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God's Business

Welcome to "God's Business," where your host Nicholas Bayerle interviews the top Christian Business owners and leaders to help you not just build a good business but execute God’s Business. In each episode, you'll hear from successful business leaders, influencers, and pastors who share their personal journeys, insights, and strategies for building and growing a business with God as their focus. Our guests come from a variety of industries and backgrounds, but they all share a common thread: a deep faith in God and a commitment to using their businesses as a vehicle for positive change in the world. Join us as we delve into the challenges and triumphs of running a business with a higher purpose, and discover how you too can create a thriving business that reflects your values and fulfill God’s call on your life. Tune in to "God's Business" and be inspired, equipped, and challenged to grow in every area of your life.
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Dec 27, 2017

In today’s episode, we are jumping into our taxes with my buddy and tax advisor, The Cash Flow Doctor, Eric Nghiem. Our taxes go towards our city, state, and country, paving roads and improving our communities. However, we’d all like to save a little bit more and put it towards growing our businesses and donating to charities of our choice. Eric Nghiem gives us some simple strategies that we can apply this tax season to save and grow our money.



Timestamped Show Notes:

  • [ 8:03 ] Entrepreneurs and Taxes
  • [ 9:07 ] Bookkeeping
  • [ 12:30 ] Filing as a Business: Getting The Most Deductions
  • [ 14:32 ] Structuring your business entity: LLC, S-Corp, C-Corp
  • [ 17:44 ] Deductions
  • [ 22:41 ] Appropriate Salary and Retirement Plans
  • [ 29:14 ] Business Sales
  • [ 40:00 ] The New Tax Bill

 

Takeaways:

  • Eric highly recommends utilizing an accounting or bookkeeping system, even if it’s as simple as an excel spreadsheet, a ledger, even a basic notebook. Quickbooks and Xero are also great accounting softwares to keep your records safe, storage, and easy to navigate when it comes time for your taxes.
  • As an Entrepreneur, the first step in tackling your taxes is to make sure you have proper bookkeeping set up. This gives you a chance to also see on a daily basis where you is profits and expense.  
  • Limited liability saves your company from large liability suits, however, there is no tax benefit. S-Corp is highly recommended for most small businesses under a million dollars in revenue. Put yourself on salary with self-employment tax, but the rest of your profits will come without the self-employment tax.C-Corp is a more advanced entity, under the new tax plan it will be more beneficial than in the past.
  • Keep track of your common expenses for deductions, internet service, web hosting, personal cell phone (as long as you have a landline), vehicle expenses, mileage, meals with clients, anything that's usual, ordinary you can deduct. Make sure you leave a paper trail, use a business credit and debit cards.  



Resources:

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