loader from loading.io

Numbers For The New Year

Mission Driven Business

Release Date: 01/10/2023

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...

info_outline
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...

info_outline
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...

info_outline
The Mission Driven Business Podcast Episode 63: Disrupting the Status Quo with Miki Agrawal show art The Mission Driven Business Podcast Episode 63: Disrupting the Status Quo with Miki Agrawal

Mission Driven Business

Brian chats with serial entrepreneur, social innovator, and author Miki Agrawal. As the founder of disruptive ventures Tushy, Thinx, and Wild, Miki is known for challenging the status quo and driving cultural change. She is also the author of best-selling books Do Cool Sh*t and Disrupt-Her. On the episode, Miki dives deep into her experience building multiple 100-million-dollar businesses. She also shares the questions she asks before starting a new business and opens up about how some of her hardest times have led to growth. Episode Highlights Mission-driven businesses do well and good. Miki...

info_outline
The Mission Driven Business Podcast Episode 62: 7 Lessons From 7 Years In Business show art The Mission Driven Business Podcast Episode 62: 7 Lessons From 7 Years In Business

Mission Driven Business

Brian Thompson Financial just celebrated its seventh birthday. In this inspirational special episode, Brian reflects on the lessons he’s learned as a mission-driven business owner over the past seven years. He also shares the moments that led him to starting his own company, critical turning points, and factors he attributes to his success. Episode Highlights: 7 Lessons 1. Celebrate your success. Starting a business is scary and involves a lot of risk. To stay grateful and humble, it’s important to celebrate what you’ve built. “I’ve found taking moments to appreciate and celebrate...

info_outline
The Mission Driven Business Podcast Episode 61: Owning Your Legacy with Jori Davis show art The Mission Driven Business Podcast Episode 61: Owning Your Legacy with Jori Davis

Mission Driven Business

Brian chats with professional basketball player-turned-entrepreneur Jori Davis. Jori started her professional career in the WNBA with the Indiana Fever. Her decade-long global basketball career spanned six countries and sparked her desire to help other elite athletes own their legacy. Jori’s new venture, Wevolv, builds on her passion for empowering global athletes by creating a decentralized platform for global athletes to manage their careers and lifestyles. On the episode, Jori chats about what keeps her motivated as an athlete and business owner. She also opens up about some of the...

info_outline
The Mission Driven Business Podcast Episode 60: From Rejections To Raising $169 Million with Neha Sampat show art The Mission Driven Business Podcast Episode 60: From Rejections To Raising $169 Million with Neha Sampat

Mission Driven Business

Brian chats with three-time tech founder and CEO Neha Sampat. Her latest venture, Contentstack, is a category-leading Composable Digital Experience Platform used by Mitsubishi Electric, Burberry, Icelandair, Leesa, and more. Neha has raised $169 million in capital for Contentstack over the past three years, including a recent $80 million Series C round. On the episode, Neha provides a wealth of strategies and tactics for building multiple successful businesses, including the importance of aligning a mission with company values. She also shares why she is a relentless advocate for achieving...

info_outline
The Mission Driven Business Podcast Episode 59: Creating The Job You Want with Sarah Kendrick show art The Mission Driven Business Podcast Episode 59: Creating The Job You Want with Sarah Kendrick

Mission Driven Business

Brian chats with RHEA Services founder and “accidental business owner” Sarah Kendrick. Sarah started her career as a music therapist for children and adults with developmental disabilities but later realized the need for care and support in the bereavement process while helping her family after the death of her grandma. Bringing together the skills she developed during her years as a therapist, she founded RHEA Services to simplify the life transitions pre-planning and estate closure processes. On the episode, Sarah walks listeners through her journey of becoming an entrepreneur, including...

info_outline
The Mission Driven Business Podcast Episode 58: Outworking Your Imposter Syndrome with Jesmond Riggins show art The Mission Driven Business Podcast Episode 58: Outworking Your Imposter Syndrome with Jesmond Riggins

Mission Driven Business

Brian chats with long-time friend and fellow lawyer-turned-entrepreneur Jesmond Riggins. Jesmond founded Legislative Logistics, a legislative consulting company for small and medium-sized businesses. On the episode, Jesmond tells his inspiring story from graduating high school near the bottom of his class to graduating from law school and now starting his own business. He also provides insight into the motivational mindset that helps him to continue to achieve success. Episode Highlights Who you were does not determine who you will be. By the time Jesmond reached high school, he was entirely...

info_outline
The Mission Driven Business Podcast Episode 57: Going from Startup to Shark Tank with Krish Himmatramka show art The Mission Driven Business Podcast Episode 57: Going from Startup to Shark Tank with Krish Himmatramka

Mission Driven Business

Brian chats with Krish Himmatramka, the founder of Do Amore, which sells ethically sourced engagement rings to further its mission of providing clean water to people in developing countries. On the episode, Krish shares his journey from mechanical engineer to mission-driven entrepreneur, including his experience on the hit TV show Shark Tank. He also provides insights into building a for-profit brand that makes an impact and details how he scaled his business from an $18,000 investment to netting $40 million in sales. Episode Highlights Mission-driven businesses change lives. Krish defines a...

info_outline
 
More Episodes

Brian 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:

  1. The contributions are tax-deductible.
  2. The money grows tax-free in your account.
  3. 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

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.