Simply Stated Finances

By: Terri Johnson CPA
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  • Summary

  • Welcome to "Simply Stated Finances," the podcast where I break down the world of small business startups, income taxes, and financial literacy in the most fun and easy-to-understand way possible. I'm your host, Terri Johnson, the friendly CPA who's all about making your financial journey stress-free and profitable. I get it - finances can be daunting, especially when you're running a small business. But fear not, because I'm here to simplify the complex, demystify the jargon, and inject a healthy dose of positivity into your financial education. In each episode, I'll tackle a different aspect of small business ownership and financial literacy. Whether you're just starting out or you've been at it for a while, I've got something for everyone. I'll chat about the nuts and bolts of launching your dream business, navigating the maze of income taxes, and boosting your financial literacy so you can make smart money moves. But here's the best part - this isn't your typical finance podcast. I'm all about keeping things light and enjoyable. So, if you're ready to ditch the stress, embrace simpler financial processes, and take control of your business's profitability, hit that subscribe button now. And be sure to share with any friends or family that may need some financial guidance. (Which is just about everyone!) "Simply Stated Finances" is your ticket to financial empowerment, one fun episode at a time.
    2023
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Economics Leadership
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Episodes
  • You've Joined the Ranks of Uber & DoorDash? - Welcome to the World of Self-Employment Taxes

    You've Joined the Ranks of Uber & DoorDash? - Welcome to the World of Self-Employment Taxes
    Sep 29 2023

    If you've joined the ranks of millions of other Americans in deciding to drive for Uber or DoorDash to make extra money to make ends meet, you'll be receiving a 1099 in January showing how much you've earned. Do you know what this means for your taxes?

    We'll take a look at how becoming self-employed affects your tax return and total taxes due at year end. And how to mitigate unfortunate tax surprises after the new year. Many individuals receiving a 1099 for the first time aren't aware of how additional FICA taxes will affect them. But you can be prepared.

    This applies to any work you do as an independent contractor, whether it's Uber, DoorDash, Lyft, or countless other work opportunities. And this applies to young adults that may be making extra cash on the side as well.

    Be proactive and ready for tax season. I'll show you how!
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    14 mins
  • Debunking the LLC Tax Savings Myth

    Debunking the LLC Tax Savings Myth
    Sep 27 2023
    Small business owners are being inundated with the notion that creating an LLC for your business unleashes a flurry of untapped tax savings. In this episode, we're going to debunk that myth and review when you may and may not want to go the route of an LLC.
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    12 mins
  • NEW Beneficial Ownership Reporting Requirement for ALL LLCs

    NEW Beneficial Ownership Reporting Requirement for ALL LLCs
    Sep 27 2023
    If you have created an LLC or corporation in the US, there is a new beneficial ownership filing requirement going into effect January 1, 2024. There are significant civil and criminal penalties if you fail to file timely, so you don't want to miss out on learning about this new law. You'll need to understand if your company needs to file (HINT: If you have less than 20 employees, it probably does) and which individuals within your company need to be included. Here are links to the government information referenced in this episode so youc an learn more: FINCEN Beneficial Ownership Filing FAQs FinCEN Small Entity Compliance Guide
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    13 mins

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Keeping It Simple (Stupid) makes the difference.

Terri calmly and clearly walks through context - that is, explaining the qualifying business deductions are not qualified by virtue of the entity (LLC) selected, by by their ordinary and necessary business purpose.

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