SMALL BUSINESS FINANCE – Your Guide to Business Tax Planning & CPA Tax Advice

Tiffany Phillips, CPA & Small Business Tax Strategist

Stop Overpaying Taxes by $50K-$100K+ Every Year | The #1 Podcast for Women Entrepreneurs & Business Couples Who Want to Keep More of Their Hard-Earned Money

Are you a successful woman entrepreneur or part of a husband-wife business team tired of watching 30-50% of your profits disappear to taxes? Fed up with CPAs who act more like tax preparers than strategic partners? Ready to discover the same tax strategies that save my clients an average of $97,398 annually?

You’ve found your financial freedom headquarters.

This isn’t another generic small business podcast. This is where ambitious entrepreneurs learn the insider tax strategies, financial systems, and money mindset shifts that transform six and seven-figure businesses from tax victims into wealth-building machines.

What You’ll Discover:

✅ Advanced tax strategies most CPAs never mention (legally reduce taxes by 30-50%)
✅ How to audit-proof your business while maximizing deductions
✅ Financial systems that scale with your growing business
✅ Money mindset breakthroughs that unlock your wealth potential
✅ Real client case studies: $45K, $63K, $97K+ in annual tax savings
✅ Business structure optimization (LLC vs S-Corp vs Corporation)
✅ Cash flow management for sustainable growth

Perfect for: Women business owners, female entrepreneurs, husband-wife business teams, six-figure earners, seven-figure business owners, real estate investors, professional service providers, e-commerce entrepreneurs, and anyone tired of overpaying the IRS.

Meet Your Host: Tiffany Phillips, CPA & Tax Strategist

For over 20 years, I’ve been the secret weapon behind successful entrepreneurs who legally keep more of their money. As a CPA and tax strategist (not just a preparer), I’ve helped clients save hundreds of thousands in taxes using my proprietary 85-point tax strategy system.

My mission? Empower women entrepreneurs and collaborative business couples to stop overpaying taxes and start building real wealth. I’m here to challenge the ”good old boys club” of traditional accounting and give you the respect, partnership, and results you deserve.

Why This Podcast Exists: Too many brilliant entrepreneurs—especially women—are being underserved by traditional CPAs who focus on compliance instead of strategy. You’re not looking for someone to just file your taxes; you want a partner who helps you keep more money, grow faster, and build generational wealth.

Ready to Transform Your Financial Future? If you’re done accepting ”that’s just what you owe” and ready to implement proven strategies that put thousands back in your pocket, this podcast is your roadmap to financial freedom.

New episodes weekly featuring actionable tax strategies, financial systems, mindset shifts, and real success stories from entrepreneurs just like you.

Next Steps:

💰Pay Less in Taxes – https://yourbiggestexpense.com/

☎️ Find out how much you’re overpaying in taxes every year! Schedule a FREE discovery call to find out --＞ https://phillipsbusinessgroup.com/

📧 Contact Me --＞ hello@phillipsbusinessgroup.com

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414 episodes
Updated Friday

Episodes414

Newest first

Jun 17, 2024 · 14 min
113 \\ Why Regular Financial Check-Ins Are Critical for Your Business Growth
In this episode, we break down why ignoring your business finances is holding you back—and how regular financial check-ins can completely change the way you run your business. You’ll learn why looking at your numbers monthly (or even weekly) helps you spot trends, manage cash flow, plan growth, create budgets, detect fraud, and prepare for taxes without the stress. If you’re tired of flying blind with your finances and hoping for the best, this episode will show you why checking in regularly with your numbers is one of the simplest and most effective habits you can build as a business owner. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Jun 13, 2024 · 17 min
112 \\ Is Your Business Really Legitimate? How the IRS Decides and What It Means for Deductions
In this episode, I answer a listener’s question about whether their business qualifies as “legitimate” in the eyes of the IRS—and what that actually means when it comes to tax deductions. We cover: The difference between active and passive income and why it matters How the IRS evaluates whether your business is a true business vs. a hobby Nine key factors the IRS looks at to determine legitimacy Why lending money and earning interest can still be a valid business model What you need to document (time spent, operations, records) to protect yourself in an audit If you’ve ever worried about whether your business activities “count” or if you can write off your expenses, this episode gives you the clarity to avoid problems and position yourself for the deductions you’re entitled to. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Jun 10, 2024 · 13 min
111 \\ How to Turn Huge Capital Losses into Future Tax Savings
In this episode, I walk through a real case study of a client facing over a million dollars in business losses and explain how to turn a massive capital loss into a long-term financial recovery plan. You’ll learn: What really happens when you’re stuck with a huge capital loss Why the $3,000 annual deduction limit feels useless (and how to work around it) How to match future capital gains with current capital losses Creative ways to use stock options, investments, and real estate strategies to “eat up” these losses How to approach a 5–10 year recovery plan when business or investment bets go wrong If you’ve ever wondered whether there’s a way to bounce back after a failed business, a bad franchise, or a major market loss, this episode shows you the practical tax and planning strategies to start rebuilding. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Jun 6, 2024 · 19 min
110 \\ How to Pay Yourself Right: W2 Salaries vs. Equity Distributions for S-Corp Owners
In this episode, I break down one of the biggest questions business owners face: “How much should I pay myself in salary, and how much can I take as a distribution?” We cover: What “reasonable compensation” actually means (and how the IRS looks at it) Why guessing your salary is risky—and how to calculate it the right way The benefits of keeping your salary as low as justifiable to reduce payroll taxes How distributions work, when you can take them, and why they aren’t taxed twice How to handle cash flow and tax payments using distributions The mindset shift needed when moving from employee to owner If you’re an S-corp owner, stop winging it when it comes to paying yourself. Learn how to protect yourself from IRS scrutiny and optimize your take-home cash without paying unnecessary taxes. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Jun 3, 2024 · 11 min
109 \\ Missed Estimated Taxes? CPA Advice on Avoiding IRS Penalties
In this episode, learn exactly what happens if you miss an estimated tax payment and how to fix it fast. Forgetting these payments can cost you in penalties and interest, but there are smart strategies to get back on track. We cover when estimated taxes are required, what to do if you’ve missed a deadline, and how to plan ahead so you’re not caught off guard. You’ll also hear tips for cash flow management, tax planning for small business owners, and how to use a CPA to stay ahead. If you’re serious about managing your business tax and avoiding costly mistakes, this episode breaks it down simply and clearly. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 30, 2024 · 15 min
108 \\ CPA Tax Advice: Avoid Mistakes That Cost Small Business Owners Thousands
In this episode, you’ll hear real case studies where CPA mistakes cost business owners tens of thousands of dollars—and how to avoid the same trap. Learn why unclaimed deductions, missed strategies, and poor planning lead to lost tax savings, and how regular conversations with a CPA can help you protect your money. From real estate professionals to medical business owners, these examples show the importance of tax planning and smart strategies. You’ll also get actionable tips for reviewing your tax returns, using equity properly in your business, and knowing when it’s time to switch CPAs. If you’re serious about small business tax savings and keeping more of what you earn, this episode is for you. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 27, 2024 · 15 min
107 \\ Tax Strategy: How Paying Your Kids Can Reduce Small Business Taxes
Paying your kids through your business can be a powerful tax strategy—but only if it’s done correctly. In this episode, you’ll learn the right way to hire your children, what tasks they can legally do, and how to document their work so the IRS allows the deduction. We cover age-appropriate roles, payroll rules, tracking hours, and how to pay fair market wages that hold up in an audit. You’ll also get practical examples of legitimate tasks kids can do—from office cleanup to social media help—and how this strategy shifts income into a lower tax bracket. Done right, it reduces your taxable income and teaches your kids responsibility at the same time. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 23, 2024 · 14 min
106 \\ When to Start Tax Planning: CPA Advice to Maximize Business Tax Savings
Not sure if you’re ready to start tax planning? This episode breaks down how to know when it’s time to move beyond tax preparation and into tax reduction strategies. Learn the difference between tax compliance and proactive planning, why clean financial records are essential, and what income levels make tax strategies worthwhile. You’ll hear clear guidance on how business owners can legally reduce taxes, keep more money in their pockets, and avoid overpaying year after year. If you’re ready to protect your profits and build a stronger business tax plan, this episode shows you exactly where to start. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 20, 2024 · 12 min
105 \\ Maximize Your QBI Deduction: Tax Strategies for High-Income Business Owners
High-income professionals often miss out on the Qualified Business Income (QBI) deduction because they don’t understand how it works once income exceeds IRS thresholds. This episode explains how QBI reduces taxable income by up to 20% for eligible businesses, what counts as qualified income, and how income caps change the calculation. You’ll learn strategies to optimize your deduction if you earn over the limits, including adjusting W-2 wages in an S corporation and aligning your tax planning with retirement contributions and overall wealth goals. The focus is on smart, legal planning that lets business owners reduce taxes and build wealth. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 16, 2024 · 10 min
104 \\ 1099 Income and S Corps: Avoid IRS Trouble with These CPA Strategies
Are you getting 1099 income in your personal name even though you have an S corporation? This common mistake can trigger IRS audits, self-employment tax, and penalties. In this episode, you’ll learn how to handle 1099 payments the right way, when to push vendors to pay your business directly, and what to do if that’s not an option. We cover the Fleischer case, why an employment agreement between you and your S corp matters, and how to document everything to stay in compliance. Whether you’re a real estate professional, financial advisor, influencer, or small business owner, this episode shows you how to properly route income, avoid unnecessary taxes, and protect yourself from an IRS nightmare. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 13, 2024 · 14 min
103 \\ 7 Tax-Saving Investments to Build Wealth and Reduce Your Taxes
In this episode, discover seven powerful investment strategies that help business owners legally slash taxes while building long-term wealth. From traditional IRAs and 401(k)s to HSAs, donor-advised funds, and the tax advantages of owning a business, you’ll learn how to leverage the tax code to keep more of your hard-earned income. We also cover real estate investing and the little-known benefits of oil and gas investments for significant tax reductions. Whether you’ve just started growing your income or are facing a big tax bill, these strategies can help you minimize taxes, protect cash flow, and grow your net worth year after year. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 9, 2024 · 17 min
102 \\ Tax Avoidance vs. Tax Evasion: How to Stay Legal While Reducing Taxes
Can reducing your taxes cross the line into tax evasion? In this episode, we break down the difference between legal tax avoidance and illegal tax evasion so you can protect yourself and your business. Learn how to spot risky strategies, what the IRS “Dirty Dozen” list means, and how to vet the tax planning advice you receive. We also cover why documentation, good communication, and working with the right CPA are critical to staying safe while cutting your tax bill. If you want to confidently reduce your taxes without risking penalties or legal trouble, this episode is a must-listen. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 6, 2024 · 14 min
101 \\ Inheriting Property? How Taxes Work on Houses, Land, and Investments
What really happens to your taxes when you inherit a house, land, or investments? In this episode, we explain how inheritance works, what a “step-up in basis” means, and why you probably won’t owe taxes if you sell quickly. You’ll also learn about estate taxes (often called the “death tax”), gift tax rules, and how trusts can play a role in reducing future tax liabilities. From understanding when taxes apply to planning strategies for high-net-worth estates, this episode helps you feel confident and clear about what to expect when receiving assets from a loved one. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
May 2, 2024 · 24 min
100 \\ Unlock Time: How Business Owners Can Delegate, Outsource, and Grow
Feeling like there aren’t enough hours in the day? In this episode, we talk about how to reclaim your time as a business owner by delegating and outsourcing—both at work and at home. From hiring a virtual assistant and offloading repetitive business tasks to outsourcing personal chores like meal prep, cleaning, and errands, you’ll hear specific examples of how to remove tasks from your plate so you can focus on growth. Learn how to identify what you should stop doing, the mindset shift required to let go, and why doing less yourself can actually accelerate your business. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 29, 2024 · 13 min
99 \\ Buying a Small Business: CPA Advice, Pitfalls & Smart Strategies for Acquisition
Thinking about buying a small business? In this episode, we walk through a real client’s journey of acquiring a business—from the first conversation with a seller to due diligence and final decisions. You’ll learn how to review financial records, spot red flags, and avoid costly mistakes that can derail a purchase. Discover why CPA advice is critical when checking revenue, expenses, and tax planning before signing an LOI. We cover how small business finance impacts the value of a deal, common issues like unreconciled QuickBooks records, and the importance of smart strategies to protect yourself. Whether you want to replace your job income or grow your revenue, this episode gives you a clear roadmap for making a smart acquisition and building confidence in your decisions. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 25, 2024 · 10 min
98 \\ Real Estate Tax Benefits: CPA Advice on Passive Losses and Smart Strategies
Thinking about using real estate investing to lower your taxes? In this episode, we break down what high-income earners need to know about real estate tax benefits, real estate professional status, and how passive losses really work. You’ll learn why most W-2 earners can’t use real estate losses, how depreciation and cost segregation affect small business tax planning, and ways to structure investments so those deductions actually count. We also cover strategies like investing in businesses, creating active income, and how a spouse’s involvement in real estate can open the door to bigger tax savings. If you’re looking for smart strategies and CPA advice to avoid common tax traps in real estate, this episode gives you the clear picture you need before investing. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 22, 2024 · 19 min
97 \\ W-9 Mistakes Every Business Owner Must Avoid: CPA Advice for Contractors
Do you really know how to handle W-9s for your contractors? In this episode, we break down exactly what business owners need to know to avoid penalties and IRS headaches. You’ll learn when to collect W-9s, why timing matters, and how incorrect forms can affect 1099 reporting and your tax deductions. We cover the IRS’s new 2024 W-9 updates, how to verify contractor tax classifications, and why keeping these forms on file protects your business. If you’ve ever wondered what your responsibility is when a contractor leaves information blank, or what “backup withholding” means, this episode clears it up. This is practical CPA advice for small business owners who want to stay compliant, avoid costly mistakes, and keep their tax records clean. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 18, 2024 · 13 min
96 \\ Business Growth vs. Certainty: Mindset Shifts Every Entrepreneur Must Face
Are you holding back your business growth without realizing it? In this episode, I share a personal breakthrough about how the need for certainty can quietly sabotage your success. Through a coaching conversation, I realized that my own fear of not knowing every step was stopping me from hiring, improving processes, and scaling. We talk about how this need for control ties into mindset for entrepreneurs, why personal growth is directly connected to business growth, and how to find certainty in a healthier way so you can keep moving forward. If you’ve ever felt stuck because you want all the answers before taking action, this episode will challenge how you think about risk, growth, and what’s really holding you back. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 15, 2024 · 17 min
95 \\ Stop Focusing on Savings: CPA Advice on Revenue, Cashflow & Net Worth Growth
Are you obsessing over savings goals in your business? This episode challenges that mindset. Instead of penny-pinching, learn why focusing on revenue growth, managing cashflow, and tracking your net worth will take you further, faster. I share how childhood money beliefs create a scarcity mindset, why cutting costs isn’t a growth strategy, and how shifting focus to income generation changes everything. You’ll hear three specific strategies to grow your business without being controlled by savings goals, plus why tracking net worth is a key business metric. If you’re ready to think differently about money and get CPA advice on building a stronger, more abundant business, this episode will give you a new perspective on what really moves the needle. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa
Apr 11, 2024 · 11 min
94 \\ Avoid These IRS Penalties: CPA Advice on Estimated Taxes and Form 2210
Are you overpaying taxes without even knowing it? In this episode, I reveal a common IRS penalty that costs business owners thousands—and how to avoid it. If you’ve ever been hit with a penalty for not paying enough tax throughout the year, this is for you. I explain how estimated tax payments really work, where to look on your 1040 for penalties, and the simple Form 2210 adjustment that can reduce or even eliminate them using the annualized income method. You’ll also learn why many CPAs miss this step and how to make sure yours is saving you money instead of letting you overpay. Don’t let penalties eat away at your hard-earned revenue—tune in to learn how to keep that cash in your business. Next Steps: 💰Pay Less in Taxes – Start Here! 💰 ☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out! 📧 Contact Me --> hello@phillipsbusinessgroup.com 📲 Follow me on IG @ the.tiffany.p.cpa