We all hit walls with our finances, but you have the power to break through. Your business is speaking to you through numbers - listen closely. By embracing financial literacy, you'll gain the confidence to steer your company toward abundance. Support awaits to guide you there.

www.getoffthemoneyshametrain.com/financial-magic

Episode Summary:

-Entrepreneurs often feel overwhelmed trying to juggle their business and personal lives. It's important to be intentional about which "balls" get dropped when things get hectic.

-Having systems and processes in place for your business finances is crucial. This allows you to stay on top of things even when life happens.

-Find a record-keeping system that works for you and your business. It could be Excel, paper receipts, or accounting software like QuickBooks.

-Tracking is the foundation - track income, expenses, receipts, etc. so you have the data you need.

-Know your "why" - your end goal for your business. Then work backwards to figure out which metrics you need to track.

-QuickBooks has a lot of tracking features to give you business insights from your data. But any system that gets you the info you need works.

-Consider getting a bookkeeper or office manager for help, especially if finances aren't your thing.

-Take baby steps to improve your financial literacy. Don't get overwhelmed.

-Ask questions and get multiple professional opinions if unsure about financial advice.

Show Notes:

-Have systems in place to manage your business finances even when personal life gets chaotic

-Find a record-keeping method that works for YOU - Excel, QuickBooks, paper, etc.

-Know your end goal, then work backwards to figure out what to track

-QuickBooks has tracking features to provide business insights from your data

-Consider getting a bookkeeper or office manager for help

-Take small steps to increase financial literacy - don't get overwhelmed

-Get multiple professional opinions if unsure about financial advice

In this episode, the host shares insights on managing business finances as an entrepreneur. She emphasizes starting even when you feel unprepared or afraid of mistakes. The key takeaways are:

Prioritize finances even when fires come up. Come back to it as soon as the urgent task is handled.

Imperfect progress is better than procrastination. Finances can always be corrected.

Have someone you trust review your books periodically. A second set of eyes helps spot errors early.

Financial data empowers you to make informed business decisions. Put in the work to have accurate reports.

Find a financial strategy aligned with your personality. Cookie-cutter approaches rarely work.

Upcoming events: a quiz to find your financial success strategy and a summit on business finances.

Summary:

Audrey shares an experience from last week where someone had an issue with her standard contract regarding editing rights and ownership of recordings.

This led Audrey to a realization about why people likely also struggle with the IRS's transparency and clarity around taxes and responsibilities.

She reflects that transparency and clear communication of responsibilities, while empowering, can make some people uncomfortable when directly presented.

However, it's better to have things clearly laid out upfront than end up in a messy situation down the line.

Audrey emphasizes embracing transparency and finding alignment with one's own intuition when evaluating any agreement.

Show Notes:

-Audrey has contracts for her summit guests to ensure transparency and alignment

-Her standard contract grants her editing rights and ownership of the final recording, while allowing the guest access to the recording

-One guest took issue with this contract for undisclosed personal reasons and withdrew

-This gave Audrey insight into why some people also react poorly to the IRS clearly outlining tax rules and responsibilities

-Direct transparency can cause discomfort, but ultimately empowers people and prevents downstream issues

-It's best to evaluate agreements based on one's own intuition and risk tolerance

-Audrey values alignment, clarity, and transparency in business dealings

-She advises finding your own financial success strategy using an upcoming quiz

In this podcast episode, the host Audrey discusses the balance between profit and purpose for small business owners. She argues that small businesses should not be held to the same standards as large corporations when it comes to choosing profits over people. Audrey encourages small business owners to make decisions aligned with their purpose and mission, without diminishing others. She admits it can be a tricky balance to find. Audrey also stresses the importance of being vulnerable, getting others' perspectives, and not trying to navigate entrepreneurship alone.

Show Notes:

-Mega corporations choosing profits over people is unethical, but small businesses just trying their best shouldn't be judged by the same standards.

-As a small business owner, try to make decisions aligned with your purpose, mission and vision without diminishing others.

-Hold grace for yourself if a decision doesn't pan out as intended - it's part of learning and growth.

-Your vision and "beauty" will look different from others' - and that's what makes the world better. Bring your unique gifts.

-When faced with difficult decisions, take a step back and reflect on your core purpose before deciding.

-It's okay to sometimes put yourself first too. Hold grace for those decisions.

Entrepreneurship means balancing it all - profit, purpose, people. Don't try to hold it alone.

-Be vulnerable and transparent where appropriate. Seek others' perspectives.

-Exciting quiz coming soon to help determine your financial success strategy!

Podcast Summary:

In this episode, we dig into 1099s - specifically 1099-Ks that business owners receive from payment processors - to bring clarity to this often confusing tax form.

Outlining the recent changes requiring payment processors to send 1099-Ks for over $600 in gross sales, which has now been pushed back to 2024 with a temporary $5,000 threshold. Several states do still enforce a $600 threshold however.

I emphasize that while 1099-Ks can feel scary, they are mostly intended as an accountability mechanism to ensure income gets properly reported. As long as your record-keeping is thorough, a matching 1099-K to your books means you're all set.

If amounts seem off, reach out to the payment processor to correct discrepancies or make a note on your tax return. We also cover best practices around requesting W9s from vendors and when 1099s do/don't need to be filed.

Overall, I want to empower entrepreneurs to understand 1099 nuances so they feel in control when these tax documents arrive.

Sources:

IRS Regarding 1099-Ks: https://www.irs.gov/businesses/understanding-your-form-1099-k

Information around different state thresholds: https://cash.app/help/6524-form-1099k-qualifications

Show Notes:

Key Points:

-Recent changes require payment processors to issue 1099-Ks at $600 gross transaction threshold (pushed to 2024 tax year with temporary $5,000 threshold)

-Several states still enforce $600 threshold

-1099-Ks intended as accountability check to verify reported income

-Match 1099-K amounts to your books - if correct, you're all set

-If incorrect, reach out to correct or make note on tax return

-Best practice to request W9s from vendors to understand 1099 needs

State Thresholds Referenced:

-MD, MA, VT, VA & Washington DC: $600

-Illinois: $1,000 + 3 transactions

-Missouri - $1,200

Actions:

-Review 1099-Ks when received and compare amounts to business financial records

-Reach out to payment processor with any discrepancies

-Put system in place to request W9s from new vendors

Sources:

IRS Regarding 1099-Ks: https://www.irs.gov/businesses/understanding-your-form-1099-k

Information around different state thresholds: https://cash.app/help/6524-form-1099k-qualifications

In this raw and relatable episode, Audrey opens up about the emotional rollercoaster of entrepreneurship. She discusses feeling immense pressure to succeed coupled with self-doubt in her abilities. Despite support from her community, she struggles with determining the right next steps on her journey.

Audrey emphasizes that the path is often winding and solitary - she seeks to normalize the experience of hitting rock bottom while chasing bold dreams. She encourages entrepreneurs not to ignore their intuition if things don’t feel right. Her core mission is making business ownership more viable through financial mastery.

While acknowledging the darkness, Audrey also shares inspiring client stories and unexpected writing praise on her quest to uplift female entrepreneurs. She reiterates her commitment to demystifying money issues.

Key Points:

-Candid insights into the lonely, overwhelming entrepreneurial struggle

-Importance of reaching out when you need support

-How she found herself forced into business ownership

-Ongoing ambiguity over her best next move

-Her underlying goals to equip founders and transform tax code unfairness

-Affirmation that progress isn’t always linear - adjust based on results

Steps to Consider:

-Review whether your vision aligns with business outcomes

-Make space for self-care when emotions intensify

-Lean on your mentors and community when lost

-Revisit your motivation when energy runs low

-Focus on consistent progress, not perfection

What you need to know as a small business owner regarding the Corporate Transparency Act that's set to go live on January 1, 2024.

Unless you're in 23 specific industries, this will and does impact you and it's important to be informed on the subject so you can take the best next steps for you and your business.

This impacts all entities so if you’re a sole proprietorship, this shouldn’t apply to you.

Overall, this act transferred the responsibility from banks and financial regulators onto small business owners.

However, while the reporting itself isn't live until January 1, 2024 - it does not appear to be anything complicated or difficult to navigate.

That being said.. as always, reach out with any questions you may have! @gracefulpenny on IG.

FAQ regarding this reporting: https://www.fincen.gov/boi-faqs#B_2

Website itself: https://www.fincen.gov/boi

Corporate Transparency Act itself: https://www.congress.gov/116/bills/hr2513/BILLS-116hr2513rfs.pdf

SUPPORT THE SHOW:

Please subscribe, rate and review over on Apple Podcasts and Spotify to help support That Money Lady!

PODCAST DISCLAIMER:

This podcase is for educational purposes only. It is here to guide you on your pathway to ethical business choices. This information is not to replace the advise of your accountant or lawyer.

There is so much fear and anxiety around the IRS and an audit for all tax payers, yet I've noticed that it's amplified with small business owners.

The more I'm talking about it with entrepreneurs, it's clear that most of that revolves around the unknown of what an audit even could be.

We've all heard the horror stories but that's not helpful!

So I'm here to spill the tea and talk about what my client is going through right now with her audit, what it looks like and how you can empower yourself through your business.

SUPPORT THE SHOW:

Please subscribe, rate and review over on Apple Podcasts and Spotify to help support That Money Lady!

PODCAST DISCLAIMER:

This podcase is for educational purposes only. It is here to guide you on your pathway to ethical business choices. This information is not to replace the advise of your accountant or lawyer.