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

Apr 8, 2024 · 16 min
93 \\ Stop Overpaying Taxes: CPA Advice on Deadlines, Estimates & Avoiding Penalties
Tax deadlines can feel overwhelming, but missing the details can cost you big. In this episode, we break down what every business owner needs to know about filing dates, estimated tax payments, and how to avoid costly IRS penalties. Learn why setting aside money throughout the year matters, how the IRS calculates underpayment penalties, and how to use Form 2210’s annualized income method to reduce them. We talk about extensions (and what they don’t cover), payment plans, and strategies for staying ahead of tax season so cash flow doesn’t get derailed. If you want practical CPA advice on managing tax deadlines without overpaying or getting blindsided by penalties, this episode gives you a clear plan to keep more of your money 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
Apr 4, 2024 · 14 min
92 \\ S Corp Taxes Explained: CPA Advice on Payroll, Distributions & K-1s
Thinking about switching to an S Corporation or already made the move? In this episode, we break down exactly how S Corp taxes work and how you actually get paid as a business owner. Learn why “reasonable compensation” matters, when to start payroll, and how distributions differ from wages. We also explain what a K-1 is, how profits are taxed, and why you don’t pay taxes twice on S Corp income. Plus, you’ll hear why tracking equity on your balance sheet is critical before taking money out and how to avoid costly mistakes that come from treating S Corp payouts like a paycheck. If you’re confused about how money flows from your business to you, this CPA advice gives you a clear roadmap. 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 1, 2024 · 16 min
91 \\ C Corporation Taxes: CPA Advice on Double Taxation, 1202 Exclusions & Strategy
Thinking about setting up a C Corporation? This episode breaks down the pros and cons so you can make an informed decision. We cover how C corp taxation works, why the 21% corporate tax rate isn’t always the advantage it seems, and how double taxation through dividends can hit hard. You’ll learn why some business owners choose a C corp structure, how fringe benefits and fiscal year planning can be leveraged, and when a 1202 exclusion might eliminate capital gains taxes on a sale. If you’re considering raising capital, building equity for a future sale, or just curious if a C corp makes sense for your tax strategy, this CPA advice will help you weigh the risks and opportunities before making the move. 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
Mar 25, 2024 · 15 min
90 \\ How to Review Your Tax Return: CPA Advice Every Business Owner Needs
Do you just sign your tax return without really looking at it? That blind trust can cost you. In this episode, I show you exactly how to review your business and personal tax returns so you can catch errors, ask smarter questions, and protect yourself. You’ll learn why comparing this year’s return to prior years is key, how to use the year-over-year reports to spot red flags, and which pages of your return deserve your closest attention. We also talk about checking unusual items like property sales, big income changes, or outlier deductions to make sure they’re accurate. If you’re a business owner who wants more confidence in your tax filings, this practical CPA advice will help you review your return the right way instead of signing blindly. 🌟 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
Mar 21, 2024 · 16 min
89 \\ Why Your Bank Balance Lies: CPA Advice on Cashflow Statements for Business Owners
Are you using your business bank account as the measure of success? That’s a big mistake. In this episode, we dig into why your bank balance doesn’t tell the full story of your business health and what to look at instead. You’ll learn why your profit and loss statement rarely matches your checking account, the impact of loans, owner’s draws, and depreciation, and how this confusion can stall your growth. Most importantly, we talk about cashflow statements—what they are, why every growing business needs one, and how they can help you make smarter decisions. If you’re tired of guessing whether your business is on track based on your bank balance, this CPA advice will give you a better way to measure success and plan for growth. 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
Mar 18, 2024 · 13 min
88 \\ Should You Really Be an S Corp? 5 Red Flags Most Business Owners Miss
Not every business should elect S corporation status—and bad advice on this topic can cost you thousands in taxes. In this episode, we break down five red flags that mean an S Corp could be a bad move for you, including owning real estate in the entity, having non U.S. owners, raising outside capital, skipping a reasonable salary, or running a business that isn’t profitable yet. You’ll also learn when an S Corp does make sense (and how to think about timing) so you can make a smarter decision instead of following bad advice from a friend, TikTok, or your golf buddy. 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
Mar 14, 2024 · 27 min
87 \\ 28 Smart Tax Deductions Every Small Business Owner Should Know
Want to pay less in taxes? In this episode, I share 28 specific deductions and strategies you can use to reduce your tax bill as a small business owner. From startup costs and home office write-offs to paying your kids, retirement contributions, the Augusta Rule, and more—this is a comprehensive list of tax-saving opportunities you probably aren’t fully using. Grab a pen, take notes, and start applying these techniques so you stop leaving money on the table. 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
Mar 11, 2024 · 31 min
86 \\ 5 CEO Mistakes That Hurt My Business Growth (and How I Fixed Them)
In this episode, I share five mistakes I made while building my business over the last eight years and how those lessons shaped my growth as a CEO. From struggling with a fixed mindset, getting stuck in the weeds, and hiring too late, to ignoring my health and failing to create space for big-picture thinking—these are the traps many entrepreneurs fall into. You’ll learn why mindset for entrepreneurs matters, how stepping back can unlock business strategy, and why prioritizing health and time leads to smarter money decisions. If you’re a small business owner, these insights will help you avoid costly mistakes and create a business that works for you instead of consuming 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
Mar 7, 2024 · 10 min
85 \\ S Corp Election Explained: Avoid IRS Mistakes When Your LLC Goes S Corp
Thinking of electing S Corp status for your LLC? This episode breaks down what every small business owner needs to know to stay in IRS compliance. Learn why community property laws mean your spouse may need to sign Form 2553 even if they don’t own part of the business, how to avoid costly mistakes when filing, and what to do if you discover years later that you missed this step. We also cover what happens during an IRS audit, why a letter ruling might help, and the key tax strategies to protect your S Corp election. If you want clear cpa advice on S Corp elections without all the confusion, this episode will help you protect your business and avoid risk. 🚀 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
Mar 4, 2024 · 15 min
84 \\ Tax Deadlines Explained: Smart Filing and Payment Strategies for Business Owners
Tax season is here, and knowing when and how to file can save you money and stress. In this episode, I explain key tax deadlines for S Corps, partnerships, individuals, and corporations—and why extensions can be a smart strategy. You’ll learn when it makes sense to file early, why delaying can sometimes reduce audit risk, how to handle taxes if you owe, and what to do if you’re behind on past returns. We also cover penalties, payment plans, and tips for staying on top of small business tax planning. Whether you want to avoid costly mistakes or need clear cpa tax advice, this episode will help you take control of your business finance with confidence. 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
Feb 29, 2024 · 19 min
83 \\ When to Hire: Smart Strategies for Small Business Growth and Cash Flow
Hiring can feel like one of the scariest steps in running a small business. In this episode, I break down how to decide when it’s time to bring on a new employee or contractor, and how to make that decision confidently. You’ll learn how to review your profit and loss, analyze client demand, adjust pricing, and understand cash flow so you can grow without putting your business at risk. I also share a real-world example of how a simple waiting list and pricing strategy revealed it was time to expand. If you’re a small business owner wondering how to scale while protecting your money mindset, this episode gives you clear business strategy insights to make smart moves. 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
Feb 26, 2024 · 13 min
82 \\ Stop Self-Sabotage: How to Take Back Control of Your Business Success
Are you holding your business back without realizing it? In this episode, I share a personal story of how a subtle victim mindset was sabotaging my success. I explain the difference between sitting back and hoping things work out versus taking full ownership of your results, and how shifting into an empowered owner mindset changed everything in my business and life. If you’ve been feeling stuck or frustrated with your growth, this conversation will help you identify success blockers, reset your financial mindset, and start making decisions from a place of strength. This is an honest, vulnerable episode packed with practical insights for female entrepreneurs and small business owners ready to step into their power. 🌟🚀 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
Feb 22, 2024 · 14 min
81 \\ When to Hire: Smart Business Strategy for Growth and Cash Flow
Hiring can feel like one of the most intimidating moves you make as a business owner. In this episode, I break down how to know when it’s time to add a new employee or contractor, and how to make that decision without guesswork. You’ll hear a real-world example of how a waiting list and pricing strategy showed it was time to grow, plus why cash flow, backlog, and marketing metrics matter when planning your next hire. We’ll cover how to review your profit and loss, adjust pricing, and make small changes that have a big impact. If you’ve been wondering how to expand without breaking your business, this episode gives you clear business strategy and mindset for entrepreneurs to help you move forward with confidence. 🌈📈 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
Feb 19, 2024 · 10 min
80 \\ 2024 LLC Rules: How to Handle Beneficial Ownership Reporting (and Avoid $400/Day Penalties)
Starting January 1, 2024, LLCs face a new federal requirement: Beneficial Ownership Reporting. In this episode, I break down exactly what this new rule means, why it matters, and how to stay in compliance so you avoid massive penalties. You’ll learn who must file, how the rules differ for LLCs created before and after 2024, what deadlines apply, and why this report is separate from your tax return. I also explain why CPAs may not be able to prepare this report, and what steps you should take now to make sure your business is covered. If you own an LLC, don’t miss this important update on small business compliance and tax strategies. 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
Feb 15, 2024 · 11 min
79 \\ How to Pay Yourself from a Partnership LLC: Smart Payment Strategies Explained
How do you pay yourself when your business is a partnership LLC? In this episode, I answer a listener’s question about the right way to take money out of a small husband-and-wife partnership LLC. We cover guaranteed payments, partner draws, K-1 income, and why W-2 salaries don’t apply to partnerships. I also talk about when an S Corp election might make sense, why community property states matter, and the importance of having an operating agreement. If you’re confused about paying yourself from a partnership or wondering whether you set up your LLC the right way, this episode will give you clear CPA advice and smart strategies to stay compliant and plan ahead. 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
Feb 12, 2024 · 18 min
78 \\ The 6 Human Needs: How Certainty and Significance Shape Your Business Success
What’s driving your business decisions without you even realizing it? In this episode, I unpack Tony Robbins’ concept of the six human needs—certainty, variety, significance, connection, growth, and contribution—and how these hidden drivers impact your success as an entrepreneur. You’ll learn how to identify whether your dominant need is certainty or significance, how these needs can push you forward or sabotage your goals, and simple ways to align them with healthy business strategies. If you’ve been feeling stuck, overwhelmed, or frustrated in your business, this episode will help you understand yourself better and make smarter decisions that lead to growth. 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
Feb 8, 2024 · 12 min
77 \\ Stop Overpaying Taxes: How to Avoid Overcompensating Yourself as a Business Owner
Are you unknowingly paying more taxes than you need to? In this episode, I reveal how overpaying yourself through payroll can cost you thousands in extra taxes every year. Many S corp and C corp owners set their salaries too high without realizing the payroll tax hit on every check. I explain why paying yourself a “big CEO paycheck” can backfire, how to calculate a reasonable salary, and the simple reporting process that protects you during an IRS audit. You’ll learn the difference between salary and owner draws, why methodology matters, and how to use smart strategies to optimize your tax planning. If you want to stop overpaying in taxes and keep 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
Feb 5, 2024 · 12 min
76 \\ Tax Strategies for High-Income Earners: How Business Ownership Reduces IRS Bills
High net worth individuals often feel stuck paying massive tax bills year after year. In this episode, I explain why W-2 income offers very few ways to reduce taxes and why owning a business changes everything. Through real client conversations—including a doctor earning nearly $1M—I show why starting or investing in a business opens the door to meaningful tax strategies. You’ll learn how LLCs and business income create opportunities for deductions, wealth building, and smarter tax planning. If you’re a high-income earner frustrated by your IRS bill, this episode shows the clear steps you can take to finally leverage the tax code. 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
Feb 2, 2024 · 19 min
75 \\ Mindset Mastery: How Emotional Control Fuels Business Growth
Business growth isn’t just about strategy or hard work—it’s deeply tied to your mindset and how you manage your emotions. In this episode, I explore the intangible side of entrepreneurship: how unexamined beliefs, emotional triggers, and the stories we tell ourselves can limit success. You’ll hear how personal experiences shape reactions, why emotional control matters more than you think, and practical ways to reframe challenges so they stop controlling you. If you’ve ever felt stuck, frustrated, or like emotions get in the way of your business goals, this episode gives you tools to shift perspective, regain control, and create space for growth and abundance in 2024 and beyond. 🚀✨ 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
Jan 30, 2024 · 20 min
74 \\ 2024 Payroll Taxes Explained: FICA, Medicare, FUTA, and Self Employment for Small Businesses
Confused about payroll taxes? This episode breaks down the different types of payroll taxes and how they affect small business owners. You’ll learn the difference between FICA, FUTA, SUTA, Medicare tax, and self-employment tax, plus the 2024 limits you need to know. Tiffany explains how payroll works for sole proprietors, LLCs, and S Corps, why self-employment tax hits so hard, and how to handle state and federal unemployment taxes. She also shares why paying yourself the right salary can help with tax reduction and smarter money decisions. Whether you’re new to small business finance or just want clarity on tax strategies, this episode will give you practical, plain-English cpa advice that can save you money and stress. 🌟📈👩‍💼🧾 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