Profit Points

When owning a small business, you need a bank but…are all banks the same? Dr. Joe Bergquist of Harleysville Bank says no. Dr. Berqguist joins us today to share some experience and advice when it comes to small business banking.Choosing your bankWhen choosing your bank, understand what your needs are as a business and what a bank can provide you. Not all banks offer the same options. Big Bank Corporations can oftentimes offer cheaper rates but lack when it comes to customer service or relationships. Small banks can be great for seeing the big picture and being available for you, but you might be worried you’ll outgrow them. When you’re shopping for a bank for your small business, ask around in the community or your chamber of commerce, good banks will have good reputations and no shortage of recommendations.Building a relationshipDo not think lightly about a relationship with your banker. Dr. Bergquit shares a story about PPP loans that will make you think twice about your bank and your relationship. Building a quality relationship in which your banker knows and understands your business and you as a business owner can be the difference between securing a loan or not!Dr. Joe Bergquist has some great advice in today’s episode and I am sure we will be hearing from him again. Don’t forget to check out our online quiz at Modern CPA Online, to find out if YOU are ready for tax time!What’s Inside: Why is choosing the right bank so important?Are all banks the same?The difference a relationship can make in banking.Mentioned In This Episode:Free Online Masterclass 3 Big Financial Mistakes New Business Owners MakeTake This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”Modern CPA OnlineModernCPA - YouTube

Tax time does not have to be fear and panic-inducing, but as a new business owner, the upcoming tax season can be scary! Today Modern CPA and Kara Renninger discuss some common tax concerns and tips to help you get prepared.Be Proactive! Take the time to organize your expenses whether you've started a separate business account or not. Document and keep track of all of your business expenses and income so you have what you need for your tax professional or DIY software.Understand Deductions! Do you know what deductions you qualify for? Educate and be aware of the deductions you can use so you have appropriate information when filing. How will you file? Does your business need to file its own taxes or are you a single entity or independent contractor whose taxes will pass through personal taxes?Understanding Taxes. In many businesses, especially independent contractors or side hustles you will pay self-employment tax on your business which is about 15.2% because you are paying both sides of what an employer would normally be responsible for half of.So are you ready for tax time? These were just a few big tax-time tips. Check out our free online quiz, at ModernCPAOnline.com/Quiz, to find out if YOU are ready!What’s Inside: How to get ready for tax time.Tax tips for small businesses and independent contractors.Are you ready for tax time? Take the Modern CPA quiz.What you need to know when filing your new business taxes.Are you aware of the deductions your business qualifies for?What is self-employment tax and why do you have to pay it?Mentioned In This Episode:Free Online Masterclass 3 Big Financial Mistakes New Business Owners MakeTake This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”Modern CPA OnlineModernCPA - YouTube

Are you considering purchasing commercial real estate to create a brick-and-mortar space for your business? Today we go over how you should purchase property and other key concepts to consider.When purchasing commercial real estate, it is important that the property is purchased with an entity all its own. We recommend an LLC that is taxed as a partnership versus an S-Corp, Corporation, or even an LLC taxed as a corporation. There are a lot of benefits to purchasing commercial real estate with a separate entity. You can structure ownership of the property differently than the structure of ownership of the operating entity. You also have the possibility to keep and rent the space if you happen to sell or close your business, creating passive income. Additionally, as the owning entity, you can rent the space to your own operating entity with a rental agreement and fair market rent for tax benefits.In this episode, we cover all the basics when it comes to purchasing commercial real estate. Tune in and check out our online Master Class for more important information on owning your own business. And if you're unsure if your business is ready for tax time, check out ModernCPA.com/Quiz to take a 60-second quiz to find out!What’s Inside: What kind of entity can and should purchase commercial real estate?Creating passive income with commercial real estate. How to structure ownership of property versus ownership of business.Renting your commercial property to your own operating entity.Tax benefits and concerns with owning commercial real estate.What do you need to purchase commercial real estate?Mentioned In This Episode:Free Online Masterclass 3 Big Financial Mistakes New Business Owners Make Take This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”Modern CPA OnlineModernCPA - YouTube

It is harder than ever to attract and retain employees. Employee Benefits can make your business seem more appealing than the competition when it comes to new applicants. Employee benefits can span an array of offerings like health and dental insurance, retirement plans, paid time off, work hour flexibility, remote work, company vehicles or phones, and so much more. When it comes to each of these, certain provisions, rules, and tax implications apply.Generally, companies smaller than 50 employees are not required to offer or pay for health insurance or other benefits. However, if you decide to offer benefits to one employee, all other employees who match the qualifications and are eligible must also be offered equal benefits. You must not discriminate against offering benefits if all rules pertaining to the benefit are met by the employee.Offerings such as insurance, retirement, and PTO should be offered under a written plan known as a Cafeteria Plan. These outline the types of benefits, how much (if any) the business will pay for or match, and how much will be allocated as taxable income. Other benefits like company vehicles, phones, computers, business meals, etc should be outlined as a Non-Cafeteria Plan in the employee manual. This explains how the company will reimburse employees for incurred expenses and how this will be reflected as taxable income or deductions for both the employee and employer.While Employee Benefits are a major way to attract new employees there is a fair amount of planning and documenting that must occur. We dive into all the details in our course, Up Level Your Small Business IQ which you can check out on our website!If you found this episode helpful then please like, subscribe, and share on social media!What’s Inside: How to better attract and retain employees.What are Employee Benefits?What size business requires benefit offerings?What are Employee Benefit Provisions?What are the tax implications of Employee Benefits?Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTube

What is an LLC?A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for their debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.Should I choose an LLC?When it comes to deciding if an LLC is right for you there are a lot of options and things to consider. An LLC lends itself to a lot of flexibility and can in the same way as a variety of business entities. Without knowing specifically your business it’s hard to make a claim to what will work best for you, but Michelle and Shawn discuss generalities that can apply when you consider your industry.LLC and TaxesA common misconception is that an LLC is the “cheaper” or cost-effective option when it comes to taxes and tax deductions. In reality, they are going to be pretty much the same whether you're an S Corp or an LLC filing as an S Corp, and so on for all of the business entities.Modern CPA advises appropriate legal consultation when it comes to choosing how to structure your business. Determine your needs both long-term and short-term, and take business decisions seriously.What’s Inside: What is an LLC?Do you need an LLC?Common Tax misconceptions for LLCs.Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTube

We often get asked, “Who should I hire?”. If you’re a small business that is experiencing growth and it's time to add to your team, what’s the right decision: Employee or Independent Contractor? There are many different laws, rules, stipulations, and tax requirements that can help you make decisions. What does the law say?If you’re considering hiring an employee or an independent contractor, be sure to check Common Law and Safe Harbor rules to see how they apply to your situation.Common Law:Behavioral - What control does the employer have over how, when, where, and even who does the work?Financial - What financial responsibilities fall on the employer vs the worker? Who pays for tools and other materials?Relationship - How do the employer and the worker view the business relationship? Is there a written contract describing roles and responsibilitiesSafe Harbor:Reasonable Basis - Are you following industry standards?Reporting Consistency - Are you filing the same for the worker year after year?Substantive Consistency - Are you treating all workers of the same situation the same?The Pros and ConsBeyond the laws and rules, there may be options that seem attractive for both situations to hire an employee or an independent contractor. Employees can provide more stable, consistent, permanent work but also require more of an investment with quarterly tax deposits and insurance benefits. Independent Contractors require less investment upfront but need more flexibility and freedom from the employer which can be a concern for security or client lists.Tax DocumentsOnce you’ve decided on what type of worker you will hire, you need to ensure you’re filing the proper tax documents. Both situations require specific documents needed, even at the time of hiring. Do you need a W9, W2, 1099 or something else entirely?Be sure to listen to the full episode for all the details on these important points! If you find this episode helpful, find us on YouTube and like and subscribe. What’s Inside: What is the difference between an employee and an independent contractor?What are the Common Law rules?What are the Safe Harbor Rules?What are the pros and cons for employees and independent contractors?What are the tax documents and obligations for employees and independent contractors?Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTube

It's time to invest in your business to help it grow and maximize productivity. But how can investing affect your taxes? That's what we're talking about in today's podcast.What are the ways you can invest in your business?Business Assets: Anything purchased for your business in order to operate or grow operations (technology, tools, real estate, vehicles, employees, etc.)Stocks: Actually investing profits or business money into the market.Employee benefits: Any type of monetary investment into benefits and programs that are a priority for you to your employees. (Retirement funds, health care, etc.)How can investing affect your taxes?Various investments will have different implications for your taxes year after year. You need to take into account the efficiency of certain investments, the useful life of assets, as well as gains and payouts from stocks, and what that looks like in a given year.What’s Inside: What is an investment for a small business?What types of investments can small businesses make?How can different investments affect taxes?How will tax implications change year to year with investments?Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTube

While the world is growing used to virtual businesses popping up and thriving in many industries, there is a very different setup and management for running a remote business. Allison Sandberg is the founder of the virtual travel agency, Magical Memory Planners. Allison started out as a person who loved travel and travel advice, turning passion into profit her one-man show travel agency has grown to a team of over 30. Allison shares how her business has had to change internal communication and information platforms over time from small Facebook groups to Workplace and a formal business website. In addition to creating these platforms, Allison shares how she keeps the family workplace feeling alive in a sea of screens through personal connections. She encourages downtime communication, birthday cards, and agent-only AND family travel trips for the business.Allison’s remote team is all made up of mostly individual contractors which can make control a little tricky. She shares tips, and some mistakes made when it comes to contracts, structure, and procedures for onboarding and maintaining these team members. This thriving virtual business owner also has one important piece of advice: Think Big. Allison encourages new and prospective business owners to think big from the beginning when it comes to setting up programs, policies, and procedures. Adapt software and systems that can grow with you, if you don't NEED them from the beginning, you will benefit from starting with something you won't have to totally redo as you grow.For more on Allison and a little something fun, be sure to listen and subscribe to her podcast, Travel Talk! This episode is full of some incredible tips and advice for listeners. As always please, like, subscribe, and follow us on social media to stay connected.What’s Inside: How to set up a business for long-term growth.Making changes and adjustments as your business grows.Managing a remote team for employees and individual contractors.Virtual business mistakes and advice.Are virtual businesses better than brick and mortar in today’s economy?Mentioned In This Episode:Magical Memory Planners - Home | Facebook Magical Memory Planners Travel (@magicalmemoryplanners) • Instagram photos and videos Travel Talk Podcast - YouTubeModern CPA OnlineModernCPA - YouTube

No business can operate if they aren't getting paid. Michelle and Shawn cover all the reasons you may not be getting payments and what to do next, with these 6 tips.Tip #1Take a look at your payment procedures: How are you accepting payments? Are you offering enough, accessible modes of payment? How are you sending invoices? Are you clients receiving and opening these invoices? Are you utilizing an accounting service that tracks paid invoices?Tip #2Communicate with your clients: Before delivering products and services, it's okay to over communicate. Let your clients know what to expect including how they will be invoiced, when they will be invoiced, and what are the payment timeline terms.Tip #3Determine the problem: Give your clients the benefit of the doubt. Maybe the invoice went to junk mail or was accidentally thrown away. Maybe your client is struggling financially and could benefit from a mutual/unofficial payment plan. Maybe there was a problem with the product or service. Maybe there were unexpected fees and charges included on the invoice.Tip #4Have the hard conversations: When an invoice has gone unpaid, discuss with the customer solutions to their problem. Make right any wrongs on your behalf (poor services, information about charges, etc.) or include late fees if necessary.Tip #5Send an official letter: You’ve examined your processes, addressed problems, you’ve communicated with the customer, and you still haven't been paid. Send an official letter. This is a clear and adamant letter addressing the nonpayment with the customer and your terms to follow.Tip #6Debt Collections: Have your attorney draft a letter and determine whether this payment is worth following through to Debt Collections. Debt Collections will incur fees for you as a business that include court fees, attorney fees, etc.We understand getting paid is important. If you are frequently experiencing nonpayment, pay close attention to these tips and make changes accordingly. In this episode, we also briefly address how nonpayments can affect your accounting financials and your taxes. If you found this episode helpful, please like and subscribe to us on social media!What’s Inside: What do you do when a client refuses to pay for delivered products or services?Can you be the cause of unpaid invoices?How to create effective communication and ensure prompt payments.Why are customers not paying invoices?Are you seeing a frequent pattern in unpaid invoices?How do unpaid invoices affect your finances and taxes? Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTube

It may be scary to think about what will happen to your business and assets when you’re no longer around. Whether illness, sudden tragedy, or incapacitation causes you to be unable to make decisions and operate your business; you need to be prepared. Rebecca Hobbs is a Principal of law firm O’Donnell, Weiss & Mattei, P.C. here in Pennsylvania. As a Certified Elder Law Attorney, Rebecca shares her insights on the need for Estate planning and the building blocks of documents and decisions to get you started.Important Documents:Last Will and TestamentGeneral Power of AttorneyAdvance Health Care DirectiveThese three documents are the building blocks of an estate plan, and begin with personal decisions that involve labeling family or important with necessary roles, determining your end of life preferences, and wishes involving personal assets. For business owners, there are nuances with business documents in the formation and operating of your business. It’s important to make sure these are included and communicate well with the other documents involved in your estate. Additionally, each situation, personal assets, trusts, and more will affect an estate plan and will differ individually, so it’s important to consult with a local attorney. If you do not prepare these documents, consider estate planning, or various life insurances, things can get complicated for your loved ones at your end of life. Have these conversations about your wishes and expectations, as well as organize these documents and other important documents to make a difficult time easier for your close friends and family. If you’re located in Pennsylvania and would like to reach out to Rebecca Hobbs, you can find her via the O’Donnell, Weiss & Mattei Law Firm as well as via email or LinkedIn.What’s Inside: How can you begin estate planning for your business?What happens when a business owner passes or is incapacitated?What are the building blocks for estate planning?Why should you consult an attorney for estate planning?Should you check and update your Last Will and Testament regularly?Why is estate planning important for business owners?Mentioned In This Episode:Rebecca A. Hobbs, Esquire, CELACertified as an Elder Law Attorney by theNational Elder Law Foundation as authorizedby the Pennsylvania Supreme CourtO’DONNELL, WEISS & MATTEI, P.C.347 Bridge Street, Suite 200 Also with offices at:Phoenixville, PA 19460Phone: (610) 917-9347 41 East High StreetFax: (610) 917-9348 Pottstown, PA 19464-5426Email: rhobbs@owmlaw.com Website: www.owmlaw.comRebecca Hobbs on LinkedIn Phone: (610) 323-2800 Fax: (610) 323-2845Modern CPA OnlineModernCPA - YouTube ModernCPA Masterclass 

We often get asked: How will my small business affect my personal taxes? There is no short answer, however, in this episode, Shawn and I go over this question and the important questions business owners should be asking themselves to understand their tax situation.What entity structure is your business? How is your business operating?Whether you’re an S-Corporation, Partnership, Sole Proprietor, or a Single-Member LLC, your taxes are going to look different. Shawn and I discuss just what kinds of taxes are out there you can be paying such as income tax, payroll tax, capital gains tax, self-employment tax, and so many more depending on your situation. It is really important to understand what type of entity you are and how this will directly affect YOUR unique personal tax return so that you can plan, prepare, budget, and save for your tax payments. Check out our course, Uplevel your Small Business IQ at ModernCPAOnline.com for more information on how to understand your business entity and tax situation.What’s Inside: How does my small business affect my personal taxes?What kind of taxes do I need to pay on income from the business?What kind of entity is my business?Why your business structure is directly related to how you pay taxes.Why you should start planning and budgeting for taxes right away. Mentioned In This Episode:Modern CPA OnlineModernCPA - YouTubeUplevel Your Small Business IQ Course

Whether it’s your hobby, special skill, passion for a service, or a great idea, when it comes to starting your business it can be scary, intimidating, and feel like A LOT. Today Connie and Rob Lawson, the creators, owners, and chocolatiers behind Sweet Ashley’s Chocolate, share their journey in business, and the mistakes and successes along the way.Sweet Ashley’s Chocolate is a small chocolate company in Pennsylvania, born out of natural talent and a side hustle turned full-blown company. Connie and Rob run their business together, with their daughter Ashley as the namesake. Life changes and a desire to bring her chocolate to more people brought Connie to a small storefront, and things moved quickly from there. Connie and Rob share some of the mistakes they’ve made along the way. Some costing them thousands in unplanned expenses. They want to assure new business owners, this is going to happen. And it’s okay! Mistakes will happen. Sometimes the same one twice. Fix them. Learn from them. Move on. Along their business journey they’ve experienced a recession, COVID, worldwide supply chain issues, store and manufacturing moves, and major equipment purchases. These have all caused ebbs and flows in their numbers, profits, and growth. Connie warns business owners to not follow all advice to the T, because every business is different. Some accountants may recommend that if your business isn’t profitable at year 5 then you should fold up and go home. For Sweet Ashley’s this was not the case because of all the change, investment, and growth they had in their first 5 years… even if on paper things did not look great.Each step, Connie and Rob took as they continued on their business venture felt like huge steps, but looking back, they were small risks and investments in their business and their future growth. The couple's biggest piece of advice for anyone ready to start a small business is one we’ve heard on the podcast time and time again. Get Help! They urge business owners to hire people with expertise in the areas they need help with: accounting, IT, marketing, etc. You can’t do it alone!You can find out more about Sweet Ashley’s Chocolate online or visit them at their in-person location! If you found this episode helpful, please like, subscribe, and follow us on social media!What’s Inside: Inside advice and experience for starting a small business.Should you follow the 5-year rule when it comes to numbers and profits?What happens when you make expensive mistakes?Turning a hobby into a business, just go for it!Big steps and small risks in launching a business.The number one tip for anybody running their own business.Mentioned In This Episode:Sweet Ashley's Chocolate 

Many small business owners rely on their small business as their retirement. Bryan Saylor of High Point Financial, an independent wealth management firm, is a financial planner helping business owners and others build and protect their wealth.Bryan shares his journey in discovering his love for economics and how his career in financial planning developed. Before opening his business, High Point Financial, with three partners, he worked with Vanguard, Fidelity, and another small firm. Now, his work as an independent firm allows him to personalize and customize investments and insurances unique to each of his client's specific needs. What works for one individual will not always work for another, financial planning is not one size fits all. There is a lot going on in the world that can have an effect on your financial future. Bryan shares some insights on today’s market (May 2022) and the changes that have taken place over the last years and months. We discuss how COVID, supply chain problems, policies in China, and the War in Ukraine have created major problems for the current market, including inflation in the United States at the time of this recording. Every individual and business has a different risk tolerance. Bryan and his team at High Point Financial work to listen, ask questions, and find the solutions to each individual’s need. Consider working with your own financial planner in order to protect and build your wealth, and ensure financial circumstances beyond your business.What’s Inside: What is a Financial Planner?What does the current market look like?How can small businesses make financial planning decisions? Mentioned In This Episode:High Point Financial   

Insurance coverage is an important but often overlooked piece in starting a business. Insurance is there to protect YOU, the business owner so it is crucial to get started with all of the right coverages for your exact situation. Today, Jeff Wentzel and Bill Bromiley of Wentzel Bromiley Insurance joined us to share their professional insight on all the coverages you should be looking at for your small business.Auto PoliciesMany times, operating a small business includes the use of a vehicle. In some cases this may be a personal vehicle used for sales calls or office commutes or others specifically in trades and services that could be a commercial vehicle transporting equipment and tools. Jeff and Bill recommend that if your vehicle is used in any capacity with your business to insure with a commercial policy, even if the vehicle is owned personally. They share all the specifics, unique cases and how this coverage differs and why you need it.General LiabilityThis is required insurance coverage but should not be looked at as an umbrella coverage policy. The only items a general liability policy will cover are property damage or personal injury caused by your business. This is especially important for businesses that work within homes that could cause damage or injury to clients. This will protect a business owner from being sued if the accident falls within the scope of coverage. Workers CompIf you have any employees, even one, this is required coverage. Workers Comp is divided into two coverages. Coverage A: Injury to the worker. This is going to provide compensation for medical care as well as lost wages for time out of work due to the injury. This coverage only applies to employees who are injured on the job. Coverage B: Employer's liability. This is a more rare case but can fall into need if an illness is transmitted from the employee to an employee's family, a family could sue without this coverage. When a business is covered by Workers Comp, they cannot be sued unless there is found to be gross negligence that caused the accident or injury.Other Insurance CoveragesThe previous three policies are the big-ticket policies that almost all businesses are going to need but for unique situations or specialized businesses, there are other insurance policies that can be important for your small business. Questions to ask yourself before talking to your insurance agent might be: Do I operate my business out of my home? Is the building I own and operate my business out of insured separately? Do I need to cover data storage from cyber risk? Ultimately, there are many, many scenarios and policies that could be needed for your specific business. Jeff and Bill started their insurance business 17 years ago and urge others who are starting their own business to plan, plan, plan. Think about your business needs, goals, and also who you may be going into business with before you dive in!If this podcast is helpful to you, be sure to find us on YouTube and subscribe!What’s Inside: What type of insurance coverages do small businesses need?Why choose a commercial auto policy versus a personal auto policy?Is General Liability coverage an umbrella coverage policy?Why Workers Comp is important and who does it cover?Cyber coverage: Do you need it?Can your homeowner’s insurance cover your at-home business?Mentioned In This Episode:Wentzel Bromiley Insurance LLC - Home | FacebookModernCPA - YouTubeModern CPA (@moderncpa.online) on Instagram

Marc Umstead is the president of Plus One Technology, a firm that works to improve workflow productivity and cyber security for both small and mid-size businesses. Marc grew up with technology growing and changing alongside him and became interested in IT as he saw the mass benefits it can bring to improve processes in business. Today he is sharing a few tips that keep his business successful as well as his advice for clients who are looking for cyber security options.Improving workflow is often a goal of small businesses that is sometimes met by adding more employees to the roster. Marc urges companies to consider what processes and tasks are needing to be fulfilled by these employees. Before hiring, ask yourself if you have 40 hours of meaningful work for that employee, if not how can you improve the processes you have in place to allow current staff to handle the workload. There are a variety of tools and software available to suit unique problems for businesses, Marc's tip is to research them well and find the tool that works with most of your existing tools as well as handles the most amount of data, and information seamlessly. When you have your workflow managed, you have more time in the business to focus on what you're really there for, your clients. Marc shares something he's passionate about for his business, the VAC method: providing Value, Appreciation, and Communication for your clients. He goes heavy on appreciation because he believes showing your older, existing customers the most love gets you more business than offering incentives to new customers. It doesn't have to be monetary or a grand gesture but Marc has seen exponential growth just by sending out a yearly, personal, handwritten thank you note to his clients.If you're a small business handling sensitive information, your clients' data as well as business data are of the utmost importance to you. Marc shares how he communicates to his clients about the security Plus One Technology provides, specifically when cybersecurity news hits the headlines. Communication is important, and it's important to be proactive in letting your clients know you're on top of it. Additionally, it's important to be on top of your security. This means always using Two-Factor Authorization for email, using only secure paid email platforms, having complex, varied passwords or using a paid password service, and if necessary having Cyber Insurance.A major hack or big leak can mean the end of the business, especially for businesses in the health field or any company storing highly sensitive information. Marc encourages companies like this to seek insurance from companies specializing in cyber security, so that you can understand the risks you're covered for and what that coverage means. These are some great tips for small businesses from Marc Umstead. You can find out more about Plus One Technology on their website. If you find this podcast helpful, be sure to like and subscribe on social media.  What’s Inside: How can businesses improve workflow without hiring more employees?How can technology improve processes and workflow?What is the VAC method?What a hack or leak can mean for a company?How important is Cyber Insurance?Simple tips for improving overall cyber security.Mentioned In This Episode:Plus One TechnologyModern CPA (@moderncpa.online) on Instagram

You have filed your taxes and now you’re left with an outstanding balance due. What do you do next? In this episode, we discuss what your tax payment options are and what can happen if you don’t make a plan and start paying.Your first and foremost option is to pay the balance. When you don’t pay the balance upfront you accrue interest and penalties, making your tax bill even larger. Sometimes this isn’t an option for small business owners, so what next?Create an informal arrangement. This is where you make a plan to pay what you can over the next several months. You pay what you are able to right away and then make payments under no official agreement to the IRS as you can make them. This could be biweekly or monthly, but the time in between payments should not exceed more than a month. This option is best suited for businesses that can pay these taxes in just a few months, and should not be made if payments exceed a year.If you haven't made any payments and you begin to receive notices from the IRS, it is time to make an arrangement. If you owe 50,000 or less, you can create an installment plan through the “Streamlined Process” IRS.GOV website. When you agree to this arrangement you agree to stay current on all following tax years which means you must create a plan to not create a balance for the next tax season. If you owe more than 50,000 the best option is to pay it down to that point, otherwise a more extensive report of financials is required. In some cases, businesses may owe taxes to the IRS, the State, and their local government. Every state and entity has different rules, penalties, and arrangement options available. The best step is to determine which entity has the most strict policies and the least lenient payment plans and pay that entity first. Then move forward with the installment plan or other options provided by the other entities.No one likes paying taxes but you must stay on top of this. Not paying your outstanding tax balance can lead to liens on your property or bank accounts, garnishment of wages, and seizing of assets. Put your best foot forward by making a plan right away for your tax repayment, keep in contact with your professional, and if you are handling it yourself keep in contact with the IRS or other government agency.Keep listening for more important tips, advice, and ideas for business owners.What’s Inside: What to do when you owe an outstanding tax balance?What happens if you can’t pay your tax balance upfront?What happens when you do not pay your tax balance?How do payment options differ from the IRS, State, and Local governments?Mentioned In This Episode:Internal Revenue Service

More and more businesses are adapting to the times and migrating online to compete in the digital age. Matt Hamlin is the owner of Online Parts Depot, a digital salvage yard business in which salvage yards from all over the country are able to list and sell car parts on eBay. From Side Hustle to the Real Deal Growing up around the industry, with his father actually owning his own salvage yard, Matt had an interest in salvage yards and car parts his entire life. His business began as a side job, inventorying and selling parts for his local salvage yard. Word of mouth circulated and he began doing the same for other yards. Like any great idea and smart business, Online Parts Depot grew organically to become its own business and a need for employees to scale was imperative.“Get the Right People on the Bus, and It Will Move”As an online business operator, it was scary for Matt to expand and trust new people with his hard-earned business. But it was important and necessary to take on more business. Many business owners struggle with knowing the right time if ever to go from a one-man show to hiring and overseeing employees. When you hire the right people, your business is going to grow and be more successful than before, that is just part of scaling a business. Even though to this day, Matt has still not met face to face with some of his employees, he is thankful for a hardworking and trustworthy crew that keeps Online Parts Depot going across the country.Find and Listen to People Smarter Than You.Matt gives some really great advice for any business owner that applies to many facets of a business. When it comes to the parts of your job that aren't in your skill set, find people who specialize in it so that you can be more productive on your end. This goes for payroll, bookkeeping, or even marketing. When you outsource these roles, you have more time for the parts of the business you enjoy. Additionally, Matt, like many other of our podcast guests, urges business owners to find and attend conferences. The people who are growing in your industry are going to be there and you need to be one of them. Conferences, mentors, whoever are going to be a major aid when learning about the best business practices in your industry, it doesn’t matter if you’ve been in business 5 years or 50.Out with the Old and in with the NewMatt jokes that if in the future we drive flying cars, then he will sell flying car parts. Along his business journey, Matt developed the processes of inventorying and managing clients as both buyers and sellers. Original salvage yards kept handwritten inventory or even just knew it in their head, Matt is trailblazing in this industry and bringing it to the digital age. This is a testament to adaptability and flexibility in business. Things are always changing and if you're going to be in business you need to be willing to adapt, learn new things, and most importantly consider feedback from your team. This has been another great business owner with a ton of great advice. If you find this podcast helpful, don’t forget to leave a review, subscribe, and follow us on social media. What’s Inside: Transforming a side hustle into an independent small business.When hiring becomes necessary to the success of your business.Learning from others in your industry and finding the right people.Flexibility: the key to adapting and growing a business.Mentioned In This Episode:Online Parts Depot on FacebookOnline Parts DepotMatthew Hamlin on LinkedIn Matthew S. HamlinOnline Parts Depot122 Garnet Dr.Gilbertsville Pa 19525

Jenn and Mike Brango are the owners of the Diamond Divas Metabolism Academy and Only Results Coaching. This online small business is not where these two started, their journey began over a decade ago and has transformed into traveling training, outdoor boot camps, and a brick and mortar gym before they finally reached their online platform. Jenn and Mike share their journey of embracing change in business and how they learned to pivot for their needs. As small business owners, your first business plan may not be the one to stay the course. Listen to your needs, your customer's needs, the community needs, and the opportunities that present themselves.As you grow a business, networking is important. Even your own customers can be assets in taking your business to the next level. Jenn and Mike's business took on new forms because of opportunities that presented themselves through their clients. When you become trustworthy business owners and a part of your community, others will begin to see your potential and this can give you a leg up when it comes to up-leveling your business or making a big change.Along the way, Jenn and Mike share the importance of support. As they began their business journey, they had help from mentors and coaches. They shared that guidance was important to shaping their business, and when the guidance no longer served them, they sought out different support in the direction their business was headed. They also give some great advice: Figure out the parts of the business you love to do and the parts you don't love and hire help. When you hire help to get the parts of your business done that you aren't as good at, you open yourself up to more freedom to help your business succeed. It's no secret to many small business owners that owning a business is a balancing act. How well are you balancing? Jenn and Mike have had to learn to carve out time for life and work and keep it separate. This can be especially challenging with online businesses where you never leave the office. Jenn and Mike share how part of their coaching helps women find balance and their lives between work and family. When you manage your stress and align your priorities, you can really excel.Jenn and Mike Brango were a pleasure to talk to today. They have so much insight and advice for small business owners as they've been through it over the years. What’s Inside: How two business owners pivoted their entire business, TWICE. How finding support along the way can make a difference in your business goals.The importance of balance in preventing burnout.Networking, who you know, can sometimes change your business.Mentioned In This Episode:Join the FREE Diamond Divas Metabolism Academy Facebook Group Grab my FREE Guide “5 Little Known Hacks to End the Impact of Stress on Your Metabolism”Contact Info: Jennifer Brango jenn@diamonddivasacademy.com 484.202.0466 IG: @jenbrangoFB: @jenbrango

The SBA has become a more well-known program since its involvement with PPP at the height of COVID. Bobby White from First Colonial Community Bank in Limerick, Pennsylvania joined us on the show today to talk about what loans they have to offer, who they are for, and what’s involved in securing these loans. An SBA offers two loans, the 7A, and the express, both of which certain percentages of the loans are guaranteed by the federal government. This allows banks to process loans they wouldn't ordinarily be able to do conventionally. SBA is strictly for small businesses, Bobby tells us all about the requirements that define a small business for this program. 7A loans can provide assistance with debt refinancing, equipment purchases, inventory purchases, and even commercial real estate. The Express loan is going to act more as a credit line for short-term, or long-term working capital. These loans are not going to have a balloon and the payment is going to be consistent and manageable for your business.If you’re interested in using an SBA loan, it's important to know that more documentation is required. Bobby shares the documents needed, from business profit and loss statements to personal financial statements as well. Additionally, you need to know that not all banks work with the SBA program.  To get started with SBA, know what assistance you’re looking for and check out the SBA website to match with a lender.This has been another business lesson from Profit Points, we hope you found this helpful!What’s Inside: What is an SBA loan?What are the requirements for an SBA loan?What is the difference between an SBA and a Conventional loan?What are the two types of SBA loans?What is the process of applying for an SBA loan?How to find SBA lenders.Tips for preparing for SBA loans.Mentioned In This Episode:Bobby WhiteAssistant Vice President210 Lake Drive East  I  Woodland Falls Corporate Park  I  Suite 300  I  Cherry Hill, NJ 08002Cell: (610) 850-1823bwhite@1stcolonial.com

A business can be a living, growing, changing thing if you choose to care for it in that way. Today, Kelly Stento, President and CEO of LeRoux School of Dance shares her story on how she came to own her dance studio and how it’s changed along the way. Kelly has owned LeRoux School of Dance for 20 years. She began as a student as a young child, a teacher as a teen and young adult, and eventually took over the business from her valued mentor. She shares how systems and procedures were transitioned to her and how she has adapted them to withstand the test of time and technology. When the pandemic hit, you can imagine that an in-person dance studio was greatly affected. Kelly describes the community she created in the dance studio world, and how they worked together to plan for the changing world and adapt their classes. In a matter of days and weeks, Kelly’s staff changed their entire business model to conduct classes over zoom and teach parents how to view courses over their TVs. Kelly’s students went from dancing together in a classroom to learning on camera with makeshift props in their basements. Throughout this conversation, Kelly makes it obvious that she is a lifelong learner, something so important to withstand a business that has been operating for 75 years. She utilizes mentors, organizations, and the community to educate her and propel her business forward. Even as a seasoned business owner, Kelly has new things on the horizon that are very exciting for her and the dance studio!Any small business owner can learn a little something from Kelly Stent, whether you’re recently taking over an older business or recovering post-pandemic. What’s Inside: The basics of buying and selling a small business.How does a business evolve over the years?Do changes in technology affect business operations?How the pandemic affected some small businesses.Is a mentor crucial for a successful business transfer?How can supportive organizations impact a business?Mentioned In This Episode:Kelly StentoLeRoux School of Dance610-553-6966President & CEO