In this episode, Melissa and Eric talk about the importance of sending your vendors 1099 forms and while this year’s deadline has passed it’s never too early to start preparing for next year by sending vendors W-9 forms to get the necessary information.
On a bigger picture context, learn the difference between different types of company structures and the reasons why choosing a certain type of organizational structure could greatly influence your tax situation. Whether you are a sole proprietor, a C-corp, an S-corp or a partnership there are specific rules and guidelines involved that you need to understand. You need to be very aware of the limitations and benefits of the allocation you choose.
The discussion outlines a simple breakdown of the requirements and differences in the structure of choice and the significance of your consideration once the business is profitable. Every small business should understand what their structure is and how it fits into their longer term plans.
Episode 3: Augusta, not just a golf tournament but a brilliant tax strategy
Listen and learn as Melissa and Eric sit down to talk about two topics that could help you save on taxes and make you a much more efficient business owner.
First they discuss the Augusta rule, what it is and how can you rent your own personal property to the business to save money on your taxes.
Second, they discuss the importance of regular, up-to-date bookkeeping for a business, whether that’s done by a hired bookkeeper or someone in the business. It is vital for a business owner to always know where their business stands financially at any given time and the simple fact is that good bookkeeping will save you money day-to-day while running your business and on your taxes.
Episode 4: What is “reasonable compensation?”
On this episode Melissa and Eric talk about the importance of business owners drawing a salary rather than just taking large distribution at the end of the year. The IRS wants to make sure you are paying a reasonable amount of payroll taxes and so you are supposed to give yourself a “reasonable compensation” for your work.
The two discuss how you find out what is “reasonable” for the work you do, what to do if your business isn’t profitable yet, and also why it’s important for the growth of your company and your personal financial future to pay yourself a salary.
In the last ten minutes of the episode they talk about the tax deadline being pushed back for many Californians because of natural disasters and “state of emergency” declarations. April 15th is just a few days away but you may actually have another month to get your taxes done!
Episode 5: What makes a great accountant plus a simple way to keep employees and save on taxes
Eric and Melissa talk about what it means to have a great accountant? Well, they shouldn’t be just a numbers or money person and they should meet with you more than once a year. A great accountant works with you year-round to figure out how to reduce your tax liability.
One simple way to boost employee morale and reduce your tax liability is by reimbursing employees for work related costs that they would incur anyway. Think cell phone bills and home office expenses.
They break down some simple and smart ways to reduce your tax burden by using strategies all year long rather than just buying a bunch of equipment at the end of the year.
Episode 6: Save time and money with one…simple…change
There are a lot of tips and tricks to try and save money on taxes and in other ways with your small business, but maybe the most impactful, simple change you can make to your operation is to hire a bookkeeper. Monthly bookkeeping is invaluable, it can help you eliminate extra subscriptions, catch accidental charges or fraud and give you a clear and frequent snapshot of the health of your business.
Even if you do your bookkeeping yourself and you stay on top of regular reconciliation of transactions, how long does it take you each month and couldn’t you be using that time to make your business more money?
This episode gives you a clear picture and several real examples of how hiring a bookkeeper could be game changing for your business. And of course, it’s delivered in a way only your hosts Melissa and Eric Broughton could deliver it.
Episode 7: Are you a Realtor? Then listen to this!
Hear your hosts, Melissa and Eric, have a conversation about Realtors this week and how important it is for them to treat their job like they are running a business. Whether you are a new Realtor who expects to make a solid income in your first year or you are established and very successful, it is vital for tax savings to set up the proper corporate structure and to hire professionals to help you.
Even if you only have your license to save on commission because you are a real estate investor, there are helpful tips in this episode about tracking the hours you spend working on your deals that can save you money on your taxes.
So if you are a Realtor, hit play on this episode to learn some great tactics to keep as much of your commission earnings as possible.
Episode 8: Starting a business? How to save on taxes now!
Join your hosts Melissa and Eric as they discuss how to get financially prepared for cash flow and taxes before you start your business. One of the biggest mistakes new business owners make is they get started and then they talk to a tax professional after the year has ended only to find out they could have saved a ton of money by setting up their organization the right way before getting started.
You’ll also get tips from a bookkeeping perspective on how to have money set aside for recurring expenses (payroll and taxes for example) and how a good accountant can help you figure out how to best save money and how to run your business most efficiently from a fiscal perspective from the very beginning.
Episode 9: 87,000 New IRS Agents. Are You Prepared?
You’ve heard the news, the federal government has authorized funding for 87,000 new I.R.S. agents to help with tax enforcement. Are you panicked, angry, anxious? Stop worrying and ignore the noise.
We break down what the new funding really means and how it could affect you or your business. If you file your taxes correctly you have nothing to worry about. If you do have tax problems and don’t ignore them, the I.R.S. is much more reasonable to work with than you might think.
We’ll also discuss handling an audit, and the importance of calling a tax professional when you are behind on taxes and avoiding scam letters, calls, and emails that try to trick you into turning over your personal information.
Episode 10: Hire Your Kids, Save On Taxes – Here’s How
Learn from Eric and Melissa as they share the benefitsof hiring your children to work in the family business. What can they do? For starters, they can file, they can shred, they can sweep, heck they can even star in your social media commercials! Done properly, they can be paid thus reducing your taxes and building a nest egg for themselves.
Let this episode inspire you with the many ways you could be saving money on taxes when you really consider your options.
Episode 11: It’s Not Too Late! End of Year Tax Strategies to Implement Now to Save Money
In this episode, your hosts, Melissan and Eric Broughton, give tax strategies that can save you money if you implement them before the end of the year. These aren’t “loopholes” and they aren’t “shady” practices, these are strategic methods that business owners have been using for decades. Some of the ideas in this episode include:
-Prepay rent or other expenses for for next year
-Delay your final month billing cycle in December to January
-Purchase or replace old equipment or vehicles, but talk to a tax professional to see how selling your old assets first can save you money
-Buy things strategically on credit, which can actually save you money
-Sponsor a local charity event to support your community, get your name recognized, and reduce your taxes
-Most importantly, buy that new ergonomic office chair for yourself!
Listen to hear more about how Melissa and Eric suggest you pause now, look at your books, and start strategizing to save money on your taxes for 2023 before the year is up. You’ll also be able to get the 13 steps to saving money on your taxes this year on the website. What are you waiting for?
Episode 12: Questions You’ve Asked About Tax Liabilities with Answers From Your Hosts
On this episode Eric and Melissa answer questions from real prospective clients who called Busy Bee for tax advice (names and scenarios have been changed.) They break down two different scenarios and how they advise a client could reduce their tax liability.
Some of the highlights from the show include:
- Set up a corporation! If you are filing as a sole proprietor you are paying self employment taxes and losing 15.3% of your profits to taxes you shouldn’t have to pay.
- If you run your business from home you are likely paying for personal expenses that are actually business expenses.
- Make sure you take inventory of your assets so they can be accounted for properly. Computers, tablets, phones, and storage equipment, all these can be accounted for to reduce your tax liability.
- Pay your children! They can do something for you, and you can pay them and they save money for college while reducing your taxes.
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