Exploring the Depths of Small Business Taxes 2024 with Barbara Weltman
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.”
SUMMARY
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!
Get her book here:
About Mike Fallat
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/
About Dreamstarters Publishing
Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).
The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.
Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.
https://dreamstarterspublishing.com/