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_outline The Mission Driven Business Podcast Episode 83: Braving Discomfort to Live Your Purpose with Channyn Lynne ParkerMission Driven Business
Brian Thompson chats with human rights advocate and Brave Space Alliance CEO Channyn Lynne Parker. Channyn is a public speaker whose accolades include the inaugural Trans100 award, Henrietta Lacks award, and Equality Illinois Freedom Award. As CEO of Brave Space Alliance, Channyn shepherds the first Black-led, trans-led TLGBQ+ center on the south side of Chicago. On the episode, Channyn shares her journey to becoming the CEO of Brave Space Alliance and the significance of finding alignment in life. She also reveals why the nursery rhyme “Row, Row, Row Your Boat” is deeper than you...
info_outline The Mission Driven Business Podcast Episode 82: Creating a Thriving Private Social Network with Shadé AkandeMission Driven Business
Brian Thompson chats with Shadé Akande, founder and CEO of ONE X LEAGUE, a private social league for Black and Afro-Latina women executives and founders. With more than 18 years of global HR experience at companies like Google and Walmart, Shadé shares her journey of creating a community during that pandemic that blossomed into ONE X LEAGUE. Tune in to hear how a series of brunches sparked the idea for a business all about building relationships and how the transformative power of feedback made ONE X LEAGUE the social network it is today. Episode Highlights Mission-driven businesses...
info_outline The Mission Driven Business Podcast Episode 81: How To Use Instagram to Amplify Your Mission and Engage Your AudienceMission Driven Business
Instagram is more than just a social media platform. It has evolved into a visual storytelling hub where businesses can connect deeply with their audience among the more than 1 billion monthly active users on the platform. On this special episode, Brian delves into the intricacies of marketing on Instagram. Whether you’re just starting out looking to enhance your online presence, this episode will equip you with the knowledge and strategies to leverage Instagram effectively. Episode Highlights Outline your engagement strategy. Instagram provides a unique platform for you to showcase your...
info_outline The Mission Driven Business Podcast Episode 80: Transforming Lives and AI with Wendy GonzalezMission Driven Business
Brian chats with tech trailblazer and Sama CEO Wendy Gonzalez. Sama is a mission-driven Certified B Corp that seeks to raise the standards for both machine learning and global working conditions. The company’s innovative approach to ethically sourcing and training tech talent has lifted more than 68,000 people out of poverty since 2008. On the episode, Wendy dives deep into Sama’s unique for-profit business structure, including reserving a Board of Directors seat for its non-profit on its non-profit roots. She also touts the importance of conviction and self-awareness when building and...
info_outline The Mission Driven Business Podcast Episode 79: Niching Down with Hugo E. GomezMission Driven Business
Brian chats with entrepreneur and Hispanic marketing leader Hugo E. Gomez. As the founder of HispanicMarketing.com, Hugo helps U.S. businesses connect with the Hispanic market. On the episode, Hugo discusses the importance of niching down for marketing and creating personal branding on social media. He also shares the lessons learned on his journey from an employee to self-employed, including embracing uncertainty and trusting himself to figure things out. Episode Highlights Mission-driven businesses seek win-wins. HispanicMarketing.com is composed of four sub-brands -- Abogados NOW, Doctores...
info_outline The Mission Driven Business Podcast Episode 78: Debunking Overnight Success with John DriscollMission Driven Business
Brian chats with entrepreneur and mobile app pioneer John Driscoll. As the co-founder and CEO of Naked Development, John and his team are rewriting the rules of mobile app development, raising the bar for innovation and creativity. John shares invaluable insights on the courage, patience, and perseverance needed to navigate the unpredictable to succeed in business. He also debunks the myth of overnight success. Episode Highlights Mission-driven businesses pick their fight. John believes you shouldn’t start a business unless you have a mission because having a true mission is like picking a...
info_outline The Mission Driven Business Podcast Episode 77: Master Your Mid-Year Business Review In 3 Easy StepsMission Driven Business
On this special episode, Brian dives into the all-important mid-year business review. Whether you’re navigating the early stages of entrepreneurship or deep into running a medium-sized business, the mid-year business review is the perfect opportunity to take stock of your progress so you can stay on track toward your goals. Learn why the mid-year review is essential, what key areas to focus on, and three practical steps to conduct a thorough assessment. Episode Highlights 1. Revisit your mission, vision, and values. Your mission statement is the heartbeat of your business, articulating its...
info_outline The Mission Driven Business Podcast Episode 76: Finding Your Golden Threads with Elizabeth JettonMission Driven Business
Brian chats with financial planner-turned-business coach Elizabeth Jetton, M.Ed., CFP. Elizabeth has made igniting passion a throughline of her career, evolving from the first female stockbroker in Atlanta to founding a financial planning firm and now working as a business coach and teacher. On the episode, Elizabeth gets to the heart of what makes a mission-driven business successful. She dives deep into how to identify your unique gifts and utilize them to create a business that serves your needs and makes an impact. Episode Highlights Mission-driven businesses reflect their owners’ golden...
info_outline The Mission Driven Business Podcast Episode 75: Building A Vision-Driven Business with Cara BedfordMission Driven Business
Brian chats with marketing expert Cara Bedford. As the founder and CEO of Infinite Marketing, Cara leverages the global talent economy to drive impactful campaigns for mid-to-large-sized businesses, startups, and Fortune 500 companies. On the episode, Cara shares why having a clear vision for a business can create an authentic, cohesive brand narrative. She also stresses the importance of clear communication, effective delegation, and asking the right questions. Episode Highlights Mission-driven businesses are vision-driven businesses. When Cara thinks about mission-driven businesses, she...
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.