Mike interviews Barbara Weltman.
Today, I’ve got something extra special for you – an exclusive deep dive into the world of small business taxes with none other than the incredible Barbara Weltman. You know, the tax guru extraordinaire who’s been dropping knowledge bombs left and right! Buckle up because we’re about to unravel the secrets from her upcoming book, “Small Business Taxes 2024.”
Alright, picture this: you’ve just paid off all your debts, high-fived your financial freedom, and boom! Your credit score decides to take a nosedive. Shocked? Barbara and I delved into this intriguing revelation during our chat. It turns out the system might just want you swimming in the debt pool. Crazy, right? But here’s the real kicker – maintaining a stellar credit score is your golden ticket to building wealth. Why? That score is your passport to borrowing money, the kind that fuels your business growth and asset acquisition. It’s a game, my friends, and Barbara’s here to spill the tea on playing it right.
We also touched on the small business credit score conundrum. While big corporations like Apple don’t need Steve Cook to co-sign their loans, small businesses often rely on personal FICO scores. The goal? Transitioning to a point where your business becomes the exclusive borrower, freeing you from personal obligations. Genius move, right? Barbara drops tips on how to build that coveted business credit – spoiler alert, it involves strategic credit card use and savvy payment management.
But wait, there’s more! Barbara goes beyond the book and shares gems on how businesses can create and enhance their credit profiles. Dun and Bradstreet and Experian – these companies offer programs to help small businesses build credit. So, my fellow entrepreneurs, take note: it’s not just about personal credit; it’s about making your business a credit powerhouse.
Now, let’s talk about the grand reveal – Barbara’s upcoming book hitting the shelves and Amazon on November 30, just in time for the holiday season. It’s not just a run-of-the-mill tax guide; it’s a roadmap to mastering your 2023 returns and planning your financial moves for the future. Oh, and did I mention there’s a free supplement coming in February? Because taxes don’t stand still, and Barbara’s got your back with updates on any changes that might pop up between the book release and Cupid’s month.
We shifted gears to the political landscape, comparing the Trump and Biden administrations. Has there been a shift in the wind when it comes to favouring big corporations versus small businesses? Barbara’s insights remind us that it’s not just about the administration; Congress plays a pivotal role. Policies change, and the current focus on green energy initiatives adds a new layer to the business landscape. It’s a dynamic world out there, my friends.
Now, here’s where Barbara keeps her cards close to her chest. I prodded her views on the administration, and she wisely chose to stay neutral. Smart move, Barbara! It’s a reminder that navigating these waters requires us to analyze and form our own opinions based on facts and observations.
Shifting gears yet again, we talk about tax breaks, but not the run-of-the-mill ones. Barbara throws in some unexpected but crucial tips. Thinking of upgrading your equipment? Well, that could be a tax advantage for you. And let’s not forget the often-overlooked aspect – retirement plans. Barbara emphasizes that business owners need to consider their retirement savings as diligently as their employees do. Your business might be your baby, but a diversified nest egg ensures you’re not left high and dry.
Record keeping is your secret weapon. Barbara shares tales of legitimate write-offs gone awry due to lack of proper documentation. It’s not enough to make the right moves; you need to prove it when Uncle Sam comes knocking.
Wrapping this up, I couldn’t agree more with Barbara – doing your own taxes, especially as a small business owner, is like navigating a minefield blindfolded. It’s not about being audited; it’s about being audit-ready. So, folks, if you’re in the small business game, take heed of Barbara’s wisdom and get your financial house in order.
And there you have it, an exclusive peek into the tax wizardry of Barbara Weltman. Stay tuned, stay savvy, and remember – it’s not just about making money; it’s about keeping it and thriving in the financial jungle. Until next time, hustle on!
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
[{"id":2202,"link":"https:\/\/blog.milliondollarbookagency.com\/carl-j-schramm-author-of-burn-the-business-plan-what-great-entrepreneurs-really-do\/","name":"carl-j-schramm-author-of-burn-the-business-plan-what-great-entrepreneurs-really-do","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/Carl-Schramm.png","alt":""},"title":"Carl J. Schramm - Author of \"Burn the Business Plan: What Great Entrepreneurs Really Do\"","excerpt":"","content":"Mike interviews Carl J. Schramm. In the latest episode of Million Dollar Stories, Carl J. Schramm breaks down the powerful insights from his book, \"Burn","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 15, 2024","dateGMT":"2024-10-15 12:09:29","modifiedDate":"2024-10-15 12:09:31","modifiedDateGMT":"2024-10-15 12:09:31","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":43},"status":"publish"},{"id":2194,"link":"https:\/\/blog.milliondollarbookagency.com\/carla-krieger-co-author-of-business-agility-journey-understand-how-business-agility-provides-continuous-adaptability-and-valued-results-to-customers\/","name":"carla-krieger-co-author-of-business-agility-journey-understand-how-business-agility-provides-continuous-adaptability-and-valued-results-to-customers","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/Carla-Krieger.png","alt":""},"title":"Carla Krieger - Co-Author of \"Business Agility Journey: Understand How Business Agility Provides Continuous Adaptability and Valued Results to Customers\"","excerpt":"","content":"Mike interviews Carla Krieger. There\u2019s one thing every entrepreneur knows for sure: the world isn\u2019t waiting for anyone. If you're not adapting, you're falling behind.","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 11, 2024","dateGMT":"2024-10-11 19:32:12","modifiedDate":"2024-10-11 19:32:15","modifiedDateGMT":"2024-10-11 19:32:15","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":2},"status":"publish"},{"id":2182,"link":"https:\/\/blog.milliondollarbookagency.com\/nichica-f-melton-co-author-of-female-money-playbook-the-female-financial-roadmap-navigate-to-wealth-with-confidence\/","name":"nichica-f-melton-co-author-of-female-money-playbook-the-female-financial-roadmap-navigate-to-wealth-with-confidence","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/Nichica-F.-Melton.png","alt":""},"title":"Nichica F. Melton - Co-Author of \"Female Money Playbook: The Female Financial Roadmap. Navigate to Wealth With Confidence\"","excerpt":"","content":"Mike interviews Nichica F. Melton. In today\u2019s dynamic world, the journey toward financial independence can feel overwhelming, especially for women who balance the demands of","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 8, 2024","dateGMT":"2024-10-08 16:54:46","modifiedDate":"2024-10-15 18:29:21","modifiedDateGMT":"2024-10-15 18:29:21","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":25},"status":"publish"},{"id":2174,"link":"https:\/\/blog.milliondollarbookagency.com\/nick-loper-author-of-virtual-assistant-assistant-the-ultimate-guide-to-finding-hiring-and-working-with-virtual-assistants\/","name":"nick-loper-author-of-virtual-assistant-assistant-the-ultimate-guide-to-finding-hiring-and-working-with-virtual-assistants","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/ninck-loper.png","alt":""},"title":"Nick Loper - Author of \"Virtual Assistant Assistant: The Ultimate Guide to Finding, Hiring, and Working with Virtual Assistants\"","excerpt":"","content":"Mike interviews Nick Loper. What separates the average entrepreneur from the one who achieves true freedom? It's the ability to leverage resources and scale beyond","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 4, 2024","dateGMT":"2024-10-04 12:00:00","modifiedDate":"2024-10-15 21:54:23","modifiedDateGMT":"2024-10-15 21:54:23","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":24},"status":"publish"},{"id":2170,"link":"https:\/\/blog.milliondollarbookagency.com\/nick-lavery-author-of-objective-secure-the-battle-tested-guide-to-goal-achievement\/","name":"nick-lavery-author-of-objective-secure-the-battle-tested-guide-to-goal-achievement","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/nick-lavery.png","alt":""},"title":"Nick Lavery - Author of \"Objective Secure: The Battle-Tested Guide to Goal Achievement\"","excerpt":"","content":"Mike interviews Nick Lavery. In this recent episode of\u00a0Million Dollar Stories, the spotlight was placed\u00a0on Nick Lavery, a true warrior both on and off the","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 3, 2024","dateGMT":"2024-10-03 20:06:08","modifiedDate":"2024-10-03 20:06:11","modifiedDateGMT":"2024-10-03 20:06:11","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":57},"status":"publish"},{"id":2157,"link":"https:\/\/blog.milliondollarbookagency.com\/luke-fatooros-author-of-1-page-planner-how-to-discover-your-red-hot-niche-of-cash-paying-raving-fans-dominate-it-become-the-business-customers-want-to-buy-from-smart-business-engine\/","name":"luke-fatooros-author-of-1-page-planner-how-to-discover-your-red-hot-niche-of-cash-paying-raving-fans-dominate-it-become-the-business-customers-want-to-buy-from-smart-business-engine","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/luke-fatooros.png","alt":""},"title":"Luke Fatooros - Author of \u00a0\"1-PAGE PLANNER: How to Discover your Red-Hot Niche of Cash-Paying Raving Fans. Dominate it. Become the Business Customers Want to Buy From (Smart Business Engine)\"\u00a0","excerpt":"","content":"Mike interviews Luke Fatooros. When you're in the trenches of entrepreneurship, fighting daily battles, the right tools and mindset can make or break your business.","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 2, 2024","dateGMT":"2024-10-02 11:28:00","modifiedDate":"2024-10-01 20:29:17","modifiedDateGMT":"2024-10-01 20:29:17","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":36},"status":"publish"},{"id":2154,"link":"https:\/\/blog.milliondollarbookagency.com\/erica-pauly-author-of-tracking-your-trek-looking-backward-to-determine-your-forward\/","name":"erica-pauly-author-of-tracking-your-trek-looking-backward-to-determine-your-forward","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/10\/erica-pauly.png","alt":""},"title":"Erica Pauly - Author of \"Tracking Your Trek: Looking Backward to Determine Your Forward\"","excerpt":"","content":"Mike interviews Erica Pauly. Pay attention if you\u2019re an entrepreneur hustling to make it big in the financial world. Recently, Erica Pauly joined the conversation","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Oct 1, 2024","dateGMT":"2024-10-01 20:21:19","modifiedDate":"2024-10-01 20:21:22","modifiedDateGMT":"2024-10-01 20:21:22","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":14},"status":"publish"},{"id":2137,"link":"https:\/\/blog.milliondollarbookagency.com\/antonio-nieto-rodriguez-author-of-harvard-business-review-project-management-handbook-how-to-launch-lead-and-sponsor-successful-projects\/","name":"antonio-nieto-rodriguez-author-of-harvard-business-review-project-management-handbook-how-to-launch-lead-and-sponsor-successful-projects","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Antonio-Nieto.png","alt":""},"title":"Antonio Nieto -Rodriguez - Author of \"Harvard Business Review Project Management Handbook: How to Launch, Lead, and Sponsor Successful Projects\"","excerpt":"","content":"Mike interviews Antonio Nieto-Rodriguez. In this conversation with Antonio Nieto-Rodriguez, the man behind Harvard Business Review Project Management Handbook: How to Launch, Lead, and Sponsor","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 20, 2024","dateGMT":"2024-09-20 12:10:00","modifiedDate":"2024-09-19 12:12:04","modifiedDateGMT":"2024-09-19 12:12:04","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":20},"status":"publish"},{"id":2125,"link":"https:\/\/blog.milliondollarbookagency.com\/david-birch-author-of-money-in-the-metaverse-digital-assets-online-identities-spatial-computing-and-why-virtual-worlds-mean-real-business\/","name":"david-birch-author-of-money-in-the-metaverse-digital-assets-online-identities-spatial-computing-and-why-virtual-worlds-mean-real-business","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/David-Birch.png","alt":""},"title":"David Birch - Author of \"Money in the Metaverse: Digital Assets, Online Identities, Spatial Computing, and Why Virtual Worlds Mean Real Business\"","excerpt":"","content":"Mike interviews David Birch. In this episode of Million Dollar Stories, We had the pleasure of sitting down with David Birch, author of Money in","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 19, 2024","dateGMT":"2024-09-19 12:08:00","modifiedDate":"2024-09-18 15:16:42","modifiedDateGMT":"2024-09-18 15:16:42","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":5},"status":"publish"},{"id":2122,"link":"https:\/\/blog.milliondollarbookagency.com\/patrina-dixon-author-of-it-my-money-a-guided-journal-to-help-you-manage-your-finances\/","name":"patrina-dixon-author-of-it-my-money-a-guided-journal-to-help-you-manage-your-finances","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Captura-de-pantalla-2024-09-18-084903.png","alt":""},"title":"Patrina Dixon - Author of \"It\u2019$ My Money \u2013 A Guided Journal to Help You Manage Your Finances\"","excerpt":"","content":"Mike interviews Patrina Dixon. When it comes to financial success, getting lost in the endless sea of advice is easy. Everyone\u2019s got an opinion on","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 18, 2024","dateGMT":"2024-09-18 14:50:55","modifiedDate":"2024-09-18 14:50:57","modifiedDateGMT":"2024-09-18 14:50:57","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":0},"status":"publish"},{"id":2106,"link":"https:\/\/blog.milliondollarbookagency.com\/steven-stroum-author-of-success-and-self-discovery-a-business-memoir-with-insightful-tips-and-personal-development-advice-that-will-help-any-entrepreneur\/","name":"steven-stroum-author-of-success-and-self-discovery-a-business-memoir-with-insightful-tips-and-personal-development-advice-that-will-help-any-entrepreneur","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Captura-de-pantalla-2024-09-13-132254.png","alt":""},"title":"Steven Stroum - Author of \"Success And Self-Discovery: A Business Memoir With Insightful Tips And Personal Development Advice That Will Help Any Entrepreneur\"","excerpt":"","content":"Mike interviews Steven Stroum. In this episode of Million Dollar Stories, We sat down with Steven Stroum, who embodies the grit and self-awareness every entrepreneur","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 13, 2024","dateGMT":"2024-09-13 16:25:16","modifiedDate":"2024-09-13 16:25:19","modifiedDateGMT":"2024-09-13 16:25:19","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":0},"status":"publish"},{"id":2088,"link":"https:\/\/blog.milliondollarbookagency.com\/greg-crabtree-author-of-simple-numbers-straight-talk-big-profits-4-keys-to-unlock-your-business-potential\/","name":"greg-crabtree-author-of-simple-numbers-straight-talk-big-profits-4-keys-to-unlock-your-business-potential","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Captura-de-pantalla-2024-09-05-121838.png","alt":""},"title":"Greg Crabtree - Author of \"Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential\"","excerpt":"","content":"Mike interviews Greg Crabtree. In this episode of Million Dollar Stories, I had the pleasure of sitting down with Greg Crabtree, who's spent his life","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 6, 2024","dateGMT":"2024-09-06 12:00:00","modifiedDate":"2024-09-05 15:20:53","modifiedDateGMT":"2024-09-05 15:20:53","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":46},"status":"publish"}]