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Tax Deductions You’re Probably Missing (And How to Claim Them)

From Chaos to Clarity: Unleash Your Business Potential

Release Date: 02/20/2025

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...

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Summary: In this episode, Sonja Jones discusses the importance of maximizing deductions during tax season. She emphasizes the need for listeners to be proactive in gathering their financial documents and understanding what can be deducted to ensure they do not leave any money on the table. The conversation provides practical tips and insights into navigating the complexities of tax deductions, ultimately aiming to empower listeners to take control of their finances.

Takeaways:
- It's crucial to gather all receipts and documents for tax season.
- Understanding what can be deducted is key to maximizing returns. - Proactive financial management can prevent leaving money on the table.
- Using tools like iPads for note-taking can enhance organization.
- Tax season can be overwhelming, but preparation is essential.
- Deductions can significantly impact your overall tax liability.
- Listeners should be aware of common deductions they might overlook.
- Engaging with financial experts can provide valuable insights.
- Staying informed about tax laws can benefit business owners.
- The goal is to unleash your business potential through effective finance management.

Chapters:

00:00 - Navigating Tax Season: Maximizing Deductions
20:04 - Final Thoughts and Key Takeaways

tax season, deductions, financial tips, business finance, money management

Download our free Tax Prep Checklist https://gipfinancials.com

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