Latest / The SmallBizChat with Melinda Emerson / Understanding the Trump Tax Bill with Accounting Rockstar Dawn Brolin

Transcript

Understanding the Trump Tax Bill with Accounting Rockstar Dawn Brolin · The SmallBizChat with Melinda Emerson

• 0:00
  3, 10, 1, 0, ignition, liftoff,
• 0:08
  Ending small business failure.
• 0:11
  Welcome to the Small Biz Chat podcast with a number 1 small business expert Melinda Emerson.
• 0:17
  Bolinda's goal is to end small business failure, and she'll give you the information
• 0:21
  you need to succeed and live the life you've dream of.
• 0:25
  Now here's the small biz lady herself.
• 0:29
  Melinda Emerson.
• 0:31
  Hi, everybody.
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  I'm Melinda Emerson, the small biz lady.
• 0:34
  I wanna invite you to enter the small business chat podcast giveaway contest for the next 30
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  days starting today.
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  You'll have the chance to win amazing prizes if you subscribe to the podcast.
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  All you need to do is take a screenshot after you subscribe to the small biz chat podcast and
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  tag me small biz lady on Twitter or Instagram once a week, I'll select a winner, and you have
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  a chance to win one of my autograph books become your own boss in 12 months or fix your
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  business, or you might even get a chance to win one of my limited edition small business chat
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  podcast t shirts.
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  Don't delay.
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  Subscribe to the small business chat podcast today.
• 1:14
  Hi, everyone.
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  I'm Melinda Emerson, the small biz lady, and I'm coming to you from Philadelphia.
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  This is National Small Business Week.
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  You guys know I love to give away free stuff.
• 1:24
  We have been partnered with Visa around the country and we're gonna be giving away all
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  kinds of stuff tonight.
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  So first thing I want you guys to know is that we're gonna be giving away copies of my brand
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  new book fix your business.
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  Right?
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  And so we're gonna give you guys some opportunities to win copies of my book tonight.
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  We're gonna give away three copies of my book.
• 1:46
  So right off the top of this show, I wanna let you know that the first way that you're gonna
• 1:50
  have an opportunity to get a copy of my books.
• 1:54
  I've been on tour for the entire month of April.
• 1:56
  If you can name 3 cities that I swung through on my national tour, you're gonna have an
• 2:02
  opportunity to get a copy of my book, fix your business.
• 2:06
  Now my co host, Joan Wilson.
• 2:08
  She's out there.
• 2:09
  She's my eyes on the street.
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  So if you're the first person to get the answer of the 3 cities that you saw me in or that you
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  saw on Facebook that I swung through, you're gonna have the chance to win a copy of my book
• 2:21
  picture business.
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  Now listen, we have an incredible show for you all tonight.
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  We have Don Bollin, CPA, She's gonna be talking about taxes, the choke tax bill.
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  What do you need to do to make sure you can best benefit from this new tax interest rate
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  that small business owners gonna benefit from?
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  I'm just so excited as the small biz lady to be having one more way to serve you, one more way
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  to help you live your dream life as an entrepreneur.
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  You know, we as entrepreneurs, we live how most people won't so we can live how most people
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  can't.
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  Right?
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  All those folks out there with jobs, they are limited to whatever their little w two says.
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  Right?
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  They get my modest raise, but they're not like a Our w two is limited by these 2.
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  Right?
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  It's about your effort, what you put into your business, but I know it's hard.
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  I know sometimes you feel like you're all alone.
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  But you're not.
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  And let me tell you something.
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  If nobody else in your life believes in you, the small business lady does.
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  That's why I do this.
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  You know, for the last 10 years, I've been dedicated to helping you win in business.
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  And I've written over 5000 articles about how to start and grow a successful small business,
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  4 books, including my new book fixture business, So listen.
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  I'm committed, but I can't be more committed than you.
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  But with that, I just wanna dive in and get you our guest tonight because, you know, we've been
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  doing small business chat for 9 years on Twitter.
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  And so what we're doing tonight, we're switching up for you.
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  You know, you might be tired of just reading little tweets on Twitter.
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  We wanted to have you hear my voice and hear the voice of my experts because we are here.
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  We care.
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  We have been successful in business.
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  And we wanna teach you our secrets.
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  We also wanna teach you our hard learn lessons too.
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  So listen.
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  I wanna dive right in.
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  I wanna go to my first guest.
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  She is amazing.
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  She is the tax diva with the mostest.
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  She's just fresh off a tax season, dude.
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  I'm glad she's not on a b somewhere.
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  She actually agreed to join us tonight.
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  Her name is Don Brolin.
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  She is a CPA, and she's the CEO and founder.
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  Of powerful accounting, and I am just so excited to have her here with us tonight.
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  Don, what's up?
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  Thank you so much for joining us on small fish chat.
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  Live.
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  Welcome.
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  Oh, Melinda.
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  I'll tell you what right now.
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  This past tax season was an experience like no other.
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  We really had our stuff together.
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  I'm so excited to be here to talk to the small business owners.
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  We just spent this whole last 4 months with our small business owners working on their taxes,
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  planning for next year, and really paying attention to what's going on.
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  So I'm really excited tonight and hopefully to pass on even just a little nugget to some of
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  those small business owners out there who should be paying attention to their numbers.
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  Oh, yeah.
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  Because we know that this Trump tax bill, you know, it was touted as being this great panacea
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  for small business owners, but I know there's some booby traps in that bill.
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  In there, Alright, Don.
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  So I want you to just break down for us sort of like, you know, first of all, give us just a
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  little bit of background about powerful accounting and what you do.
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  For small business owners.
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  And then I wanna dive into the good and the bad stuff about this Trump tax bill that we now are
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  going to be dealing with for our 2018 tax.
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  Yes.
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  And I love that.
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  And so I'll just say powerful accounting is kind of like a 3rd generation company.
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  I started working with small businesses since 1999.
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  Had a small business company then joined with a partnership.
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  And then April 4 2011, Shazam.
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  That's when powerful accounting came out.
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  And we just started hitting it hard, learning, tripping over each other, tripping over
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  ourselves, and we just said, you know what?
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  We're here as hell small business owners when they wanna be helped, and that's probably our
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  biggest challenges.
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  We gotta get those people to wanna get help, which is a whole other thing.
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  Right?
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  So I'm a CPA and also a certified fraud examiner.
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  So for those of you who get yourselves into trouble, my job is to get you out of it.
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  And so we work with small business owners who get in trouble with the IRS and with various
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  fraud cases.
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  Will you time stealing?
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  You name it?
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  We are there to protect that small business owner.
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  Awesome.
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  Awesome.
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  Well, listen.
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  Let's jump into this Trump tax bill.
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  Tell me tell me the I I like to get bad news first.
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  So why don't you tell me what are some of the things that are, like, the tough stuff in this
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  bill that people need to be paying attention to.
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  You know, it's interesting as I was we've been reading and you'll love this.
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  This is my this is our book.
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  This is what we have to learn.
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  Oh god.
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  It's not bad.
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  It's not bad at all.
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  You know, we went to a tax course to get this all this update and, you know, we spent the
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  whole day.
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  We got through, like, twelve pages which is fine.
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  You know, it was good.
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  I had a great time, but just the same.
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  You know, we're really concerned a little bit about the interpretations that are out there,
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  you know, especially the you know, the guy they see at McDonald's or whatever who's telling
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  them, oh, yeah.
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  Don't worry about this or don't worry about that instead of talking to the tax
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  professional.
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  So I'm I think that's a really important point for small business owners to understand they
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  need to get close to their account this year, closer than ever.
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  And that's really important.
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  But the excess business loss limitation for individuals, and that's where you have a client
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  who maybe are are a business that's a schedule c and has a a flow through.
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  So Schedule C is kinda like a flow through or a an s corporation or a partnership where the
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  money is coming you know, the the k ones are coming and the money is hitting your individual
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  return.
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  People sometimes don't they think it's separate.
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  It's not.
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  So when that end result hits your tax return, this year starting 2017 up until 2026, the
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  excess business loss limitation, you're gonna have to carry your net operating loss carry
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  forward.
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  So in the past, people would get, you know, if they would get sign it to have losses because
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  it saved them money, like, when their spouse had a w 2 and they were running a business and
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  they would, you know, enjoy this net operating loss, which would increase their re in a lot of
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  ways.
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  And this year, they're they're halting that as the end of 17.
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  You're gonna have to carry that loss forward.
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  So that's something that people are not necessarily paying attention to.
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  Wow.
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  Wow.
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  So what what else in I know one of the things that I read was that If you pay yourself more
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  than a $157,000, then you can't claim the lower interest rate.
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  Is that
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  That's right.
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  Yeah.
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  There's there's a rate.
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  Yeah.
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  The lower tax rate.
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  Exactly.
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  They changed.
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  They actually added 1 more racket to the code.
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  So that's kinda helped.
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  I wanna say it in a way helps the middle class by having another kind of another level instead
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  of this big jump to the top tax level.
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  I mean, that's pretty cool, but it will tell you they've repealed repealed unutilized
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  deductions.
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  No more miscellaneous itemized deductions.
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  The 2% limitation.
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  Now why is that important to small businesses?
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  People say, well, that's, you know, that's an individual schedule a issue.
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  You know, we write off our property taxes and we write off you know, our vehicle property
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  taxes and donations and that kind of thing.
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  Well, you used to have, I would say used to have because 2017 was the last time you could
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  do it.
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  That 2% where you're maybe a salesman.
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  So maybe you're, you know, a w 2 on us as a salesman.
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  You're the business owner who has hired the salesman.
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  They're out there running the roads.
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  They're doing 30, $40,000 in mileage every year, and they write it off on their personal
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  return.
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  With that itemized deduction gone, Those of you who are small business owners that do not have
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  an accountable plan and do not reimburse your employees for those types of expenses, guess
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  what?
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  Don't be surprised if your employees come to you and say, I can't write off my mileage
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  anymore.
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  Guess what?
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  I want you to pay me for my mileage.
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  There can be some serious shifts there for small business owner who has people on the road
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  that are used to that 2%.
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  It's something I don't think people will think about.
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  Wow.
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  Wow.
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  Okay.
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  Well, let let I'm I'm I'm done with the bad news.
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  I I I need some I need some good news.
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  Can you provide me anything good that has come out of this Trump tax bill for small business
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  owners.
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  Can you can you cheer me up?
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  I feel clean
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  I can definitely cheer you up.
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  So there has been, of course, for those entities that are corporations and people that
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  are escorts might wanna think about it.
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  They've lowered the corporate tax down to 21% flat tax.
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  And that's a big deal for those people who maybe initially signed up themselves as an LLC
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  and now they're an escort or they signed up as a corporation and elected the 2553 s
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  corporation because they didn't wanna pay corporate taxis to call it double taxation.
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  Right?
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  They've knocked that down to 21%.
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  So if you think about it, a corporate income tax payer with that in that that tax bracket
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  down to 21%.
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  If you're an individual at the 29% level, why would you wanna pay tax at the 29% level?
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  As is as is in 11 20 assets and as corporation, you may wanna revoke that s election.
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  So that's great.
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  That could that may save taxpayers 1000 of dollars depending at that end.
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  But but, Dawn, can you still do that, or is it too late?
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  Can you revoke your your your escorp status down up to a corp?
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  That's a great question.
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  You only have the ability to make that election or re or revocation between January, March
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  15th.
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  So now it's kinda past the game for 18, which was really tough for the practitioners because
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  we nothing was really solidified.
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  Until, like, really solid until January.
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  So if we were to advise our clients, we had to try to, you know, get all the 10.99's done and
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  stuff.
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  It just really it it bottleneck us.
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  In a lot of ways.
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  Okay.
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  Okay.
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  So what about doctors and lawyers and other professional service people?
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  I know that there's certain classifications of small business owners that really we're not
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  helped at all by this this this thing.
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  And I think accountants are in that boat too.
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  Right?
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  Yes.
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  We are.
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  We're not happy.
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  Can tell you that we gotta do all the work for people for all this tab.
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  We're the ones collecting the tax, kind of, and we don't even get a break, but there is a 20%
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  deduct that is available to small business owners.
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  Now I've heard listening to small biz.
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  Oh, great.
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  I'm gonna pay 20% less in tax.
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  Okay.
• 12:26
  You totally missed the whole thing because I can tell you it's probably a a 100 page.
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  There are exclusions.
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  There are limitations there are wages.
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  So if you have employees, there's a limitation between what your w twos are, 50% of the w twos
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  versus how it's coming through on your end.
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  There's it's not easy, but there may be some, but you're right.
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  The professionals, the attorneys, the doctors, the accountants, We don't even we can't even
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  party.
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  We have no party going on.
• 12:58
  Oh, wow.
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  That sounds like some tough stuff.
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  Well, I know that there's a lot of business owners out there who are trying to figure all
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  of this stuff out.
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  So if if they're really confused or really concerned, they shouldn't wait till, like, next
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  February to start talking to their account.
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  Right?
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  Oh, you're gonna get me going on that?
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  Because I gotta tell you right now.
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  I we have purged out those clients that do not wanna pay attention to their business
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  throughout the year.
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  I ain't got time for that.
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  I'll tell you why because I'm doing them a disservice by not encouraging them to be
• 13:29
  proactive in their business.
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  And here's a this I gotta say this.
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  I had more experiences past tax season to say to my clients, you know what?
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  I'll tell you something right now.
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  You own that business.
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  I don't own that business.
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  I got my old problems.
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  But you have your business.
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  I have mine.
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  I'm here to help you.
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  I'm part of your team.
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  But you gotta own it.
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  Right.
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  You have to own your business to own it.
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  Yeah.
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  No.
• 13:53
  I completely agree with you.
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  I I believe that there's way too many people out here who are letting their fear of math be
• 13:59
  the reason why they don't know whether or not they're making any money or not.
• 14:02
  They're not monitoring their profitability.
• 14:04
  They're not making sure they know how much profit is in every deal.
• 14:07
  They're so worried about their gross revenue and not thinking that, hey.
• 14:10
  It ain't about what you make, baby.
• 14:12
  It's about what you keep.
• 14:13
  Right?
• 14:13
  So I know it.
• 14:15
  People get real confused.
• 14:16
  People wanna talk to me about gross revenue.
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  I'm like, ah, I can't even hear you.
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  Right?
• 14:20
  I wanna know what your w two says.
• 14:23
  Do you have a profit account?
• 14:24
  Like, what my boy, Mike McAllis?
• 14:26
  McAllis.
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  Love that.
• 14:29
  You know, I mean, my McAllis believes that every check you get, you're supposed to take a
• 14:34
  cut off the top and put it in a profit account that you don't touch because that's your money.
• 14:39
  Too many of us out here working like volunteer slaves and our own businesses.
• 14:42
  That's not okay.
• 14:44
  Right.
• 14:44
  Agree.
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  Profit is how we keep score.
• 14:46
  Is it not?
• 14:47
  It sure is.
• 14:48
  That's the name of the game.
• 14:50
  Right.
• 14:50
  Right.
• 14:51
  You know, and and it's funny the ta with relating to the taxes, these people, some of
• 14:55
  these small business owners, and if you're one of them, we can we we can forgive you.
• 14:58
  We will we will forget or whatever.
• 15:00
  Right?
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  We love people.
• 15:02
  So but to go out at the end of the year and say, oh, I'm gonna buy a backhoe.
• 15:06
  You know why?
• 15:06
  Cause I don't wanna pay taxes.
• 15:07
  And I'm like, well, where's the cash that you're pay So great.
• 15:11
  That's a good idea.
• 15:12
  Get a loan for 10 years that you're gonna pay on for 10 years to save $5 this year.
• 15:16
  Okay.
• 15:17
  We'll not bring surgeon buddy, but please call your accountant first.
• 15:20
  Right.
• 15:21
  Right.
• 15:21
  Right.
• 15:22
  It's about tax planning.
• 15:23
  So when is the right time of year to start working on tax planning, Dawn?
• 15:27
  It is it actually should have already happened for the first quarter.
• 15:30
  People should have already been planning.
• 15:32
  We always give a safe harbor calculation.
• 15:35
  We give them safe harbor estimated coupons that they can make But as you get through,
• 15:39
  certainly, the end of May, you should have a calculation done by your CPA or tax preparer,
• 15:46
  whatever they are.
• 15:47
  And have them calculate where you are because the penalties come out.
• 15:50
  The penalties will come out.
• 15:52
  You don't pay estimated payments.
• 15:54
  You owe 40,000 at the end of the year.
• 15:55
  Guess what?
• 15:55
  You're gonna get penalized and interest on top of that.
• 15:58
  Right.
• 15:58
  So you have to pay your quarterly taxes.
• 16:00
  Like, it's not a yay.
• 16:02
  Like, wait until April.
• 16:03
  Is a great way to have a big old, big old bill.
• 16:06
  Big old problem, and then they blame us.
• 16:08
  Like, I'm getting the money.
• 16:09
  Like, I you can yell at me all day wrong.
• 16:12
  No problem.
• 16:13
  I could take that heat.
• 16:14
  Right.
• 16:15
  Yeah.
• 16:15
  No.
• 16:15
  They've got to plan.
• 16:16
  And so, you know, and there are other things that come along with that.
• 16:19
  People get into tax problems.
• 16:21
  And they've got to get themselves into what we call compliance.
• 16:24
  And so doing quarterly payments keeps you in compliance in any capacity.
• 16:29
  It gets you into it or keeps you in it one or the other.
• 16:31
  Now so when when people are let's say that I've been bumping along in my business for a while,
• 16:37
  and I'm waiting till tax time to find out whether or not I've made any money or not.
• 16:40
  How can I break the cycle of that?
• 16:42
  What should I be doing every month in my business to make sure that I know what's going
• 16:48
  on financially in my business.
• 16:50
  Yeah.
• 16:50
  We we just have to, as as a small business community have to agree that there are too many
• 16:54
  opportunities, applications, technology for you to not be able to know what your numbers are
• 17:04
  every month.
• 17:04
  And I say that, you know, people say that kinda lightly.
• 17:07
  Know your numbers.
• 17:08
  Okay.
• 17:08
  Well, what does that mean?
• 17:09
  Well, number 1, you've gotta know how much money they have, how much money to make?
• 17:12
  What do you owe?
• 17:13
  What are you waiting for on money, cash flow, those kind of things?
• 17:16
  Right.
• 17:17
  So, Tula, then we always promote QuickBooks because that's what we use in our office.
• 17:20
  We love QuickBooks.
• 17:21
  It's easy to use.
• 17:22
  The bank feed functionality, but there's also a tool called Finigraf.
• 17:26
  And Finigraf talks to quick books and their buddies their friends.
• 17:29
  These two applications, they, like, hang out on Friday nights and stuff.
• 17:32
  So quickbooks and photograph, what photograph will do is pull the data out of quickbooks.
• 17:37
  And let you look at a at a cash flow projection based on your accounts receivable, your
• 17:43
  accounts payable.
• 17:44
  You don't have to do the muscle.
• 17:46
  These systems will do it for you.
• 17:48
  But if somebody still has to manage the data, not enter the data.
• 17:52
  Got it.
• 17:53
  Got it.
• 17:54
  Got it.
• 17:54
  So you need to be looking at a fineograph, or you at bare minimum, you need to be looking at
• 17:58
  a profit and loss sheet, a balance sheet, and a cash flow statement.
• 18:02
  Absolutely.
• 18:03
  Right.
• 18:04
  Right.
• 18:04
  And I and I like to tell entrepreneurs, they do need to be looking at that by the 15th the
• 18:07
  month so that they know how well they did last month.
• 18:10
  Yeah.
• 18:10
  And that's something that I'm sorry.
• 18:12
  Go
• 18:12
  ahead.
• 18:12
  No.
• 18:12
  No.
• 18:12
  And one of the other things I was gonna say is I think it's really important for small
• 18:17
  business owners, particularly our professional service folks out here.
• 18:19
  To make sure they're tracking their accounts receivable turnover ratio.
• 18:23
  Right?
• 18:24
  Oh, photographs does that automatically.
• 18:26
  It watches everything.
• 18:27
  And, you know, QuickBooks can't do that.
• 18:29
  Unless you're buying a $50,000 system, those you're not gonna get that result.
• 18:34
  Right.
• 18:34
  And there are so many other applications, but something like Finnegrop where It'll tell you
• 18:38
  AR turnover.
• 18:38
  It'll tell your AP turnover.
• 18:40
  It'll tell it'll forecast the future of where where you see it.
• 18:44
  We always look in the past.
• 18:46
  Always were looking in the past.
• 18:47
  We gotta start looking to the future.
• 18:50
  Right.
• 18:50
  We we have to look at the past only for analysis and and that kind of thing.
• 18:55
  Well, we've gotta look to the future so we can plan ahead.
• 18:58
  I don't wanna work forever, and I'm pretty sure these small business owners don't either.
• 19:02
  I hear that.
• 19:03
  I absolutely hear that.
• 19:04
  Alright, Don.
• 19:04
  We gotta wrap this up, but listen.
• 19:06
  Tell me what is the best piece of advice you can give a small business owner today?
• 19:11
  What is it?
• 19:12
  I have to say, honestly, the relationship with their accountant, with their prepare, whoever
• 19:16
  it is.
• 19:17
  You have that's my biggest tip.
• 19:19
  Get yourself and you know what?
• 19:20
  It's not their responsibility to chase you down.
• 19:22
  They're not babysitters.
• 19:24
  Get yourself on the phone.
• 19:26
  Get yourself in a door and get a relationship with a with a preparer with a with a financial
• 19:30
  person who can help you grow your business and keep you out of tax problems because that's
• 19:35
  typically what takes a lot of small business down hard.
• 19:39
  Alright.
• 19:39
  Well, listen.
• 19:40
  You heard it here first, folks.
• 19:41
  Listen, Don, that was brilliant and truly helpful.
• 19:45
  You know what we do here on small business chat.
• 19:47
  Our mission is to end small business failure, and a big part of being a success in your
• 19:51
  business is being on top of your numbers.
• 19:53
  If you wanna know more about me, I am the small business lady.
• 19:56
  My mission is to end small business failure, and you can check us out at fixyourbusiness.com
• 20:01
  don't forget to hang over to Amazon and get a copy of my book, fix your business.
• 20:05
  If you did not win one tonight, we are giving away books.
• 20:09
  I know my cohost Joan Wilson has been out there, and I know that if you guys are online,
• 20:14
  hopefully, you guys followed up and answered our questions.
• 20:17
  So we'll get those books out to you guys right away.
• 20:20
  But here's the last thing I want you to know.
• 20:22
  You never lose in business.
• 20:24
  Either you win or you learn.
• 20:26
  I'm Melinda Emerson.
• 20:27
  I'm the small business lady, and we are over and how.
• 20:30
  Thank you guys.
• 20:31
  See you soon.
• 20:32
  Thanks for listening to the small biz chat podcast with Melinda Emerson.
• 20:37
  So scribe to this podcast wherever you listen to podcasts and join us next Wednesday for more
• 20:43
  fantastic information and interviews.
• 20:45
  You can find more sources and small business success strategies by visiting Melinda's
• 20:50
  website succeed as your own boss.com.
• 20:53
  Thanks again for listening, and we'll see you next week.