Business By The Books with Danielle Hayden

Are you planning to give gifts to your employees and clients this holiday season? In this episode of Entrepreneur Money Stories, Danielle Hayden dives into the details of gift giving and taxes, such as what gifts are allowed, gift price ranges, and tax deductions. Listen in to learn how to give amazing and meaningful gifts without getting into any tax trouble. Topics Discussed: Intro (0:00) IRS rules on non-taxable employee gifts and cash (0:59) Framework Step 1: Determine why you are giving a gift (3:19) Framework Step 2: Who are you giving the gifts to? (04:21) Framework Step 3: What is the perceived value of the gift? (4:30) Framework Step 4: Determine the actual value of the gift & action steps for gift giving (5:06) IRS rules: Tax rolls and payroll options for gifts (5:13) Money Mindset Personality Type (10:12) Gift tax rules for contractors, clients, and tips reporting (10:23) Solid bookkeeping and owner's draw (14:23) For help, DM on Instagram @Kickstartaccounting (17:48) To take control of your taxes this holiday season, visit: https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Is your business struggling with profit? Are you overspending in your personal life? In this episode of Entrepreneur Money Stories, Hilary Hendershott, founder of Hendershott Wealth Management, joins Danielle Hayden as they delve into the intricacies of money management, the Profit First approach, wealth building, and money mindset. Discover valuable insights into overcoming financial hurdles, optimizing investments, and reshaping your money psychology for lasting financial success. Topics Discussed: Intro (0:00) Discussing Hilary Hendershot's mission (1:25) Wall Street, Financial News Media, and the truth about the stock market (2:11) The Profit First Approach for business and personal finance (8:09) Money Mindset Mastery Framework (12:27) Accountants' reluctancy to Profit First: Saving on Taxes vs. Profit (13:28) Hilary's approach to investments and growing wealth (18:05) The 8th Wonder: Compound Returns (20:26) Hilary's advice for Money Mindset (23:50) Hilary's Free Gift for You (28:48) To take control of your business's finances, visit: https://kickstartaccountinginc.com/get-started/ Connect with Hilary Hendershott: Website | Hilary Hendershott Instagram | @hilary.hendershott YouTube | Hilary Hendershott LinkedIn | Hilary Hendershott Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Are you falling into the same financial pitfalls as many business owners? In this episode of Entrepreneur Money Stories, Danielle Hayden shares her wisdom on fine-tuning budgeting practices for optimal business efficiency. Explore the importance of approaching budgeting in a way that matches your individual money personality and the four different budgeting approaches. Topics Discussed: Intro (0:00) Money Personality Type Quiz (2:39) What exactly is a budget? (3:07) Style #1 - Budgeting for Free-spenders: The Allocation Method (4:57) Money Mindset Mastery Framework (12:41) Style #2 - Budgeting for Perfectionists: Expense Grading Worksheet (13:43) Style #3 - Budgeting for Keepers: The Back-In Method (17:46) Style #4 - Budgeting for Balance Seekers: The Traditional Approach (23:07) Understanding which budget style suits you (29:24) Book your budget session with our team (30:00) For help with finances while growing your business, visit: https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Are you making the most common legal mistakes business owners do? In this episode of Entrepreneur Money Stories, Danielle and Paige discuss essential legal and tax strategies for small businesses and entrepreneurs. Join us for this conversation with a legal expert dedicated to helping entrepreneurs navigate these topics and avoid legal pitfalls. Topics Discussed: Intro (0:00) Common Mistake #1: Registering the business. (4:00) Common Mistake #2: business insurance, and professional contracts. (5:24) Common Mistake #3: professional contracts (8:30) Top contracts to have: Master Service Agreements, Terms & Conditions, and more (11:41) Explaining Worker Agreements, 1099 Contracts, and Legal Safeguards (13:28) Money Mindset Personality Type (15:51) Understanding the legal and tax aspects of LLCs and S Corps (23:03) For help, reach out to Paige and her team (35:35) For help with finances while growing your business, visit: https://kickstartaccountinginc.com/get-started/ Connect with Legal Paige: Website | thelegalpaige.com Instagram | @thelegalpaige LinkedIn | The Legal Paige YouTube | The Legal Paige Podcast | The Legal Paige Podcast Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

Paying yourself as a business owner can be tricky; it can be difficult to know which approach to take and what would work best for your specific situation. In this episode of Entrepreneur Money Stories, Danielle shares three methods you can use to manage your personal income from the business and keep your finances in order. Listen in and find the right method for you. Topics Discussed: Intro (0:00) Understanding S Corps: Their Pros and Cons, Episode 115 (01:26) Lisa's S Corp journey in Episode 117: Dream Home Achieved (2:09) Avoid using your business account as a personal piggy bank. (4:50) Cindy's eCom Store and her financial wake-up call: separating business and personal (05:42) Money Personality Type Quiz (08:05) Method 1: Percent of Revenue Approach (09:38) Method 2: Profit Distribution (12:26) Method 3: Personal Budget (15:35) For help choosing the best method for you, visit: https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode of Entrepreneur Money Stories, Danielle and Lindsay delve into community-driven business growth, partnerships, starting and growing a business without funding, and Lindsay's journey of selling her business. Discover insights on organic marketing, business development, challenges, key lessons, and cost-effective marketing strategies. Topics Discussed: Intro (0:00) Lindsay's current mission and focus (2:47) Lindsay as an "accidental" entrepreneur and how to grow your business with no funding (4:04) Balancing full-time work and building a business (6:48) Attracting brand partnerships: luck or skill? (10:23) Money Mindset Mastery Framework (20:50) The journey of selling your company: navigating due diligence inquiries (21:51) Leaving your business behind and pivoting to a new business (28:46) Lindsay's most important lesson learned and strategies for success (37:00) Connect with us for help (45:20) For help with finances while growing your business, visit: https://kickstartaccountinginc.com/get-started/ Connect with Lindsay Pinchuk: Website | www.lindsaypinchuk.com Instagram | @lindsaypinchuk LinkedIn | Lindsay Pinchuk Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

When should a contractor become an employee? What is a W9 or 1099 contract? How should you collect them? In this episode of Entrepreneur Money Stories, Danielle is joined by Kelsey to answer those questions and explain their complete blueprint for business owners on how to expand their teams. Topics Discussed: Intro (0:00) What are W9 and 1099 contracts? (1:33) The best practices for collecting the W9s and who you need to collect them from (2:48) What is the difference between a contractor and an employee? (8:12) Money Mindset Mastery Framework (10:11) When to turn a contractor into an employee and the benefits of each (11:14) The most important reminders (17:20) Connect with us for help (19:00) For more help regarding employees, contractors, W9 or 1099 contracts, visit: https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode of "Entrepreneur Money Stories", Danielle is joined by Tanessa, a health consultant for 7-figure earners, to discuss how entrepreneurs are prone to overwork, lack of concentration or energy, and even burnout, because they neglect the greatest asset of their business, has—their mind. Together they talk about sleep, diet, tools, and routines to increase productivity. Topics discussed: Intro (0:00) Your brain is the greatest asset your business has. (2:44) Aura ring as a way to measure our quality of sleep. (5:31) What is REM sleep, and how does it impact your business? (7:22) Bedtime Routine: Dos and Don'ts (10:31) Circadian rhythm and ways of triggering your brain to slow down (11:42) How late exercise and food can alter good sleep (14:40) Ways to mitigate disrupting factors (16:37) Finding your Money Mindset personality type (18:20) Alcohol as a sedative and how it influences REM sleep (19:39) Start implementing consistency at bedtime to see fast results (22:35) Adjusting your sleep time with chronobiology (23:34) Ways to know if you are sleeping at the right time (25:09) What to eat for breakfast to feel satiated and maintain energy stability (26:43) Healthy breakfasts and the truth about carbohydrates (28:47) Importance of blood sugar stability and inflammatory effects of meals (31:03) Monitoring fight or flight response using heart rate on food adaptability (32:56) Evaluating your diet and the consumption of whole foods (34:51) Advice on caffeine: when to drink coffee (37:24) How to elevate your energy levels through resilience (39:37) Conclusion (41:25) Get in touch with Tanessa and The Becoming Limitless Podcast (43:08) Connect with Tanessa Shears: Website | tanessashears.com Instagram | @tanessashears YouTube | Tanessa Shears LinkedIn | Tanessa Shears Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode of Entrepreneur Money Stories, Danielle is joined by Kelsey to discuss a frequent question among listeners: How do I get paid as an LLC or sole proprietor? There can be a lot of confusion among business owners when it comes to being an LLC, such as what exactly is an LLC, the cost of becoming one, "Should I pay my mortgage from my business account?", and more. Together, Danielle and Kelsey, answer all these questions and more, so that you and your business can thrive while being legally protected. Topics Discussed: Intro (0:00) What exactly is an LLC? (1:30) Should a sole proprietor become an LLC? (2:17) The cost of becoming an LLC (2:55) Sole proprietor vs. LLC vs. S-Corp (3:08) Single-member LLCs vs. partnerships (4:54) How to pay yourself as an LLC (5:27) Legally distinguishing between personal and business expenses (7:13) How to have clean bookkeeping (9:02) Does it matter how often you take owner draws? (10:17) Owner draws and taxes (10:55) How to calculate owner draws and how much to pay yourself (11:16) Paying yourself as an S-Corp vs. an LLC (14:55) How to pay yourself during slow months (16:09) Treat your business as a business, not a personal ATM. (17:09) Connect with us for help (19:52) For help becoming an LLC or calculating owner draws, visit https://kickstartaccountinginc.com/get-started/ Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/

In this episode, Danielle delves into the five essential actions you must cease immediately to uncover joy, happiness, and fulfillment in your financial life, whether in business or your personal affairs. She begins by addressing a notable study from 2010, which observed that day-to-day happiness increased with rising income up to a certain threshold. However, an opposing study conducted in 2021 revealed that happiness continued to climb with income levels well beyond that initial limit. This apparent contradiction underscores the intricate relationship between money and our intrinsic needs, all interwoven with our money mindset. The Hierarchy of Needs Danielle draws inspiration from Maslow's hierarchy of needs, a concept suggesting that humans possess a structured hierarchy of needs, motivated to fulfill them in a hierarchical manner. The foundational needs start at the bottom, encompassing physiological essentials like food, water, shelter, and sleep. These basic necessities are intricately linked to one's financial situation, with a clear correlation between meeting these needs and financial stability. Progressing upward, safety needs include personal and financial security, health, and protection from harm. Financial security serves as a prerequisite for ascending the hierarchy and reaching one's fullest potential. Following that, a sense of belonging emerges, with ties to money as it relates to the community and connections within one's business. The upper tiers of the hierarchy—esteem needs and self-actualization—are areas where significant attention is often focused. Esteem needs center around earning respect from others, cultivating self-confidence, and achieving a sense of accomplishment. Money plays a pivotal role here, influencing how we are perceived and impacting self-esteem. At the apex of the pyramid lies self-actualization, encompassing personal growth, creativity, and a sense of purpose. This is an arena where business owners frequently invest substantial time and effort as they strive to attain their full potential in their unique entrepreneurial pursuits. Understanding these needs at their deepest level is crucial for comprehending their intricate connections with our money mindset. The Five Things You Need to Stop Doing 1. Stop Saying You're Not Enough: Reframe negative self-talk that undermines self-esteem and self-confidence. 2. Stop Ignoring Your Personal Budget: Establish a personal budget to meet the basic needs of yourself and your family, providing the essential foundation for financial security. 3. Stop Ignoring Your Money Mindset: Recognize the fundamental role of mindset in your entrepreneurial journey. Understand and heal your money mindset, utilizing it in conjunction with financial tools to pave the path toward self-actualization. 4. Stop Trading Short-Term Happiness for Long-Term Fulfillment: Resist the allure of immediate gratification in favor of long-term goals that promise sustained security and happiness. Avoid trading short-term dopamine rushes for enduring contentment. 5. Stop Living the YOLO Lifestyle: Shift your mindset away from a "You Only Live Once" approach, maintaining focus on your long-term objectives and avoiding distractions. What Can You Do About These Five Things? So what can you do to step away from these bad habits? When we stop saying I'm not enough, wonderful things can happen so start reframing those negative thoughts. Episode 110 of Entrepreneur Money Stories does a deep dive into this topic. Secondly, stop ignoring your personal budget and plan out a budget so that you know what you need to survive and thrive. If you haven't set a personal budget before, click here for a template. A personal budget is also going to help you in your business too- it takes the guesswork out of how much you should pay yourself in your business. Healing your money mindset is a common thread through all of the above action steps. Understanding and healing your money mindset gives you as an entrepreneur the tools you need to ramp up your business to meet your self-actualization journey. Key Points [03:20] The hierarchy of needs [10:42] The five things you need to stop doing right now [15:54] What can you do about these five things? Connect with Danielle: Instagram | @Daniellehayden__OH Instagram | @Kickstartaccounting Website | Kickstart Accounting, Inc. Facebook | Kickstart Accounting, Inc. Get Started Today: https://kickstartaccountinginc.com/get-started/