In episode 632, Ansley Beutler teaches us how to navigate the complexities of IRS audits as small business owners and how to recognise key red flags that might trigger an audit.

Ansley launched her blog, The Fit Peach, in 2018, sharing simple, family-friendly recipes that prove healthy eating can be both delicious and approachable. Her passion for flavor-packed, wholesome meals quickly resonated with a growing community of home cooks and wellness-minded individuals. Building on her experience as a CPA and her firsthand knowledge of running a successful blog, Ansley founded Peach Perfect Financials—a boutique accounting firm dedicated to empowering creative entrepreneurs. Specializing in bloggers and content creators, her firm offers tailored financial services, including bookkeeping, tax planning, and retirement strategies. With a unique blend of professional expertise and industry insight, Ansley helps entrepreneurs navigate the financial challenges of self-employment, enabling them to focus on what they love: growing their business.

In this episode, you’ll learn the importance of accurate bookkeeping and clear documentation, how to deal with the audit process itself, and strategies for effectively managing the emotional and logistical challenges that can arise.

Key points discussed include:

- Understand your NAICS code: The NAICS code is crucial in determining industry-specific expense and profit margin expectations from the IRS. Make sure you have the right code (711510 for bloggers/influencers) to avoid red flags.

- Maintain a reasonable profit margin: The IRS looks for profit margins that are in line with industry standards. Consistently low or negative profit margins can raise questions.

- Pay yourself a reasonable salary: If you have an S-corp, be sure to pay yourself a salary that is proportionate to your business's profitability to avoid potential issues.

- Keep detailed bookkeeping records: Organized and well-documented financial records can make the audit process much smoother and demonstrate your commitment to compliance.

- Cooperate and communicate proactively: If audited, be responsive to the IRS's requests and communicate openly about your business practices. This can go a long way in resolving any concerns.

- Understand the emotional impact: Audits can be stressful and emotionally draining, so be prepared to manage your emotions and seek support if needed.

Avoid lumping expenses into broad categories: Provide clear breakdowns and explanations for specific expense categories, as the IRS may scrutinize these closely.

- Leverage your CPA's industry knowledge: Having a CPA who understands your business model and industry can help ensure proper expense reporting and minimize audit risks.

- Focus on your "why": During challenging times, such as an audit, remember the reasons why you started your business and let that drive you forward.

Connect with Ansley Beutler

Website | Instagram

Merry Christmas!

In this episode, we are going to talk about five effective strategies for relieving stress and managing the pressure that can build up in our lives as entrepreneurs.

As an entrepreneur, I’ve learned that keeping stress in check and staying in a good headspace are game-changers—not just for my well-being, but for my business too. That’s why I’d like to share five strategies that have made a huge difference for me. Whether it’s getting better sleep, squeezing in some solid exercise, or practicing gratitude, these tips have helped me break the stress cycle, clear my mind, and tackle challenges with a more positive, resilient attitude.

Action Plan:

1 - Prioritize sleep: Getting enough quality sleep is crucial for managing stress and maintaining overall well-being.

2 - Engage in vigorous exercise: Challenging your body through intense workouts can help complete stress cycles and release built-up pressure.

3 - Speak up and vent: Addressing thoughts and concerns directly, rather than letting them stew, can alleviate mental clutter and stress.

4 - Surround yourself with supportive people: Spending time with loved ones who make you laugh and feel understood can be a healthy distraction from stress.

5 - Practice gratitude: Taking time to reflect on and appreciate the positive aspects of your life can interrupt negative thought patterns and promote a more peaceful mindset.

Get in touch with Megan

Website | Instagram

In episode 630, Megan chats to Joanne Schweitzer about time management strategies to help us balance the demands of blogging with raising children and building a local brand.

Joanne Schweitzer is a successful Italian heritage recipes food blogger and has been blogging part time for 8 years. She has 10K Facebook followers with a local following too and 14K Pinterest followers with 3K in loyal newsletter openers. Joanne’s tomato sauce and cocktails do best. She does local cooking shows specifically for how to make pasta that have been successful.

In this episode, you’ll learn about outsourcing tasks, how to tap into your local network, why newsletters are so effective and how to build a successful blog while still having time for your family.

Key points discussed include:

- Focus on quality over quantity: Prioritize creating high-quality, authentic content rather than rushing to publish multiple posts per week.

- Leverage your newsletter: Invest time in crafting a thoughtful weekly newsletter to build a loyal audience and community.

- Tap into local networking: Seek out opportunities to host cooking demos and events in your local community to grow your brand.

- Embrace flexibility in your workflow: Allow for spontaneity and don't be afraid to adapt your schedule as needed.

- Outsource your weaknesses: Identify tasks you're not strong at and consider outsourcing them to free up time for your strengths.

- Batch recipes with the same ingredients: Make two or more recipes that use the same ingredients like roasted tomatoes or sautéed scallops to save time and money when doing your blog photography.

- Celebrate small wins: Recognize and appreciate the incremental progress you make, as these small victories can fuel your long-term success.

- Cultivate authenticity: Be genuine in your interactions with your audience, and let your personality shine through.

- Persist through imposter syndrome: Believe in your abilities and don't let self-doubt hold you back from achieving your goals.

Connect with Joanne Schweitzer

Website | Instagram