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

In this episode, we break down the IRS’s sudden freeze on processing Employer Retention Credit (ERC) claims and what it means for small business owners. You’ll learn why the IRS is cracking down on ERC fraud, how to know if your business truly qualifies, and the three main criteria used for eligibility. We discuss the risks of working with aggressive ERC companies, how to handle existing claims, and what steps to take if you’ve already received a refund you may not have been entitled to. If you’ve been contacted by a third-party firm about ERC or are worried about your claim, this episode gives you clarity, tax advice, and next steps to protect yourself and your business.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

In this episode, I’m sharing why so many small business owners are overpaying taxes and what to do about it. Most CPAs just file your return—they don’t focus on tax reduction or smart strategies. That’s why I’ve built a new DIY course launching October 1st designed to teach small business owners how to maximize deductions, lower their tax bills, and confidently talk to their CPA about tax planning. Whether you want to DIY or simply know enough to make sure your CPA is doing their job, this episode explains why knowledge is power when it comes to small business tax savings. Learn how to spot missed tax strategies, avoid audit fear tactics, and take control of your business tax planning.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Are you ready if the IRS comes knocking? In this episode, we break down exactly what documentation you need to protect your deductions and your business in case of an audit. Learn what the IRS considers proper evidence, why bank statements aren’t enough, and how to handle receipts, mileage logs, invoices, and meals and entertainment records. We also cover common mistakes small business owners make, the exceptions to the receipt rules, and how digital tools like Dext can help keep your records audit-ready. You’ll walk away with a clear, step-by-step approach to staying compliant, avoiding red flags, and proving your deductions. If you want to feel confident about your tax documentation and reduce your audit risk, this episode is a must-listen.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Thinking of buying a business vehicle? This episode breaks down Section 179, bonus depreciation, and IRS rules for vehicles over 6,000 lbs—and how to use these deductions to reduce your taxable income. Learn the difference between vehicles under 6,000 lbs, 6,000–14,000 lbs, and heavy equipment over 14,000 lbs, what qualifies as business use, and how bonus depreciation has changed in 2023. We cover accountable plans, mileage logs, luxury car limits, and whether you can deduct a personally purchased vehicle. Before you buy that SUV, truck, or heavy vehicle, listen to this to make sure you structure it correctly and maximize your tax savings.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Investing in real estate can bring big tax benefits—but only if you know how to use them. In this episode, we unpack the truth about real estate tax losses and why so many investors get caught in tax traps. Learn the key differences between passive and non-passive income, the $25,000 loss limitation, how high earners lose out on deductions, and strategies like self-rental, grouping, and qualifying as a real estate professional. We also explain why short-term rentals like Airbnb follow a different set of tax rules and how to make sure you get every deduction you’re entitled to. If you own rental properties or are thinking about investing, this episode will help you avoid mistakes and maximize your tax savings.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Are self-employment taxes eating up your income? In this episode, we break down the taxes small business owners face—including self-employment tax, payroll tax, capital gains, and ordinary income tax—and why running a business is very different from being an employee. You’ll learn how self-employment tax works, why new business owners get blindsided by tax bills, and why strategies like S corporation elections, tax planning, and better withholding can save you thousands. We also cover the difference between ordinary income and capital gains, tax brackets, and how to start thinking strategically so taxes stop being your biggest expense. If you want to keep more of what you earn and stop feeling buried by taxes, this episode will show you where to start.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Learn the top five tax deductions and tax savings strategies every small business owner should be using. In this episode of Small Business Finance, Tiffany explains how to take advantage of the home office deduction, pay your kids through the business, deduct self-employed health insurance, track startup and organizational costs, and make sure you’re claiming every ordinary and necessary expense. She also shares practical cpa advice on documentation and how to avoid IRS problems. Whether you’re new to business or growing fast, this episode will help you build confidence in small business finance, save money, and create smart strategies for long-term success.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Confused about how to pay yourself from your small business? You’re not alone. In this episode, we break down the right way to take money out of your business, why draws and transfers work differently than payroll, and the mistakes new business owners make that can wreck their finances and taxes. Learn why separating business and personal accounts is essential, how to know how much you can safely pay yourself, and why understanding your profit, overhead, and tax obligations comes before transferring a dime. If you’re a new entrepreneur or running an LLC or sole proprietorship and unsure how to handle paying yourself, this episode gives you clarity and confidence.
 
Episodes mentioned in the podcast:
🎧 Episode # 31 - Estimated Taxes: What Are They and How to Pay Them
🎧 Episode # 21 - Small Business Finance 101 for Entrepreneurs
🎧 Episode # 9 - 3 Strategies to Reduce your Audit Risk as an LLC
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

Losing your spark as a business owner? You’re not alone. In this episode, I share how I pulled myself out of a long season of feeling stuck in my business and personal life—and how you can do the same. From getting uncomfortable on purpose, trying new hobbies, and making space for creativity, to working with a coach, meditating, and redefining what you want your business to look like, these strategies helped me rediscover joy and excitement as an entrepreneur. If running your business has started to feel heavy, boring, or uninspiring, this episode will show you practical ways to reset, dream again, and build a life and business you love.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa

New business owners often underestimate how much they need to set aside for taxes. This episode breaks down exactly how to prepare for IRS estimated payments so you’re never caught off guard. Learn the basics of setting aside funds for federal income tax and self-employment tax, how to calculate your tax bracket, why a separate bank account for taxes is critical, and when you actually need to start paying quarterly. We also cover the difference between your first year in business and future years, common pitfalls, and the smartest way to avoid overpaying while still being prepared. If you want to avoid the stress of a big tax bill at year-end and finally feel confident about how much to pay the IRS, this episode is for you.
 
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year?  Schedule a FREE discovery call to find out!
📧 Contact Me --> hello@phillipsbusinessgroup.com 
📲 Follow me on IG @ the.tiffany.p.cpa