Your Blazer Isn't a Business Expense: Baby Steps To Better Bookkeeping with Madison Dearly
Point Of The Story
What Is Not a Business Expense
Madison lists common non-deductible items and explains the IRS ordinary-and-necessary test.
3 things that happened when I cornered a bookkeeper at a conference:
1. I almost choked to death
2. I realized I should learn how to perform the Heimlich maneuver
3. I found out that S-Corps are much more complicated than they seem
In this episode, I sit down with Madison Dearly — former Miss New Mexico, bookkeeping’s biggest fan, and the woman who was literally at the ready to perform life-saving measures on me during our first conversation (the episode is worth it just for that story alone!).
She's conservative with the IRS but generous with her knowledge, and she's here to give you the real tea on S-Corps, business expenses, and why your bookkeeping probably needs some serious TLC.
TOPICS & TANGENTS
— Revenue vs. profit vs. owner's draws (bookkeeping terms you need to know)
— My obsession with Queen Latifah and how I named my Roomba after her
— Business expenses that'll get you audited vs. ones that actually count
— Why Madison wants to set QuickBooks on fire (we support this energy)
— The tea on Intuit and why Madison despises them
— Baby steps to bookkeeping that won't make you want to cry
POINT OF THE STORY
The best business expense you can make is educating yourself about your own finances. Understanding the difference between revenue and profit, knowing what you can actually deduct, and having clean books will save you more money than any trendy tax hack.
GIVEAWAY
Want a free order of bean water on me? Tag me @btlcopy and Madison @madisondearly on your Instagram story while you’re listening, and one lucky winner will get TWO caffeine fixes on me!
AND — count how many times we drop the F-bomb in this episode. DM me the number, and you could win a prize!
Love you, mean it. 🖤
MADISON LINKS
— Follow Madison on Instagram and Threads
— Check out her website
— Subscribe to her newsletter
— Subscribe to her Youtube channel
— Join her Monthly Bookkeeping Club
— Check out her services and resources
— Madison’s walkout songs: song 1 + song 2
BTL LINKS
— Use code "MILLIONAIRE" for $100 off my website copywriting course, Site Series Sprint.
— Join the Point of the Story community on Slack.
— Leave feedback or episode requests in our Suggestions Box.
— To stay up to date with all things Point of the Story, follow on Instagram and Substack.
— Follow me on Instagram, Threads, and Substack.
— Subscribe to my newsletters Tuesday Table of Contents for one marketing tip, once a week and Millionaire Moment for the insider tea on how I plan to make $1 mil in sales by my 31st birthday.
— Check out my website betweenthelinescopy.com.
TIMESTAMPS
00:00 Intro
00:22 Meet Madison, Bookkeeping Queen and The Person Who Saved My Life
03:27 Rapid-Fire Squirrel Brain Questions
15:37 The S-Corp Reality Check You Need to Hear
24:53 A Bookkeeping Crash Course
30:31 The IRS Doesn't Care About Your Brand Shoot Blazer
39:13 Madison's Rant on Intuit
41:42 Baby Steps to Better Bookkeeping
44:17 Closing
This episode was edited by Adrienne Cruz.
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