Business By The Books with Danielle Hayden

Danielle Hayden continues our series on tax deductions by diving deeper into accountable plans: a tax strategy that enables business owners to efficiently manage reimbursements of personal expenses with a business purpose. She addresses the importance of separating personal expenses from business expenses before going over the guidelines and limitations of accountable plans. This episode is a step-by-step guide on creating an accountable plan and implementing this strategy within your business framework. Tune in now to learn how to leverage the accountable plan tax strategy and increase profitability in your business! Key Takeaways: An accountable plan is a tax strategy that outlines a reimbursement process for personal expenses with a business purpose, while also decreasing net income and results in a lower tax liability. Only S Corps qualify for reimbursements through an accountable plan, while LLCs and sole-proprietors must take tax deductions. Business owners should pay themselves a reasonable salary through payroll and avoid taking draws from the business, only reimbursing themselves with the accountable plan. Qualifying business expenses include vehicle, home office, cell phone and more. Accurate tracking and proper documentation is essential for adherence to IRS guidelines. Topics Discussed: Accountable plans: A tax strategy (1:00) The importance of separating business and personal expenses (1:30) Determining eligibility for the accountable plan strategy (2:10) Steps to implement the accountable plan strategy (4:25) The benefits of the accountable plan for businesses (4:57) Requirements of an accountable plan (5:55) The reimbursement process in the accountable plan (6:22) Qualifying expenses in an accountable plan (8:35) Listen to Don't Jeopardize Your Business! Why Not Co-Mingle Business & Personal Finances – Ep 143: https://kickstartaccountinginc.com/dont-jeopardize-your-business-why-not-co-mingle-business-personal-finances/ Listen to Leveraging Home Office Tax Deductions for Entrepreneurs – Ep 155: https://kickstartaccountinginc.com/entrepreneur-money-stories-ep-155/ Listen to Tax Deductions: How to Maximize Vehicle Deductions in Your Business – Ep 159: https://kickstartaccountinginc.com/tax-deductions-how-to-maximize-vehicle-deductions-in-your-business-ep-159/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Understanding your business financials goes beyond bookkeeping: it's about making informed strategic decisions that support your professional and personal goals. In this episode, CEO Danielle Hayden examines what it truly means for owners to manage their business and "know your numbers." Challenging the misconception that business owners need a team of experts to reach their goals, the knowledge shared in this episode will empower CEOs to take charge of their business with confidence and clarity. Tune in now to transform your business financials! Key Takeaways: Tax deductions for vehicle expenses depend on how often business owners use a vehicle for business purposes. Understand that deductions are tax savings that reduce taxable income, not a direct cash benefit. Consistent tracking and strategy of vehicle use are essential for claiming deductions. Adding a wrap or logo to a car does not qualify the vehicle as a full-time, 100% deductible advertising expense. Reimbursement depends on entity type: S-Corps would benefit from accountable plans, while LLCs have some flexibility in how they expense vehicles on their tax return. Topics Discussed: Introduction to vehicle expenses as business deductions (1:20) Vehicle Deductions: Mileage vs Actual Expenses (3:40) Advantages of the mileage deduction strategy (5:01) Vehicle deductions strategies for different business entity types (6:58) Bookkeeping and the reimbursement process for vehicle deductions (8:15) This week's homework: actionable steps to implement a vehicle deduction strategy (9:36) Learn more about MileIQ here: https://mileiq.com/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Do you know what healthy spending looks like in your business? In this episode, Danielle Hayden tackles the crucial topic of spending in business with Kickstart Accounting Inc. Operations Manager Victoria. They break down the standards for healthy spending across key areas like advertising and payroll, highlighting how business objectives might influence your spending allocations. Danielle then shares her 3-step framework designed to reshape spending habits in your business, aiming for strategic growth and sustainability. Key Takeaways: Spending is essential to reach your business goals and attain operational efficiency. Understanding your Money Mindset Personality can guide your financial decisions. Your spending strategy will vary depending on the season of your business, from the startup phase to growth mode. Profitability isn't just about revenue; optimizing time and operational efficiency is key to building a healthy, sustainable business. Don't be afraid to negotiate discounts for systems to decrease operational spending. Topics Discussed: Misconceptions around women and money (1:55) Spending money to achieve business goals (4:09) Understanding your Money Mindset Personality Type (6:00) Analyzing spending with our Healthy Percentages Worksheet (8:34) Client example: Jenna's story of spending for business growth (12:22) Payroll spending and sustainability (14:18) Investing in systems for operational efficiency (20:23) Outside services and training for business development (24:33) Facility costs, co-working spaces, and travel expenses (27:54) Implementing the Healthy Spending Framework (29:40) Take the Money Mindset Personality Type Quiz: https://kickstartaccountinginc.com/quiz Download the Healthy Percentages Worksheet: https://kickstartaccountinginc.com/healthy/ Download the Financial Goal-Setting Worksheet: https://kickstartaccountinginc.com/goal/ Learn more about the Money Mindset Mastery Course: https://www.e-suite.co/money-mindset-mastery-sales-page Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/channel/UC7T_NMMpY1u7bnBrNptEYkA Facebook | https://www.facebook.com/kickstartaccountinginc

Understanding your business financials goes beyond bookkeeping: it's about making informed strategic decisions that support your professional and personal goals. In this episode, CEO Danielle Hayden examines what it truly means for owners to manage their business and "know your numbers." Challenging the misconception that business owners need a team of experts to reach their goals, the knowledge shared in this episode will empower CEOs to take charge of their business with confidence and clarity. Tune in now to transform your business financials! Key Takeaways: Understand the role of business owners and CEOs in financial management, beyond just "knowing your numbers." The accounting industry's dirty little secret: By taking control of the numbers and asking the right questions, anyone can make informed, strategic decisions about their business. Aligning business goals with financial strategies is essential for growth and success. Topics Discussed: The Role of Business Owners in Financial Management (0:59) The Dirty Secret of the Accounting Industry (3:04) A Client's Transformation: Jenna's Business Story (4:41) This Week's Homework: The First Step to Taking Charge of Your Financials (9:33) For help with business and personal goals and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/channel/UC7T_NMMpY1u7bnBrNptEYkA Facebook | https://www.facebook.com/kickstartaccountinginc

Ever wonder how to navigate the maze of meal deductions as a business owner? Join us in this insightful episode where Danielle Hayden, founder and CEO of Kickstart Accounting Inc., and Kelsey Chester, Lead Account Manager, break down the misconceptions about deducting meals for your business, and how to stay compliant with the IRS. From deductions for company events to the nuances of 50% deductions for meals with clients, everything you need to know is in this episode. Tune in now before your next dinner out! Key Takeaways: Learn how to confidently navigate meal-related tax strategies to maximize tax deductions for your business. Discover when you can claim 100% deductions from meals and when to claim 50%, and avoid common pitfalls that could cost you money. Get essential tips on proper financial documentation for meals, what details you need to record, and why it matters for IRS compliance. Avoid common mistakes business owners make when it comes to deducting meals, helping you stay on the right side of the IRS. Topics Discussed: Intro (0:00) Maximize Tax Deductions, Not Dine on Taxes (0:51) Examples: 100% Tax Deduction when Looking at Meals (2:29) Examples: 50% Tax Deduction when Looking at Meals (4:07) Meal with Spouse for Business Purposes: 50% OR 100%? (4:37) Money Mindset Mastery Framework IRS Guidelines Regarding Meal Tax Deductions (4:54) Bookkeeping Perspective (6:23) Episodes Mentioned: EP 77 – Retirement Plan Strategies That Will Reduce Your Business's Tax Liability For help with business and personal goals and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting YouTube | @EntrepreneurMoneyStories Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc.

Ever found yourself exhausted from transforming your home into your dream office space, only to wonder who pays the bill? In this episode, CEO Danielle Hayden unveils the secrets to maximizing your deductions this tax season with a deep dive into the often-overlooked realm of home office deductions. Explore how your home office can become a tax strategy, the requirements for it to become a business expense, and the different models you can use for tax deductions. Don't let your hard-earned money slip away – don't miss out on this full guide to make your home office work for your business! Download your home office deductions checklist: https://kickstartaccountinginc.com/homeofficedeductions Key Takeaways: Home-Office Deductions Basics: Learn how having a home office can be a valuable tax strategy for business owners. Deductions Requirements: Understand the requirements needed for your home office to be determined as a business expense. Explore the different deduction models for S-Corps and LLCs based on your business and personal preferences such as the Flat Rate and the Percentage Method Models. Learn the importance of having organized documentation, and submitting monthly or quarterly business expenses. Topics Discussed: Intro (0:00) Client Example: Freshly Painted Office but Who'll Pay for it? (1:16) What is Home Office Deduction (3:13) First Step: Ask Yourself These Questions! (3:55) Conversation with Kelsey Chester on Writing Off Your Home Office (4:18) Second Step: Determine Your Entity Type (5:15) Mindset Mastery Framework (6:03) Accountable Plan: Reimbursement and Documentation (7:06) What Does the IRS Say? (9:01) What Home Office Expenses Are Tax-Deductible? (9:54) Scorps Have 2 Options (10:57) LLCs Have 2 Methods: Flat-Rate Method and Percentage Method (11:11) Last Step in the Framework: Discuss with your CPA (12:42) Document: Get Ready for Tax Season (13:11) Don't Co-mingle Business and Personal Expenses (13:54) Don't Leave Money on the Table (14:51) Other Episodes Mentioned: Ep 143 - Don't Jeopardize Your Business! Why Not Co-mingle Business & Personal Finances For help with your home office deductions and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. YouTube | @EntrepreneurMoneyStories Facebook | Kickstart Accounting, Inc.

How often do you find yourself avoiding discussions about money, feeling a wave of stress, when faced with financial matters in your business? In this episode, CEO Danielle Hayden is joined by Becky Clabaugh, a Financial Behavior Change Expert to explore the reasons behind the avoidance of money discussions among entrepreneurs. Becky shares her expertise as an emotional regulation expert, delving into the psychological aspects of our relationship with money and providing valuable insights on how to transform your approach to finances. If you're ready to unlock a healthier relationship with your financials and embrace your role as the CEO of your business, tune in now for strategies and empowering perspectives. Tune in now! Key Takeaways: Discover how cultivating a positive mindset is the key to unlocking financial success. Building financial resilience and breaking free from money-related limiting beliefs. How your feelings about money impact your decisions and overall financial well-being. Gain insights on building financial confidence and transforming your money mindset. Finding the sweet spot between logic and emotions for better financial decision-making. Exploring the nature versus nurture aspect of one's relationship with money and how early experiences and beliefs contribute to financial attitudes. Topics Discussed: Intro (0:00) Emotional Flight OR Fight Around Money: Why Are We Here? (2:18) Nature Over Nurture (4:55) Goal Trauma and Financial Trauma: Is it Tough Even as an Expert? (6:21) How Becky Started Her Journey? (08:03) Knowing Your Numbers vs Following Intuition (10:44) Heal: Money Trauma is Okay (11:56) First Step of Transition: Awareness (14:22) Mindset Mastery Framework (16:47) Action Steps (17:50) Second Action Step: Replace Wonder with Worry (20:03) Actions Steps: Sympathetic VS Parasympathetic Nervous System (20:59) Drinking To Cope with Something VS Drinking For Pleasure (23:12) How to Manage Stress Around Numbers (25:07) Celebrate and Reevaluate (27:09) For help with your money mindset and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Becky Clabaugh: Quiz | The Hidden Money Agenda Instagram | @Becky_Clabaugh_Coaching Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. YouTube | @EntrepreneurMoneyStories Facebook | Kickstart Accounting, Inc.

Ever wondered how your business could benefit if you could reduce your tax liability and increase savings all while ensuring compliance with the IRS? In this episode, Danielle Hayden, CEO & Founder of Kickstart Accounting Inc., and Kelsey Chester, Lead Account Manager, spill the beans on some of the most powerful tax-saving strategies for business owners. From choosing the right entity type to diving into the intricacies of becoming an S-Corp, they break down the criteria you need to know. Don't leave any deductions on the table! Whether you're a seasoned entrepreneur or just starting, there's a strategy for you. Ready to transform your approach to taxes? Key Takeaways: S-Corps: net income, expense separations, and solid bookkeeping for your S-Corp Status. Health Saving Accounts (HSA plans) as an essential investment for tax-free growth, high-deductible insurance, and taking care of yourself. Secure your financial future by leveraging 401k and IRA contributions while reducing your taxable income. How your home can turn into a deductible business expense. Tax advantages of hiring your kids into the business. Don't leave any tax deductions on the table! Topics Discussed: Intro (0:00) Favorite Tax Season Strategies (0:04) Stop Co-mingling Business and Personal Finances (1:47) S-corps and Paying Yourself Reasonable Compensation (2:40) Have Bookkeeping in Place (3:12) Strategies for Scorps (4:41) Mindset Mastery Framework (6:24) HSA Plans (7:26) Retirement (8:22) Why Do S-corps Need an Accountable Plan? (9:20) Document Home Office Deductions Properly (10:57) Last Strategy: Hire Your Kids (13:00) Additional Strategies (13:46) For help with your tax deductions and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. YouTube | @EntrepreneurMoneyStories Facebook | Kickstart Accounting, Inc.

Have you ever thought about boosting the visibility of your business by being a podcast guest? In this episode, Danielle Hayden, CEO of Kickstart Accounting Inc., welcomes Christina Lenkowski, founder of PublicityxChristina, to discuss the transformative power of podcast guest speaking. Christina explains the correct strategy for being a guest on podcasts to market your business, highlighting the importance of being in front of the right audience to maximize impact. If you're curious about leveraging podcasts to boost your business, tune in now for valuable insights and strategies to make your mark in the podcasting world. Key Takeaways: The game-changing power of podcast guesting—your "Golden Ticket" business transformation. Exclusive insights on time management, team-building, and the podcast publicity strategy that has turned businesses into success stories. How to strategically select which podcasts (and how many) to be featured on as a guest to truly increase your business' visibility. Dive into the art of messaging with Christina's agency secrets. Learn how to whip up content that's not just engaging but magnetic. Topics Discussed: Intro (0:00) Spot Readiness for Podcast Guests and How Christina Lenkowski's Company Contributes? (1:50) It's Okay to Fail (5:22) How did Christina Get Here? (6:21) Podcasting: Who is an Ideal Client? (8:19) Hire an Agency VS Doing it on Your Own (10:36) Messaging Sets PublicityxChristina Apart (14:27) Messaging: When Christina Knew it Was Time to Hire an Expert (16:54) Mindset Mastery Framework (18:19) Keeping Money Mindset Strong (19:22) Time vs Money Objection (20:44) Back to Basics (24:26) Ultimate Smart Goal: Budgeting (27:41) For help with your business's finances and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Christina Lenkowski: Website | https://www.publicityxchristina.com Instagram | PublicityXChristina Facebook | publicityxchristina LinkedIn | Christina Lenkowski Connect with Kickstart Accounting Inc.: Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc.

Are you ready for tax season? In this episode, Danielle Hayden, CEO & Founder of Kickstart Accounting Inc. guides you through the 5 essential steps you need to take to get your business organized for a stress-free tax season, from maintaining accurate bookkeeping all year round to assembling a synchronized & complete money team. Tune in now to ensure a smooth and relaxed tax preparation season. Key Takeaways: Staying ready throughout the year with accurate and ready finances. Uncover the power of a money team that works in unison. W9s, 1099s—understanding paperwork requirements & contractors. Reviewing your payroll and your reasonable salary as an S-Corp. Stepping into the CEO's shoes, and crafting a strategic, forward-thinking financial plan for your business. Topics Discussed: Intro (0:00) Disclaimer (0:38) 1st Step of Framework: Stay Ready (1:14) Mindset Mastery Framework (3:32) 2nd Step: Ensure Money Team Alignment (4:35) 3rd Step: W9's For All Contractors (6:16) Review Your Payroll (6:51) Quick Recap (7:49) 4th Step: Get Prepared Early (08:12) 5th Step: Start Being More Forward Thinking (9:25) Do You Have a Bookkeeper? (10:14) For help with your bookkeeping and more, visit: https://kickstartaccountinginc.com/get-started/ Connect with Kickstart Accounting Inc. Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc.