The Business Plan Podcast

Here are Bryan & Renee's top takeaways from Season Two. We talk about independent contractors, budgeting, record-keeping, and business planning.

Since it’s late January, you might be finding out shortly that you owe income taxes...and they might be a lot. Whoops! (But as Renee always says, "If you owe taxes, it means you made money!") Here are five things you should know.

Every year, a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose -- due to poor recordkeeping, not meeting all requirements for particular deductions, or inadequately separating business from personal expenses. Listen in as we discuss two tax court cases where deductions were denied to taxpayers, mostly because they kept poor records.

Deducting automobile expenses is one of the most common tax-saving tactics used by small business owners. You may choose a deduction based on either your miles driven or your actual expenses (but not both). You must also differentiate between business miles and personal miles -- which includes commuting and isn't tax-deductible. Listen in as we delve into the details.

Hourly billing. Fixed rates. "Value pricing." Which one is better? Renee & Bryan discuss pricing strategies for your service-oriented business.

Everybody cares about the income statement, aka the profit & loss statement. That's where you can see how much money you're making! But no one pays any attention to the balance sheet. Maybe that's because it's a little harder to understand...but that doesn't make it any less important. After all, the balance sheet shows what your business owns (assets), how much it owes (liabilities), and who owns it (equity).

Everyone wants to earn *at least* reasonable compensation for their work, right? So what's the point of even talking about this most obvious of concepts? Well, because if you're an S-corporation shareholder/owner, those two words have a very particular meaning. Bryan & Renee share their thoughts on determining what the IRS deems reasonable compensation.

Renee & Bryan discuss the difference between independent contractors and employees, using a recent Tax Court decision about a self-employed Hollywood-based production designer as an example. For more detailed info, see Renee's article here: http://www.reneetaylorcpa.com/independent-contractor-or-employee/

Creating a budget might sound tedious, but having one ensures that you will always have enough money for the things you need and want -- both personally and in your business. Importantly, it also helps keep you out of debt, or work your way out of it.

Season Two of The Business Plan Podcast begins eponymously — with a discussion about business plans and whether or not your business needs one. Renee is on the fence about them, but Bryan thinks they’re an important component of business success.

Top takeaways from Season 1, two more cool apps -- plus what to expect from Season 2, starting in late October!

In this week's episode, Bryan & Renee share some of the things they learned from XeroCon San Francisco. Topics include "energy vampires," content marketing, and using your business as a platform.

In this episode, listen as Renee & Bryan explain why there's really no tax benefit to organizing your business as an LLC.

Is all debt inherently bad? Does debt help or hurt your chances at business success? How much does debt really cost? Listen in as Bryan & Renee share their slightly different opinions on the matter.

If you're a tech-savvy person, running a small business has never been easier. In this episode, Bryan & Renee share the apps they use to run their own businesses.

In this episode, we discuss the difference between a hobby and a business in the eyes of the IRS, using a recent tax court case (Crile v Commissioner, TC Memo 2014-202) as an example.

Making money is usually the main objective of running a small business. But it doesn’t do any good for your business to make money if you don’t know how to give it yourself personally. This week, Bryan & Renee discuss how to pay yourself -- whether you're a sole proprietor, an LLC member, or an S-corporation sharehol

Do you need accounting software for your business, and if so, which product is best?

Most business owners need to hire advisers, and a CPA is probably the first one.

Greetings! Welcome to our show! Meet your hosts, Renee Taylor CPA and Bryan Colvin CPA, and learn what our podcast will be about.