Welcome to the CPA in Your Corner podcast! In today's show we talked about how to leverage the most profitable time of the year for your online business. Many people talk about planning for the New Year, and they fail to give as much thought as they should to ending the year well.
It's important to wrap up the current year in order to know where you're going as you head into the New Year, and in today's show, we talk about the things you should focus on to end the year well.
Here's what you'll learn:
- One huge reason for getting your books caught up before the end of the year
- How to take advantage of tax opportunities
- How to properly document gifts, restaurant meals, and travel expenses
- The percentage of revenue that most businesses generate at the end of each year
- The importance of settling accounts payable and accounts receivable before December 31
- A good rule of thumb for how much to spend on capital investments
- Various benefits of saving for retirement and the best way to go about it.
- One of the top financial questions we get from our clients
- A huge deduction that many business owners forget to take
- . . . and so much more!
Conversations and Celebrations
This week we focused on a story that highlights one of our favorite principles — giving. We shared the story of a man that attends Marilyn's church, but didn't grow up in church. He was in the habit of giving off the bottom, which is to say that as many people do, he gave from money that was left, after paying bills.
He changed his mentality from giving off the bottom, to giving off the top — giving first, before paying his bills. Once he honed in on what he valued and trusted the process, he found he actually had more money left at the end of each month, rather than less!
The Power Play
In the “Power Play” section of our podcast, we give you the ONE big takeaway for this show. Today's Power Play is to make a plan for giving, so that as you head into the New Year, giving becomes a top priority. You'll be surprised what you can afford when you make a plan for saving and giving!
We hope that our podcast inspires you and provides helpful information as you build your online business!
Links and resources mentioned in today's show:
- Free, 20-minute discovery session with The Bottom Line
- My Top 7 No-Fail Financial Strategies
- Trip Log
- Mile Bug
- Rich Dad, Poor Dad
- The Millionaire Next Door
- CPA in Your Corner, Episode 1
Thank you for listening! We can't begin to tell you how much we appreciate it! If you enjoyed today's show, please share it with your friends and family! Our goal is to help as many online entrepreneurs as possible fix their finances! Help us help them by spreading the word!
Have you experienced the benefits of saving and/or giving off the top, rather than off the bottom? Share your experiences with saving or giving in the comments below!