Libsyn Directory

WARNING Don't File Your Business Taxes Without Knowing These Quarter 4 Secrets

From Chaos to Clarity: Unleash Your Business Potential

Release Date: 11/28/2024

Can Joining GIP Academy Change Your Business Forever?

From Chaos to Clarity: Unleash Your Business Potential

Can Joining GIP Academy Change Your Business Forever? Summary: In this episode of the From Chaos to Clarity podcast, host Sonya Jones interviews Torri Jones, founder of The Learning Group, a STEM consulting firm. They discuss Torri's entrepreneurial journey, the importance of financial management, and how GIP Academy has supported her business growth. Torri shares her experiences with bookkeeping, the lessons learned in tracking finances, and the benefits of being part of a supportive community. The conversation emphasizes the significance of knowing your numbers and investing in...

Unlocking Grant Funding: Insights from a Grant Writer with Victoria Ravenel

From Chaos to Clarity: Unleash Your Business Potential

Unlocking Grant Funding: Insights from a Grant Writer with Victoria Ravenel Summary: In this episode of the From Chaos to Clarity podcast, host Sonia Jones interviews Victoria Ravenel, a nonprofit consultant and grant writer. They discuss the importance of understanding grant writing, the role of grant writers, and common myths surrounding grants. Victoria emphasizes the need for nonprofits to be grant-ready and the significance of data in securing funding. The conversation also touches on entrepreneurship, financial management, and the importance of investing in oneself and...

[Live Q&A] Is Wave A VIABLE Alternative To QuickBooks For Small Businesses

From Chaos to Clarity: Unleash Your Business Potential

Summary: In this episode of the Chaos to Clarity podcast, hosts Sonja Jones and Jackie discuss the importance of accounting software, specifically WAVE, and its suitability for different types of businesses. They share best practices for using accounting software, the significance of access and security, and the implications of merchant processing fees. The conversation also highlights the importance of bookkeeping for tax deductions and when to consider hiring a professional bookkeeper. Additionally, they provide insights from a recent workshop on cash flow management and the foundational...

Is Wave A VIABLE Alternative To QuickBooks For Small Businesses

From Chaos to Clarity: Unleash Your Business Potential

Is Wave A VIABLE Alternative To QuickBooks For Small Businesses Summary: In this episode, we discuss Wave, a cloud-based accounting software, with Jacqueline Mercer from Baldwin Financial Services. They explore who Wave is best suited for, its pricing structure, and the various features it offers, including invoicing, payment processing, and financial reporting. The conversation emphasizes the importance of understanding the software's capabilities and limitations, particularly for small businesses and entrepreneurs. The hosts also highlight the need for professional guidance when navigating...

Avoiding Common Pitfalls in Grant Applications with Broderick Wamble

From Chaos to Clarity: Unleash Your Business Potential

Avoiding Common Pitfalls in Grant Applications with Broderick Womble Summary: In this episode, host Sonja Jones engages with Broderick Wamble, Community Affairs Officer at Simmons Bank, to discuss the importance of financial literacy, the intricacies of grant applications, and the support available for small businesses and home ownership initiatives. They explore the role of banks in community development, the significance of understanding one's financial position, and the common pitfalls in grant applications. The conversation also highlights the unique challenges faced by...

[Live Q&A] How to be a Bankable Business with Chasity Monroe of Pink Noir

From Chaos to Clarity: Unleash Your Business Potential

How to be a Bankable Business Summary: In this episode, Sonia Jones interviews Chasity Monroe, the founder of Pink Noir, a beauty supply store in Memphis, Tennessee. Chasity shares her journey of starting Pink Noir to meet the needs of the community, the challenges she faced in securing funding from River City Capital, and the importance of financial preparedness and understanding one's numbers in business. The conversation highlights the emotional impact of receiving funding, the strategic approach to loan repayment, and the critical nature of financial literacy for entrepreneurs,...

[LIVE Q&A] Small Business Owners Are MISSING OUT On Crucial Tax KNOWLEDGE

From Chaos to Clarity: Unleash Your Business Potential

How to be a Bankable Business Summary:In this live Q&A session, Sonia Jones and Latasha discuss the common tax mistakes entrepreneurs make, emphasizing the importance of proper bookkeeping and financial literacy. They cover topics such as mixing personal and business expenses, tracking cash transactions, underreporting income, and the significance of timely filing to avoid penalties. The conversation highlights the need for entrepreneurs to understand their financials to make informed decisions and avoid costly mistakes with the IRS. Takeaways: Mixing personal and business expenses...

How to be a Bankable Business with Ron Brooks of River City Capital

From Chaos to Clarity: Unleash Your Business Potential

How to be a Bankable Business Summary: In this episode, the hosts discuss how to become a bankable business, focusing on the importance of financial preparedness, investment in time and resources, and understanding financial records. They emphasize the need for entrepreneurs to solidify their personal finances before starting a business and the significance of maintaining clear financial records to build trust with lenders. The conversation also covers key financial metrics that businesses should be aware of to ensure success and stability. In this conversation, the speakers discuss the...

Small Business Owners Are MISSING OUT On Crucial Tax KNOWLEDGE

From Chaos to Clarity: Unleash Your Business Potential

Summary: In this episode, Sonja Jones discusses the tax literacy gap among small business owners and highlights the common mistakes they make when it comes to taxes. She emphasizes the importance of separating personal and business expenses, tracking cash transactions, reporting all income accurately, maintaining proper records to avoid missing deductions, and the consequences of filing taxes late. Additionally, she promotes GIP Academy as a resource for financial education and support for business owners. Takeaways: There is a significant tax literacy gap among small business owners....

[LIVE Q&A] Tax Deductions You’re Probably Missing (And How to Claim Them)

From Chaos to Clarity: Unleash Your Business Potential

Summary: In this live Q&A session, Sonja Jones discusses various tax deductions relevant to small businesses, emphasizing the importance of understanding what qualifies as ordinary and necessary expenses. She covers deductions related to merchant fees, clothing, gifts, entertainment, and meals, while also promoting GIP Academy as a resource for entrepreneurs seeking assistance with bookkeeping and tax preparation. Takeaways: Ordinary and necessary are key terms for tax deductions. Merchant account fees are deductible expenses. Clothing can be deducted if it serves a business...

More Episodes

Is your business ready for tax season? This episode provides essential tips for entrepreneurs to organize their Quarter 4 business finances and prepare for the upcoming tax season! Learn about key tax deductions, common financial mistakes to avoid, and state compliance requirements to keep your business in good standing. Download the free Tax Prep Checklist to get started today!

It's Quarter 4, and that means tax season is right around the corner! Are you feeling overwhelmed and unprepared? Don't worry! In this episode of From Chaos to Clarity: Unleash Your Business Potential podcast, host Sonia Jones provides practical tips and advice to help entrepreneurs get their financial ducks in a row and avoid tax-time headaches.

Most people wait until January to start thinking about taxes, but it's much better to get a head start.
Gather all of your financial records now, including bank statements, credit card statements, and receipts.

Key Tax Deductions:

Business expenses are tax-deductible, but personal expenses are not.
Credit card fees and interest are deductible.
If you use your vehicle for business, you can deduct a portion of the expenses.
You can depreciate fixed assets, such as equipment and computers.

Common Financial Mistakes:

Don't include loan proceeds or owner’s contributions as income.
Don't deduct credit card payments.
Don't deduct personal expenses.

Chapters

00:00 - Preparing for Quarter Four and Tax Season
04:33 - Organizing Financials for Tax Preparation
10:42 - Understanding Income and Expense Calculations
16:30 - Compliance and Business Entity Requirements
24:03 - Final Tips and Resources for Tax Readiness

#entrepreneurshipinsights #entrepreneur #finance

Enroll in GIP Academy! https://www.gipacademy.com

🌟 Stay connected and dive deeper into the world of From Chaos to Clarity: Unleash Your Business Potential! 🌐✨ Follow us on social media for exclusive content, behind-the-scenes glimpses, and updates on the latest episodes. 🎙️ Join our community and be part of the conversation!

Instagram: https://www.instagram.com/gip_financials/ LinkedIn: https://www.linkedin.com/in/sonja-jones-fractional-cfo-%F0%9F%93%8A-9021542b/ Facebook: https://www.facebook.com/GIP.FINANCIA... Tiktok: Link: https://www.tiktok.com/@gipfinancials?_t=8rHnPhpI5bX&_r=1

TOPICS