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Podcast Episode's:
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Episode 16: Smart Tax Strategies Boost Real Estate Profits
<p>Ever stumbled upon a goldmine in your very own tax returns? Well, that’s exactly what happened to one of our clients, a real estate agent who was initially shortchanged by a whopping $22,000 in deductions. Join us as we unfold this eye-opening case study, divulging how meticulous reporting and strategic deductions can lead to substantial refunds. We also discuss the all-too-common pitfalls agents face when navigating the tax labyrinth, like under-claiming expenses out of sheer misconception, and how teaming up with tax pros can shield you from leaving money on the table.<br/><br/>Then, imagine boosting your earnings by a stunning 33% without increasing your work hours—sounds like a fantasy, right? But it's not! This episode walks you through the story of a real estate agent's financial transformation post-S-corp restructuring, proving that the right tax strategies can do wonders for your wallet. We also chip in about the Augusta rule, an under-the-radar tax strategy that can add some serious muscle to your financial fitness, all legally. Let's just say, after hearing this, you'll want to give your tax planner a high five.<br/><br/>To cap things off, we extend an open invitation for a one-on-one chat at BusyBeAdvisors.com because let's face it—everyone's tax situation is as unique as their fingerprint. Eric and I are here to tailor a tax strategy that fits you like a glove, especially for our Californian clients who stand to rake in even more savings. The bottom line? We're here to ensure your hard-earned cash doesn't just fly away to Uncle Sam. <br/><br/>Find us at www.busybeeadvisors.com</p>
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Episode 16: Strategic Benefits to Attract & Retain Staff AND Save on Taxes!
<p>Unlock the secrets of keeping your team happy and your business thriving with the wisdom we'll bring to the table today. We're pulling back the curtain on employee retention strategies and the tax benefits they can harvest. We're eager to share a case study, a real life example from an HVAC contractor's hiring hurdles. With an emphasis on the power of local trade schools and the allure of S-corp conversion, we're equipping you with the know-how to not only save on payroll taxes but also to magnetize top-notch talent with creative perks, like student loan repayments, that resonate more than just a bumped-up salary.<br/><br/>This episode is your gateway to understanding why playing the long game as an S-corp beats the sole proprietorship track, especially when it comes to succession planning and retirement readiness not to mention employee recruitment and retention. While diving into the myriad benefits that fringe perks like phone bill coverage and gym memberships can offer, we also underscore the importance of adaptability. Businesses must be nimble when life throws curveballs, such as the next-gen opting out of the family enterprise. If you're nodding along, thinking, "That's me!" then you won't want to miss this conversation. <br/><br/>For more information or to make an appointment visit www.busybeeadvisors.com</p>
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Episode 15: Have You Set Your Business Straight for 2024?
<p>Ever found yourself tangled in a web of receipts and expense reports every month end? We've all been there, and it's exactly why we're suggesting something different for 2024. This episode is full of strategy gems for your business's financial health. We'll suggest effective bookkeeping systems, wave goodbye to cumbersome manual tracking and say hello to the sleek world of accounting software. And we're talking about transformative structural changes—think forming a corporation—and the timing to make these moves.<br/><br/>Remember that time you tried to claim your pet hamster as a dependent? Yep, we're tackling the laugh-out-loud pitfalls of letting AI handle your accounting, as well as the serious business of understanding owner's equity. And because life's not all about the balance sheet, we're redefining budgeting—no longer a financial straitjacket but a liberating tool for savvy decision-making. We're also cutting through the dread of tax forms with insider tips on vendor management and smart handling of 1099s. Oh, and if you've been procrastinating on collecting those W9s, we've got the pep talk you need.<br/><br/>As the confetti has settled on another year, we're not just making resolutions; we're laying out a year-end checklist that's as comprehensive as it is crucial so next year, you're on top of it. From bookkeeping reviews to expense evaluations and the ever-important dance with tax professionals, we've got you covered. So, grab your favorite note-taking app, and let's make this the year your business finances sing.<br/><br/>For more information or to make an appointment visit www.busybeeadvisors.com</p>
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Episode 14: Torqued on Taxes? Revving Up the Engines of Software vs Personal Professional Service.
<p>Ever felt like navigating the tax system is like trying to solve a Rubik's Cube in the dark? Join us, Melissa and Eric, as we shine a light on the tax labyrinth, helping you crack the code. This episode isn't just a run-of-the-mill tax talk; it's a treasure map to the gold mines of tax benefits for both individuals and business owners. We tackle the eternal debate: tax software versus a flesh-and-blood tax pro. While software might seem like a safe haven for W-2 wage earners, we reveal why entrepreneurs might need a more tailored approach and how important your involvement is – yes, even if you're not a numbers person.<br/><br/>Think of your tax advisor as the trusted mechanic for your financial vehicle. We'll discuss the horsepower needed from a tax professional who doesn't just fill in the blanks but understands the terrain of your industry. From the false comfort of audit protection to the necessity of year-round tax guidance, we emphasize the importance of well-timed collaboration between you and your tax expert. Just like a mechanic diagnosing a car, a tax pro needs all the details to keep your financial engine running smoothly – we explore how to keep that relationship finely tuned.<br/><br/>You'll learn how a good tax professional isn't just a number cruncher but a navigator of tax seas – someone who's got your back when the waters get choppy with audits or unexpected tax events. Grasp the significance of mutual respect and preparedness and how these elements forge a strong alliance with your tax preparer. So, if you're ready to conquer taxes with confidence, let's buzz through the world of taxes together – because at Busy Bee Advisors, we're all about making taxes... well, less taxing.<br/><br/>For more information or to make an appointment visit www.busybeeadvisors.com</p>
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Episode 13: Is it time for somebody new to do your taxes?
<p>Listen and learn as Melissa and Eric discuss the signs that demonstrate it’s time for you to find a new tax professional to do your taxes. Do you know what to look for when you're not sure about your tax person? Do you know what questions to ask? Are you a good client? Here are just some examples of what it is you should be considering along with many more from your hosts. </p><p>Are you paying a large tax bill? </p><p>Does your tax preparer only reach out to you once a year? </p><p>These are red flags that you may have a tax professional who isn’t doing everything in their creative and professional power to save you money on your taxes and to support your growing business. </p><p>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p>
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Episode 12: Questions You've Asked About Tax Liabilities with Answers From Your Hosts
<p>On this episode Eric and Melissa answer questions from real prospective clients who called Busy Bee for tax advice (names and scenarios have been changed.) They break down two different scenarios and how they advise a client could reduce their tax liability. </p><p>Some of the highlights from the show include: </p><ul><li>Set up a corporation! If you are filing as a sole proprietor you are paying self employment taxes and losing 15.3% of your profits to taxes you shouldn’t have to pay. </li><li>If you run your business from home you are likely paying for personal expenses that are actually business expenses.</li><li>Make sure you take inventory of your assets so they can be accounted for properly. Computers, tablets, phones, and storage equipment, all these can be accounted for to reduce your tax liability. </li><li>Pay your children! They can do something for you, and you can pay them and they save money for college while reducing your taxes. </li></ul><p>Listen to this episode to hear more tips. </p><p><br/>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p>
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Episode 11: It's Not Too Late! End of Year Tax Strategies to Implement Now to Save Money
<p>In this episode, your hosts, Melissan and Eric Broughton, give tax strategies that can save you money if you implement them before the end of the year. These aren’t “loopholes” and they aren’t “shady” practices, these are strategic methods that business owners have been using for decades. Some of the ideas in this episode include: </p><p>-Prepay rent or other expenses for for next year</p><p>-Delay your final month billing cycle in December to January</p><p>-Purchase or replace old equipment or vehicles, but talk to a tax professional to see how selling your old assets first can save you money</p><p>-Buy things strategically on credit, which can actually save you money</p><p>-Sponsor a local charity event to support your community, get your name recognized, and reduce your taxes</p><p>-Most importantly, buy that new ergonomic office chair for yourself!</p><p>Listen to hear more about how Melissa and Eric suggest you pause now, look at your books, and start strategizing to save money on your taxes for 2023 before the year is up. You'll also be able to get the 13 steps to saving money on your taxes this year on the website. What are you waiting for?</p><p><br/></p><p>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p>
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Episode 10: Hire Your Kids, Save on Taxes. Here's How.
<p>Learn from Eric and Melissa as they share the benefitsof hiring your children to work in the family business. What can they do? For starters, they can file, they can shred, they can sweep, heck they can even star in your social media commercials! Done properly, they can be paid thus reducing your taxes and building a nest egg for themselves.</p><p>Let this episode inspire you with the many ways you could be saving money on taxes when you really consider your options. </p><p>For more information and to find resources from the show, visit <a href='http://www.busybeeadvisors.com'>www.busybeeadvisors.com</a>.</p>
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Episode 9: 87,000 New IRS Agents. Are You Prepared?
<p>You’ve heard the news, the federal government has authorized funding for 87,000 new I.R.S. agents to help with tax enforcement. Are you panicked, angry, anxious? Stop worrying and ignore the noise. </p><p>We break down what the new funding really means and how it could affect you or your business. If you file your taxes correctly you have nothing to worry about. If you do have tax problems and don’t ignore them, the I.R.S. is much more reasonable to work with than you might think. </p><p>We'll also discuss handling an audit, and the importance of calling a tax professional when you are behind on taxes and avoiding scam letters, calls, and emails that try to trick you into turning over your personal information. </p><p><br/>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p>
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Episode 8: Starting a business? How to save on taxes Now!
<p>Join your hosts Melissa and Eric as they discuss how to get financially prepared for cash flow and taxes <em>before</em> you start your business. One of the biggest mistakes new business owners make is they get started and then they talk to a tax professional after the year has ended only to find out they could have saved a ton of money by setting up their organization the right way before getting started. </p><p>You'll also get tips from a bookkeeping perspective on how to have money set aside for recurring expenses (payroll and taxes for example) and how a good accountant can help you figure out how to best save money and how to run your business most efficiently from a fiscal perspective from the very beginning. </p><p>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p>
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Episode 7: Are you a Realtor? Then listen to this!
<p>Hear your hosts, Melissa and Eric, have a conversation about Realtors this week and how important it is for them to treat their job like they are running a business. Whether you are a new Realtor who expects to make a solid income in your first year or you are established and very successful, it is vital for tax savings to set up the proper corporate structure and to hire professionals to help you. </p><p>Even if you only have your license to save on commission because you are a real estate investor, there are helpful tips in this episode about tracking the hours you spend working on your deals that can save you money on your taxes. </p><p>So if you are a Realtor, hit play on this episode to learn some great tactics to keep as much of your commission earnings as possible. </p><p>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p><p><br/><br/></p>
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Episode 6: Save time and money with one...simple...change
<p>There are a lot of tips and tricks to try and save money on taxes and in other ways with your small business, but maybe the most impactful, simple change you can make to your operation is to hire a bookkeeper. Monthly bookkeeping is invaluable, it can help you eliminate extra subscriptions, catch accidental charges or fraud and give you a clear and frequent snapshot of the health of your business. </p><p>Even if you do your bookkeeping yourself and you stay on top of regular reconciliation of transactions, how long does it take you each month and couldn’t you be using that time to make your business more money? </p><p>This episode gives you a clear picture and several real examples of how hiring a bookkeeper could be game changing for your business. And of course, it's delivered in a way only your hosts Melissa and Eric Broughton could deliver it.</p><p>For more information and to find resources from the show, visit<a href='http://www.busybeeadvisors.com'> www.busybeeadvisors.com</a>.</p><p><br/><br/></p>
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Episode 5: What makes a great accountant plus a simple way to keep employees and save on taxes
<p>Eric and Melissa talk about what it means to have a great accountant? Well, they shouldn’t be just a numbers or money person and they should meet with you more than once a year. A great accountant works with you year-round to figure out how to reduce your tax liability. </p><p><br/></p><p>One simple way to boost employee morale and reduce your tax liability is by reimbursing employees for work related costs that they would incur anyway. Think cell phone bills and home office expenses. </p><p><br/></p><p>They break down some simple and smart ways to reduce your tax burden by using strategies all year long rather than just buying a bunch of equipment at the end of the year. <br/><br/>For more information and to find resources from the show, visit <a href='http://www.busybeeadvisors.com'>www.busybeeadvisors.com</a>.</p><p><br/></p>
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Episode 4: What is "reasonable compensation?"
<p>On this episode Melissa and Eric talk about the importance of business owners drawing a salary rather than just taking large distribution at the end of the year. The IRS wants to make sure you are paying a reasonable amount of payroll taxes and so you are supposed to give yourself a “reasonable compensation” for your work. </p><p>The two discuss how you find out what is “reasonable” for the work you do, what to do if your business isn’t profitable yet, and also why it’s important for the growth of your company and your personal financial future to pay yourself a salary. <br/><br/></p><p>In the last ten minutes of the episode they talk about the tax deadline being pushed back for many Californians because of natural disasters and “state of emergency” declarations. April 15th is just a few days away but you may actually have another month to get your taxes done!<br/><br/>For more information and to find resources from the show, visit <a href='http://www.busybeeadvisors.com'>www.busybeeadvisors.com</a>.</p><p><br/><br/></p>
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Episode 3: Augusta, not just a golf tournament but a brilliant tax strategy
<p>Listen and learn as Melissa and Eric sit down to talk about two topics that could help you save on taxes and make you a much more efficient business owner. </p><p>First they discuss the Augusta rule, what is it and how can you rent your own personal property to the business to save money on your taxes. </p><p>Second, they discuss the importance of regular, up to date bookkeeping for a business, whether that’s done by a hired bookkeeper or someone in the business. It is vital for a business owner to always know where their business stands financially at any given time and the simple fact is that good bookkeeping will save you money day-to-day while running your business and on your taxes.<br/><br/></p><p>You can find tax information and more on the Augusta by visiting www.busybeeadvisors.com. </p>
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Episode 2: C-corps and S-corps and LLCs oh my!
<p>In this episode, Melissa and Eric talk about the importance of sending your vendors 1099 forms and while this year’s deadline has passed it’s never too early to start preparing for next year by sending vendors W-9 forms to get the necessary information. </p><p>On a bigger picture context, learn the difference between different types of company structures and the reasons why choosing a certain type of organizational structure could greatly influence your tax situation. Whether you are a sole proprietor, a C-corp, an S-corp or a partnership there are specific rules and guidelines involved that you need to understand. You need to be very aware of the limitations and benefits of the allocation you choose. </p><p>The discussion outlines a simple breakdown of the requirements and differences in the structure of choice and the significance of your consideration once the business is profitable. Every small business should understand what their structure is and how it fits into their longer term plans.</p><p><br/>For more information and to find resources from the show, visit <a href='http://www.busybeeadvisors.com'>www.busybeeadvisors.com</a>.</p>
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Episode 1: Are You Maximizing Your Travel and Reimbursement Expenses for Taxes?
<p>It's the first episode of The Real Buzz with Eric and Melissa Broughton, owners of Busy Bee Advisors. So they're going to talk travel. Like how to take advantage of travel for business purposes, and how to appropriately justify and support your travel-related expenses. Plus a little irreverance on travel-related per diems, how they work and who can use them. And finally, they offer a reminder about reimbursements to business owners for business-related expenses – how to do them and why it is important if you really want to save money on your taxes. After all, that is what the show is all about, right?<br/><br/>For more information and to find resources from the show, visit www.busybeeadvisors.com.</p>
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The Real Buzz - Trailer
<p>The Real Buzz podcast is all about helping small business save money on taxes with forward thinking tax strategies, tips to get you and keep you organized and pro-active planning ideas. Eric and Melissa Broughton, owners of Busy Bee Advisors, will take you on a fun and informative journey each month exploring topics that will ultimately help your business pay less in taxes... and supporting it all with the legal code, documentation and experience. A must listen for small business. For more information, visit www.busybeeadvisors.com.</p>
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