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Your Year-End Checklist

Mission Driven Business

Release Date: 12/13/2022

The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson show art The Mission Driven Business Podcast Episode 73: Tech, Ethics, and Empowerment with Amanda Wilson

Mission Driven Business

Brian chats with Amanda Wilson, the co-founder of #open, a dating app for ethically non-monogamous relationships. On the episode, Amanda opens up about the fear she faced pivoting from running political campaigns to launching a sex-positive tech business with her business and life partner. She also shares essential strategies and tactics for navigating the challenges of entrepreneurship and how she utilizes AI to fuel growth and innovation at #open. Episode Highlights Mission-driven businesses balance making money with benefiting society. Amanda defines a mission-driven business as one that...

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The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch show art The Mission Driven Business Podcast Episode 72: Crafting A Legacy Of Leadership with Amanda Bauer-Frisch

Mission Driven Business

Brian chats with serial entrepreneur and visionary leader Amanda Bauer-Frisch. As the CEO of Small Legacies, Amanda creates a way to give thoughtful, high-quality learning tools that enhance a child’s development. She also oversees several other small, legacy-driven businesses under the Enduring Legacy brand. On the episode, Amanda opens up about how becoming a young widow and being open to the right, new opportunities shaped her entrepreneurial journey. She also provides a behind-the-scenes look at how she’s purchased several existing brands and shares tips for finding and acquiring...

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The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak show art The Mission Driven Business Podcast Episode 71: Driving A Heart-Led Business with Brian Moak

Mission Driven Business

Brian chats with Brian Moak, an entrepreneur, consultant, coach, and motivational speaker focused on service-based businesses and team engagement. As the owner and CEO of HEART Certified Auto Care, Brian used empathy to transform his family’s business into an industry-leading auto shop. He also owns one of the largest Shack Shine franchises in North America and is a partner in a digital marketing firm. On the episode, Brian Moak details his rollercoaster entrepreneurial journey, riding the lows of losing $1.5 million in one year to growing his business to earn nearly $15 million in revenue....

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The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements show art The Mission Driven Business Podcast Episode 70: How To Create Powerful Mission, Vision, and Values Statements

Mission Driven Business

On this special episode, Brian dives deep into the art of crafting your business’s mission, vision, and value statements. These principles are the roadmap to success, and Brian gives a blueprint for creating powerful mission, vision, and values statements that shape the foundation of a successful company. This process is a fundamental topic for any budding entrepreneur or business owner.  Episode Highlights How to write an effective mission statement The mission statement is the heart of any business, encapsulating the “why” behind your company’s existence. To be effective, a...

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The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith show art The Mission Driven Business Podcast Episode 69: Building A Business For Financial Independence with LaSean Smith

Mission Driven Business

Brian chats with LaSean Smith, a software developer and business creator on a mission to help businesses and business owners succeed. LaSean spent more than a decade as a software executive at Amazon and Microsoft, where he uncovered patterns to use process as a tool to win in business more often. He now uses those insights to help entrepreneurs launch and sustain bootstrapped businesses.  On the episode, LaSean digs deep into what it means to have a values-based business and why owning a business is the most predictable way to achieve financial independence. He also outlines the...

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The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist show art The Mission Driven Business Podcast Episode 68: Start 2024 With A Clean Slate With This Year-End Checklist

Mission Driven Business

It’s hard to believe that 2023 is almost over. Before the New Year, it’s time to reflect on the past year and get ready for the next one. On this special episode, Brian lists off 10 business and 10 personal tasks that you should check off your list to end 2023 on the right note and start 2024 with a clean slate. Episode Highlights 10 End-Of-Year Business Action Items 1. Review your goals How did you do this year? What were you proud to accomplish? Anything you wish you could have done better? The end of the year is a great time to review the goals you made at the beginning of the year and...

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The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle show art The Mission Driven Business Podcast Episode 67: Empowering Inclusive Entrepreneurship with Ebony Janelle

Mission Driven Business

Brian chats with inclusive entrepreneurship expert Ebony Janelle. As an Empower by GoDaddy manager, Ebony drives GoDaddy’s corporate program that helps underserved entrepreneurs thrive. She manages the day-to-day operations that provide education, networking, and mentorship to small business owners from underfunded communities.  On the episode, Ebony discusses the challenges facing LGBTQ+ entrepreneurs, including a disparity in funding and resources. She also shares the three pillars that entrepreneurs of all kinds can use to uplevel their businesses and how the use of generative AI can...

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The Mission Driven Business Podcast Episode 66: Creating Your Personal Brand with Isaac Saldana show art The Mission Driven Business Podcast Episode 66: Creating Your Personal Brand with Isaac Saldana

Mission Driven Business

Brian chats with serial entrepreneur and SendGrid founder Isaac Saldana about his new venture Memo, which helps people build authentic and trustworthy personal brands. On the episode, Isaac opens up about how his introversion initially made it difficult for him to sell his expertise online, and how he's now using his experiences to help other entrepreneurs and creatives effectively showcase their talents. He also gives tips for being a leader with your natural personality and for using your values to navigate difficult business decisions. Episode Highlights Mission-driven businesses move...

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The Mission Driven Business Podcast Episode 65: Cultivating Courage with Elliot Greenberger show art The Mission Driven Business Podcast Episode 65: Cultivating Courage with Elliot Greenberger

Mission Driven Business

Brian chats with Elliot Greenberger, a new entrepreneur who recently pivoted from corporate leadership to business coaching. On the episode, Elliot opens up about how he felt stuck and drained before he started his business, even though he had a successful career and a fulfilling family life. He also shares the practical steps he took to launch his coaching firm and tips for creating an effective sales process that aligns with your business's mission. Episode Highlights Mission-driven businesses are born out of a sense of purpose. Every business has a purpose, whether the leaders of a company...

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The Mission Driven Business Podcast Episode 64: Creating An Inclusive Clothing Company with Spider Perry show art The Mission Driven Business Podcast Episode 64: Creating An Inclusive Clothing Company with Spider Perry

Mission Driven Business

Brian chats with Spider Perry, founder of the inclusive clothing company NerdyKeppie. Spider initially created the company as a side business to provide LGBTQ Judaica for their daughter and now runs NerdyKeppie full-time with the help of several part-time employees. On the episode, Spider shares how the business has evolved throughout its growth. They also list their top tips for keeping a business afloat and emphasize the importance of delegation. Episode Highlights Mission-driven businesses create the world you want to live in. Spider defines a mission-driven business as a company that...

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Can you believe it’s already the end of the year? Now is the time to celebrate with friends and family, reflect on the past 12 months, and plan for the new year. To help you out, Brian created a checklist you can use to review 2022 and start 2023 with a clean state. The checklist includes business and personal to-do items as well as links to resources sure to help you out.

Business Checklist

1. Review your goals.

The end of the year is the perfect time to review the goals you made at the beginning of 2022 and set new ones for 2023. Ask yourself:

  • How did I do this year?
  • What did I accomplish that I’m proud of?
  • What could I have done better?

2. Update your cash flow.

If you’re using the Profit First system, look at your buckets and see if one looks too full or too sparse, then adjust your allocations accordingly. Remember to not make any adjustments of more than 3% per quarter.

3. Review your profit and loss.

At this point in the year, you should have a good sense of your gross business income. If you have a little extra profit this year, look at ways to shelter some of that income so you’re not paying unnecessary income or self-employment tax.

4. Find your tax return.

December may seem a little early to think about taxes, but while you have some downtime, it can be worthwhile to organize and prepare for tax season. Finding your tax return will also help you out in your year-end review.

5. Max out your retirement savings.

If you’re a business owner and need to shelter some profit, retirement accounts like a Solo 401(k) or SEP IRA are great resources.

6. Defer income and incur expenses.

The end-of-the-year is an excellent time to defer income until 2023 or incur business expenses that you know you’ll have at the beginning of next year. This is an easy way to reduce your tax liability as long as the expenses are ordinary, helpful, and necessary.

7. Consider out-of-the-box expenses.

When considering expenses, don’t forget some out-of-the-box expenses, such as employee benefits, cell phone reimbursement, educational assistance, or dependent care assistance. You can also expense up to $25 per client for gifts as well as expenses for a holiday party for your staff.

8. Update your asset list.

Did you buy new assets in 2022? Review your list of assets associated with your business and make sure it’s up-to-date before the new year. You can also consider what equipment you no longer need and what you can acquire if you’re looking to reduce your bottom line.

9. Review your business structure.

When you evaluate your business structure and qualified business income (QBI) deduction, don’t forget to consider setting up a Solo 401(k) before the deadline of December 31.

10. Don’t forget pandemic programs.

We’re coming to the end of the government pandemic benefits for 2020 and 2021, so don’t forget to review whether you can receive any benefits from programs like the PPP and ERC.

Personal Checklist

1. Review your goals.

Review where you succeeded and where you fell short. Use that information to decide what changes you can make in 2023.

2. Update your budget.

The end of the year gives you a solid endpoint to assess whether you matched the goal you set at the outset of 2022. It’s also a great time to create a budget that finally works.

3. Create a holiday spending bucket.

Consider how much you want to spend this holiday season. Create a separate bucket just for the holidays and stop spending when the money's gone. You'll thank yourself when January comes and you don’t have a huge credit card bill.

4. Spend the benefits you’ll lose.

Whether it’s vacation days, a medical flexible spending account, or a dependent care flexible spending account, some workplace benefits don’t roll over to 2023. Take stock of your remaining benefits and use them to your advantage before January 1.

5. Make charitable contributions.

December 31 is the last day your donations can go on your 2022 tax return. If giving to charity is part of your spending plan, ask yourself these questions to make the most of your charitable giving.

6. Pump up your 529.

The tax deductions for your 529 will have to be made by December 31 for this tax year. Your state may be one of 30 that allows you to deduct your contributions.

7. Max out your 401(k).

If your spouse is a W-2 employee, they have until December 31 to contribute to a 401(k) plan for this tax year. However, they have until April to make contributions to a traditional IRA, Roth IRA, and HSA.

8. Find your tax return.

Tax season is just around the corner. Preparing now can save you mental energy in 2023. You can also review your tax return to assess whether something like a Roth conversion makes sense for you.

9. Review your will and trust.

At the end of the year, you’re likely to reflect on the year and all of the changes that have happened. Now is a great time to make sure your estate plan reflects those changes and that your needs match your current situation.

10. Review your insurance documents.

Your insurance documents should cover your current life situation. Review the following policies to make sure they meet your needs:

  • Life insurance
  • Disability insurance
  • Renters or homeowners insurance
  • Health insurance

Resources + Links

About Brian and the Mission Driven Business Podcast 

Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.