In this episode of Business by The Books, reformed corporate CFO and founder of Kickstart Accounting, Inc.'s Danielle Hayden gets honest about a tough but essential topic: Are you building a business that's truly healthy, or one that's just trying to pay as little as possible in taxes? Danielle breaks down the real costs of trying to make every expense a "business expense." From dinners and vacations to board meetings and the Augusta Rule, she shares the financial habits that could be holding you back from long-term success and how to fix them. Key Takeaways: Showing Zero Profit Isn't a Badge of Honor: Trying to pay nothing in taxes might save you in the short-term, but it can hurt you when you need a loan, want to sell your business, or attract investors. Every Meal Isn't a Business Meal: Unless the goal of your meeting is actually business-related, that dinner date with your spouse or lunch with your family where you mentioned work isn't a deductible expense. Your Family Isn't Your Board of Directors: Why real accountability partners and advisors are essential for growth, and why mixing family with "board meetings" on vacation doesn't count. Use the Augusta Rule Wisely: Just because you can use your home for meetings doesn't mean you should. Consider whether that setup establishes the professional environment you need for connection, collaboration, and innovation. Build a Business for Value, Not Just for Tax Savings: Your CPA works for you. You get to decide: Are you optimizing for paying less in taxes? Or are you creating a business that thrives, grows, and generates true wealth? Topics Discussed: (00:00) Intro: What Your CPA Wishes They Could Tell You (02:26) The Problem with Turning Every Expense into a "Business Expense" (03:29) Why Your Family Vacation Isn't and/or Shouldn't Be a Business Trip (06:35) The Augusta Rule and Creating Professional Business Environments (08:23) Choosing the Kind of CEO You Want to Be – Tax Savings or Long-Term Business Value (10:03) Outro: Like, Share and Subscribe! Resources: KSA Tax Partners | https://ksataxpartners.com/ Book a Call with Kickstart Accounting, Inc.: https://kickstartaccountinginc.com/book-a-call/ Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related