• Mission Driven Business

  • 著者： Brian Thompson
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Mission Driven Business

著者： Brian Thompson
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  • Diverse entrepreneurs share their experiences, strength, and hope to help mission-driven businesses thrive. In a series of intimate conversations, attorney and CFP Brian Thompson and his guests provide practical steps to create businesses with impact and profit.
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あらすじ・解説

Diverse entrepreneurs share their experiences, strength, and hope to help mission-driven businesses thrive. In a series of intimate conversations, attorney and CFP Brian Thompson and his guests provide practical steps to create businesses with impact and profit.
マネジメント・リーダーシップ リーダーシップ 経済学
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  • The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands

    The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands
    2025/04/15
    As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary. To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations. Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands. Don’t forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you: Pet expenses -- If a dog protects your office or warehouse, the dog’s food, training, and vet bills may be deductible. Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company. Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs. Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business. Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses. Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes. Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order: Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable. Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around. Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices. Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant. Resources + Links Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    8 分
  • Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form

    Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form
    2025/03/11
    It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a breakdown of what’s on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it’s correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won’t change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you’ll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It’s important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you’re not careful, since it’s where you select whether you’re a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro ...
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    32 分
  • The Mission Driven Business Podcast Episode 90: Your 6-Step Checklist To Close The Books On 2024

    The Mission Driven Business Podcast Episode 90: Your 6-Step Checklist To Close The Books On 2024
    2024/12/24
    Ready to end the year with a gift to your future self? In this special episode, Brian guides you through a six-step process to close out 2024 and set yourself up for success in 2025. You’ll tidy your finances, get a jump start on thinking about taxes, evaluate your business performance, and set strategic goals. Your Year-End Business Review Checklist Step 1: Close Out Your Financials Closing out your financials may sound dry, but it’s imperative to get right. Review your books -- Review your profit and loss for the year for any discrepancies, outstanding invoices, or payments that need to be paid. Make sure you have the correct categories for your transactions to save you a headache when you prepare next year’s tax return.Reconcile your accounts -- Every month, but especially at the end of the year, you should reconcile your financial accounts, including bank accounts, credit cards, and loans, to reveal unaccounted expenses or hidden fees.Analyze your cash flow -- Review your cash flow to see what you owe and who owes you. You can also get a clear picture of whether you can defer income to next year or incur more expenses this year to save on taxes.Review your payroll -- Ensure wags, taxes, and benefits are accurate and that Bonuses are accounted for with proper tax withholding. Step 2: Evaluate Your Tax Position Once your financials are in place, it’s time to shift to taxes. Consider year-end tax deductions -- Incur expenses for purchases like office supplies, software, professional services, and equipment you will have in the coming year.Review your retirement contributions -- Don’t miss your opportunity to make employee contributions to your Solo 401(k) before the December 31 deadline.Plan for next year’s taxes -- Project what your tax liability might look like next year, plan for potential quarterly tax payments, and evaluate whether you might qualify for tax credits or deductions. Also, start gathering important information for tax forms, such as 1099 NECs and W2s. Step 3: Reflect On Business Performance Once the numbers are in order, it’s time to review the past year of business performance and make meaningful adjustments. Review key metrics -- Identify the key metrics for your business, determine whether or not you hit them, and analyze why or why not.Analyze client data -- Come up with your ideal client profile but remember that high paying isn’t the same as high value.Employee performance reviews -- If you have a team, conduct an annual performance review to acknowledge achievements, identify areas for improvement, and set clear expectations for next year. Step 4: Refine Your Vision, Mission, and Values Let’s dig deeper into your mission, vision, and values, which are at the heart of mission-driven businesses. Reassess your mission and vision -- Ask whether your mission or vision has evolved or shifted and update your mission and vision statements if necessary.Clarify your core values -- Just like with your mission and vision, reflect on your core values and update them if necessary. Step 5: Set Strategic Goals For 2025 After reflecting on the past, let’s look forward by setting achievable, flexible goals. Set SMART goals -- Aim to set goals that are specific, measurable, achievable, relevant, and time-bound.Break down goals into actionable steps -- Know the next, right step to make your goals less overwhelming and chart a clear path forward.Build in flexibility - The market, economy, and client needs are always evolving. Build checkpoints into your plan and make course corrections as needed. Step 6: Tidy Organizational Processes Don’t overlook the operational side of your business to save yourself headaches and hours in 2025. Audit your systems and tools -- Review the software, apps, and systems you are using, take note of the tools you aren’t using, and automate repetitive tasks.Organize digital files -- Organize digital files in clearly labeled folders to easily find essential documents.Review contracts and legal documents - Check that your contracts and legal documents with vendors, clients, and employees are up-to-date and compliant. Resources + Links Brian Thompson Financial: Website, Newsletter, PodcastFollow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    11 分

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