Empowered Entrepreneur Network

By: Terri Johnson CPA
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  • Summary

  • Ever wonder why understanding your business finances has to be so difficult and why your CPA can’t explain things so you can actually understand them? If you’ve found yourself wishing you could find a place to FINALLY learn how to set up your business, get your finances under control and grasp the overcomplicated tax code, then look no further. I’m a CPA and have worked with thousands of small business owners. I’m going to walk you through setting up your business, getting control of your finances, and savings taxes, one short but informative episode at a time. Whether you’re just building your business, or looking to take it to the next level, if you have time for a cup of coffee, then you have time to become a better educated and empowered entrepreneur.
    2024
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Episodes
  • BOI Reporting Basics: What Every Small Business Needs to Know

    BOI Reporting Basics: What Every Small Business Needs to Know
    Nov 19 2024

    Are you really joing to jail?! Are $500/day penalties in your future??

    You can breathe a deep breath and know you'll be home for the holidays this season. This is a pretty basic filing that you may be able to finish faster than your favorite latte.

    In this episode, I provide an in-depth overview of the new Beneficial Ownership Information (BOI) reporting requirements effective from January 1, 2024. Learn who needs to file, deadlines, necessary information, and potential penalties. I also clarify common misconceptions and offer practical advice to ensure compliance. Perfect for small business owners and entrepreneurs looking to stay informed and compliant with the latest regulations.

    If you want even more in-depth information, including a full video walk-thru of the BOI filing system, check out the Empowered Entrepreneur Network at:

    Empowered Entrepreneur Network Site

    This site contains downloads, links, and videos on BOI and other hot topics related to small business owners. And it's FREE!!

    RESOURCES MENTIONED IN THE PODCAST:

    FILE Your Report HERE

    BOI Small Entity Compliance Guide

    BOI Reporting FAQs
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    13 mins
  • Small Business Deduction Secrets: Plus Red Flags to Avoid

    Small Business Deduction Secrets: Plus Red Flags to Avoid
    Nov 17 2024

    This is one episode that you won't want to miss!

    Understand how the IRS defines deductible business expenses, which deductions entrepreneurs often miss, and which expenses aren't allowed, but may still be worth keeping as a part of your business plan.

    I also share some red flags that could inadvertently put you on the IRS audit radar.

    This episode is chock full of the do's and don'ts around small business deductions.

    BONUS: Attached is the promised summary to help you remember the basics.

    Business Expense Deductions
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    25 mins
  • Pay Yourself First: Making Owner Pay a Priority

    Pay Yourself First: Making Owner Pay a Priority
    Nov 16 2024

    Many small business owners fail to make paying themselves a priority. Owner paychecks become the crumbs that are left over at the end of the month. And many times owners find themselves putting money into the business, rather than taking money out.

    Let's turn that around and focus on how to create a business that pays you first and becomes a healthy, profit creating entity, rather than one that continues to take from you and your family.
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    17 mins

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