The Mission Driven Business Podcast Episode 92: 6 Pillars of Successful Brand Messaging with Ashlee Sang
Mission Driven Business
Brian chats with Ashlee Sang, a values-aligned brand messaging strategist and consultant who equips visionaries to clarify and amplify their message. Drawing on her background in anthropology, Ashlee brings a values-centered approach to brand development, content creation, and marketing strategy. In this episode, she details common challenges faced by values-driven founders, shares her six pillars of successful brand messaging, and gives a few quick tips to get your brand’s story out of your head and into the world. Episode Highlights Mission-driven businesses are “why”-driven...
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The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands
Mission Driven Business
As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you...
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Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form
Mission Driven Business
It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a...
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The Mission Driven Business Podcast Episode 90: Your 6-Step Checklist To Close The Books On 2024
Mission Driven Business
Ready to end the year with a gift to your future self? In this special episode, Brian guides you through a six-step process to close out 2024 and set yourself up for success in 2025. You’ll tidy your finances, get a jump start on thinking about taxes, evaluate your business performance, and set strategic goals. Your Year-End Business Review Checklist Step 1: Close Out Your Financials Closing out your financials may sound dry, but it’s imperative to get right. Review your books -- Review your profit and loss for the year for any discrepancies, outstanding invoices, or payments that...
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The Mission Driven Business Podcast Episode 89: Building Systems For Change with Davey Shlasko
Mission Driven Business
Brian Thompson chats with Davey Shlasko, founder and CEO of Think Again Training and Consulting, a company that helps align business actions and values. With more than 20 years of experience in adult learning and organizational development, Davey specializes in driving systematic change with a focus on equity and inclusion. Davey shares practical tools for aligning internal practices with external values, discusses strategies for fostering accountability and transparency, and offers hope for navigating uncertainty in today’s climate. Episode Highlights Mission-driven businesses put purpose...
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The Mission Driven Business Podcast Episode 88: Reclaiming Your Time with Conrad Ruiz
Mission Driven Business
Brian Thompson chats with Conrad Ruiz, the founder and CEO of Well Aware, a company dedicated to helping business owners reclaim their time. With a background in biomedical engineering and consulting, Conrad blends technical insight with an entrepreneurial spirit to help business owners simplify complex operations and master time management. He shares his personal journey into entrepreneurship, which started with a medical crisis, and offers practical advice on creating efficient systems and finding balance in business. Episode Highlights Mission-driven businesses start with why. For Conrad, a...
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The Mission Driven Business Podcast Episode 87: Creating Purposeful Marketing with Lauren Tilden
Mission Driven Business
Brian Thompson chats with Lauren Tilden, host of the Making Good podcast and a marketing coach dedicated to helping creative small business owners who want to get out of their own way and start making an impact. After 8 years in corporate marketing, Lauren left her corporate career and began her winding journey to owning and supporting small businesses. She offers insights into defining one’s ideal customer, creating goal-oriented marketing plans, and staying consistent with your message. Episode Highlights Mission-driven businesses are motivated by more than money. Growing up, Lauren felt...
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The Mission Driven Business Podcast Episode 86: Building Your Ideal Business with Adam Oh
Mission Driven Business
Brian Thompson chats with Adam Oh, founder of Adam Aligned, a business focused on helping people heal from emotional hardship, find direction, and realize their full potential. On the episode, Adam shares his journey from music artist and social media influencer to self-help entrepreneur. He emphasizes the importance of research and trial and error. He also discusses the significance of overcoming limiting beliefs and provides some actional tools to identify and address them. Episode Highlights Mission-driven businesses operate with core values. Adam defined a mission-driven business as one...
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The Mission Driven Business Podcast Episode 85: Nursing Your Instagram Profile To Wealth with Jumer Adalin
Mission Driven Business
Brian Thompson chats with nurse-turned-entrepreneur, Jumer Adalin. As a social media expert, Jumer helps fellow nurse entrepreneurs grow their businesses through social media to create both impact and income. On the episode, Jumer shares his journey from ICU nurse to social media superstar. He also offers valuable tips for Instagram marketing and creating content to grow and nurture your own online audience. Episode Highlights Mission-driven businesses focus on solving problems. As a nurse-by-trade, Jumer likens a mission-driven business to a healthcare team whose common goal is to bring about...
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The Mission Driven Business Podcast Episode 84: Improving Financial Security for the LGBTQ+ Community with Debt Free Guys David and John Auten-Schneider
Mission Driven Business
Brian Thompson chats with Queer Money podcast hosts and Debt Free Guys founders David and John Auten-Schneider. David and John have more than a decade of experience helping the queer community thrive financially through their podcast, website, and emails. On the episode, they discuss the importance of being intentional with how you choose to grow and engage with your audience. They also open up about some setbacks they’ve experienced as entrepreneurs and tips they’ve learned in their decade-long entrepreneurial journey. Episode Highlights Mission-driven businesses have a purpose beyond...
info_outlineBrian kicks off 2023 with tactical tips to start the new year. Now that you’re hopefully relaxed and ready for a new year, Brian digs into the numbers to give you some targets to aim for over the next few months. He covers revenue, retirement, health savings accounts, and more.
Episode Highlights
Look for new revenue figures.
Because of inflation, many revenue and tax figures have increased quite a bit in 2023, meaning you can make more money and still pay less in total tax. For example, in 2023 single filers with a taxable income of $95,376 - $182,100 will have their last dollar taxed at 24%. Last year, that same tax bracket ended at $170,050.
Don’t forget the QBI deductions.
If you’re a business owner, don’t forget about the Qualified Business Income (QBI) deduction. QBI allows pass-through entities like partnerships and S-Corps to take a 20% deduction on their business income, saving some businesses thousands of dollars.
Importantly, you lose the QBI deduction if you exceed certain income thresholds. For instance, the QBI deduction begins to phase out at $182,100 in taxable income and goes away after $232,1000 in taxable income.
Use retirement accounts to shelter income from taxes.
Maximizing contributions to retirement accounts is one strategy to avoid taxes and save money for your future self. Here are some things to know about common retirement plans:
- 401(k)s and Solo 401(k)s: Employees can contribute up to $22,5000 plus an additional $7,5000 in catch-up contributions if you are 50 or older. Employers contribute another $43,500.
- SEPs: You can contribute 25% of your net self-employment earnings or $66,000 -- whichever is less.
- SIMPLE IRAs: Employees can contribute up to $15,500 with a catch-up contribution of $3,500 if you are 50 or older.
- Traditional IRA or Roth IRA: You can contribute up to $6,500 with a catch-up contribution of $1,000. Importantly, Roth IRAs have income range phase-outs, starting at $138,000 for single filers and $218,000 for married filers.
Consider opening an HSA.
A Health Savings Account (HSA) is one of Brian’s favorite savings vehicles and one of your few options to save money on taxes up until April of the following year. An HSA offers triple tax savings:
- The contributions are tax-deductible.
- The money grows tax-free in your account.
- Withdrawals are tax-free if the money is used to pay qualified medical expenses.
For 2023, you can contribute up to $3,850 for eligible individual plans and $7,750 for eligible family plans. You can also open and contribute to an HSA if you’re self-employed.
Resources + Links
- 2023 Important Tax Numbers PDF
- Brian’s Social Media: Twitter, Instagram, Facebook
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.