Business By The Books with Danielle Hayden

In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., sits down with Interior Designer and Eye for Pretty Owner Nicole Salceda for a candid conversation about small business growth and finance. Together, they deep dive into the journey of rightsizing a business, shifting from a "grow at all costs" mentality to building a business that aligns with your values, lifestyle, and personal priorities. Nicole shares how she transitioned from saying "yes" to every opportunity to becoming intentional about the projects she takes on, the team she builds, and the way she manages her time. Her journey and insights are proof you don't have to hustle more, do more, or "catch up" to someone to have a fulfilling and sustainable business. Key Takeaways: Growth Doesn't Always Have to Be the Goal: Scaling a business can be exciting, but true success comes from building a business that aligns with your lifestyle and values. Making Smart Financial Decisions: Know Your Numbers! It's easy to focus on revenue, but understanding expenses, profit margins, and cash flow is what truly leads to financial confidence. Business Seasonality - Managing the Highs & Lows: Every business has ups and downs. Learning how to anticipate slow seasons and plan accordingly can ease financial stress. Letting Go of Emotional & Ego-Driven Decisionmaking: Making choices based on what truly serves you and concrete data, rather than what looks impressive to others or how you feel without the numbers to back it up, leads to greater fulfillment and success. Topics Discussed: Scaling vs. Rightsizing Your Business (00:00:43 – 00:05:18) Shifting from Reactive to Intentional Financial Decisions (00:05:18 – 00:11:28) Navigating Seasonality and Cash Flow Challenges (00:11:28 – 00:14:44) The Mindset Shift from Hustle Culture to Purpose-Driven & Value-Aligned Entrepreneurship (00:15:02 – 00:22:01) References: Eye for Pretty | https://www.eyeforpretty.com/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Taxes. They're not the most exciting part of running a business, but they're unavoidable. If tax season snuck up on you and you're staring down a bill you can't pay, don't panic, we've got you covered! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., walks you through what to do when you can't pay your IRS tax bill. From filing your return (even if you can't pay right away) to exploring payment plan options, Danielle breaks it down with practical strategies to take control of your finances and stay out of trouble with the IRS. Key Takeaways: Step 1 - Don't Ignore the Problem: Avoiding your tax bill only makes things worse. The IRS can impose serious penalties, so taking action right away is crucial. Always File Your Tax Return, Even If You Can't Pay in Full: The failure-to-file penalty is significantly higher than the failure-to-pay penalty. Filing on time helps minimize extra costs. Step 2 - Pay What You Can: Some payment is better than none. Put the amount of money towards the tax bill you can afford, and begin assessing the options available to you to pay the remaining balance. Step 3 - Evaluate Your Payment Options: The IRS offers short-term and long-term payment plans, often at lower interest rates than credit cards or loans. Weigh Your Financing Choices Carefully: Compare the IRS interest rate (around 8%) with other options like credit cards or personal loans to determine the most cost-effective way to pay your tax bill. Bonus Tips: Plan Ahead to Avoid Future Tax Surprises: Set aside money regularly for taxes, pay estimated taxes quarterly, and use financial statements to track your tax liability. Have a "Money Team": Having a trusted bookkeeper and tax accountant working together can help you stay ahead of tax season and avoid stressful surprises. Topics Discussed: Why You Shouldn't Ignore Your Tax Bill (00:02:08 – 00:03:06) Filing Your Tax Return vs. Waiting Until You Can Pay (00:02:36 – 00:06:43) IRS Payment Plans and Evaluating All Financing Options (00:07:36 - 00:08:04) Smart Strategies to Avoid This Situation in the Future (00:08:04 – 00:11:17) The Importance of a "Money Team" (aka a bookkeeper and tax accountant) (00:11:17 – 00:12:15) Resources: All Our Episodes & Articles on Taxes | Tackle Your Taxes with Kickstart Accounting, Inc. KSA Tax Partners | https://ksataxpartners.com/ Free Gift | 'How Much to Pay Yourself as a Business Owner' Calculator Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

When it comes to tax deductions and business expenses, business owners can often fall into two extreme mindsets, either trying to deduct everything under the sun or being too conservative and missing out on legitimate tax savings. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., and Kelsey Chester, Kickstart's Lead Account Manager, break down tax deductions in a way that's clear and strategic. They'll walk you through what truly qualifies as a business expense, how to avoid common tax mistakes, and why smart financial planning is about more than just lowering your tax bill, while still claiming the savings you deserve. Key Takeaways: Understand the "Ordinary & Necessary" Rule: The IRS allows deductions for expenses that are common in your industry and essential for running your business. If you can clearly explain the expense's purpose in an audit, you're likely in the clear! Avoid IRS Red Flags: Overspending on out-of-the-ordinary purchases or misclassifying personal expenses as business ones can trigger unwanted IRS attention. Your Business's Health & Goals Matter: Trying to write off too many personal expenses can hurt your ability to get business loans or sell your company later. Separate Business & Personal Finances: Keep all business expenses on a business account or card to ensure clean, organized records. Your bookkeeper can only track and make deductions based on what they see in your business accounts. Smart Travel Deductions: Business travel is deductible, but the primary purpose must be work-related. A "board meeting" at Disney with your family? Not so much. Invest in the Right Money Team: Your bookkeeper, accountant, and tax strategist should be working to keep your finances organized, tax-efficient, and strategically planned all year long, not just at tax time. Think Long-Term with Tax Strategy: Lowering your tax bill is great, but don't do it at the expense of your business's future. Plan ahead so deductions today don't limit growth opportunities tomorrow. Topics Discussed: What Qualifies as a Business Expense? (00:00:06 – 00:02:14) Finding the Right Balance with Business Expense Deductions (00:02:14 – 00:05:37) The Importance of Paying Yourself a Reasonable Compensation (00:05:37 - 00:07:45) Common Business Expenses & What You Should Be Deducting (00:07:45 – 00:12:55) Operating & Personal Expenses: What's Deductible? (00:12:55 – 00:20:52) Travel Expenses: What's Legitimate vs. What's Risky (00:20:52 – 00:22:54) Tax Strategy & Planning with Your Money Team (00:23:39 – 00:29:25) Resources: Episode 211 | The Smart Way to File Taxes: Why Tax Extensions Are Better Than Last-Minute Filings Episode 212 | How to Pay Yourself as an S Corp Owner: Reasonable Compensation & Payroll Setup Episode 213 | The Tax Write-Offs You're Missing as a Business Owner Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement KSA Tax Partners | https://ksataxpartners.com/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Are you leaving money on the table when it comes to your taxes? If you're a small business owner, the answer is probably yes! In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., covers the essential tax deductions you should be using but might be missing or ignoring. From turning charitable donations into advertising dollars to maximizing deductions on equipment, training, and even paying your children, Danielle breaks down tax strategies that can save you money while still maintaining a healthy business in line with your goals. Key Takeaways: Charitable Donations Can Double as Marketing: Sponsoring events or donating branded items makes them deductible. Clothing & Equipment Expense Write-Offs: Add your logo to business attire as a uniform to make it a deductible expense, and really think through what personal expenses you use for your business, such as a new laptop or webcam. How to Make Gift Giving a Deduction: There are strict IRS limitations on gift giving, however gifting your employees or contractors with equipment that is pre-loaded with work content and/or branded is a way to gift as a deduction. Continuing Learning is a Business Expense: Whether it's a conference, a training session, or even a book, if it's an expense that contributes to your business and industry knowledge, no matter how small the cost, it is a business expense. Retirement & Healthcare Expense Deductions: Utilize HSAs, IRAs, and other plans to save on taxes while securing your future. Paying Your Children through Your Business: A structured payroll for your children not only is a tax deduction but also helps them build wealth, financial literacy, and their resume as a tax-paying individual. Strategic Business Travel & The Augusta Rule: A well-timed conference or workshop can combine personal and business travel the right way to increase deductions. Plus, learn how the Augusta Rule can help business owners with tax-free rental income for 14 days per year. Balancing Tax Write-Offs with Your Business Goals: Deducting expenses is important for tax savings, but, depending on what you want out of your business, deducting too much does have an affect on the overall value of your business, so you want to make sure your write-offs are in line with your goals. Topics Discussed: Pre-Tax vs. Post-Tax Spending (00:0:52 – 00:04:26) Charitable Donations as a Tax-Deductible Marketing Expense (00:06:51 – 00:07:39) Clothing & Equipment Deductions (00:08:10 – 00:08:57) Gift Giving as a Business Expense (00:10:22 – 00:11:25) Conferences, Training, & Learning Write-Offs (00:11:25 – 00:12:26) Retirement, HSA, and Healthcare Deductions (00:12:51 – 00:15:06) Paying Your Children (00:15:06 – 00:16:25) Capitalization Policy (00:16:26 – 00:17:53) Business Travel Write-Offs & The Augusta Rule (00:17:53 – 00:23:50) Striking the Balance between Deductions and Business Goals (00:20:02 – 00:24:27) Resources: Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement Free Gift | 'How Much to Pay Yourself as a Business Owner' Calculator KSA Tax Partners | https://ksataxpartners.com/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

So you've made the leap and elected to become an S Corp—congratulations! Now what? One of the most crucial (and often confusing) steps is figuring out how much to pay yourself through payroll. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kickstart's Lead Account Manager, Kelsey Chester, to break it all down for you, from finding a payroll provider to understanding "reasonable compensation" and how to stay compliant with the IRS. They also dive into the common missteps business owners make as S Corps, seasonality in your income, and why treating yourself like the CEO of your business is instrumental to its success. If you've ever wondered how to balance paying yourself and taxes as an owner, this episode is for you! Key Takeaways: What is "Reasonable Compensation": What factors the IRS considers to calculate a "reasonable" salary, and how to determine how much to pay yourself to stay tax compliant. Payroll Setup: How to set up payroll, even if you're a solo business owner, and choose the right provider. Payroll vs. Owner's Draws: The differences between payroll wages and owner's draws, and how each impacts your taxes. Financial Stability: Navigate and plan for seasonal fluctuations in revenue so you can maintain consistent paychecks and avoid cash flow issues. Year-End Tax Planning: Avoid the mistake of waiting until the end of the year to pay yourself, and how to proactively plan to reduce tax stress. Topics Discussed: Payroll Setup and Payroll Providers (00:0:48 – 00:04:49) How to Determine "Reasonable Compensation" (00:05:13 – 00:07:39) Paying Yourself a Stable Salary and Planning for Taxes (00:09:26 – 00:12:37) CEO Mindset and Paying Yourself What You Deserve (00:12:37 – 00:14:57) Resources: Episode 189 | LLC vs. S Corp: Which Is Right for Your Business? KSA Tax Partners | Reasonable Compensation Analysis Free Gift | 'How Much to Pay Yourself as a Business Owner' Calculator KSA Tax Partners | https://ksataxpartners.com/ Preferred Payroll Provider | Gusto *This content is not sponsored by Gusto Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Feeling stressed about the April 15th tax deadline? You don't need to be! Here's the good news, filing a tax extension isn't just okay; it's often the smartest financial move to make if you're in a position of rushing to file your taxes by the deadline. In this episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc. and KSA Tax Partners, breaks down everything you need to know about tax extensions, both the common misconceptions and benefits surrounding them as well as how they factor into tax prep. Key Takeaways: Understanding Extensions: A tax extension provides an additional six months to file, but estimated taxes must still be paid by April. Tax Extension Myths: The IRS does not penalize or audit you for filing an extension; they just want their money on time. Accuracy Over Speed: Filing too quickly can lead to costly mistakes—accuracy should come before speed. CPA Support: Most CPAs, including KSA Tax Partners, handle tax extensions automatically for their clients. Planned Tax Prep: Scheduled tax weeks at KSA Tax Partners ensure transparency and eliminate uncertainty. Topics Discussed: What Is a Tax Extension (00:00:31 – 00:01:27) Tax Extension Common Misconceptions and Benefits (00:01:27 – 00:04:47) Tax Prep and KSA Tax Partners' Approach (00:05:01 – 00:08:18) Resources: KSA Tax Partners | https://ksataxpartners.com/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Running a business comes with ups and downs, but what happens when your numbers dip into the red? Don't panic, there are actionable steps you can take to turn things around! In this episode, host Danielle Hayden, founder and CEO of Kickstart Accounting, Inc., breaks down what it really means to be "operating in the red" and, more importantly, provides practical strategies on what you can do to regain profitability. Learn how to identify the root cause, make smart adjustments, and build resilience for the future. Whether this is a short-term hurdle or a bigger challenge, we've got you covered with exact steps to help you get back on track! Key Takeaways: What is "Operating in the Red": "Operating in the red" means your expenses are higher than your revenue. Knowing how to identify it in your financial statements can make all the difference in regaining profitability. Assess the Causes: Determine if your situation is due to a one-time expense, seasonality, a market shift, or something else entirely to take the right action. Cut Smart, Not Hard: Reduce non-personnel expenses first before making decisions that may negatively impact your team, efficiency, and/or business growth. Build a Cash Reserve: Having a financial cushion can help your business weather slow periods and unexpected costs. Mindset Matters: Shifting your perspective on financial setbacks can empower you to take proactive steps instead of reacting out of fear. Topics Discussed: What Does It Mean to "Operate in the Red" (00:00:39 – 00:02:11) Assessing the Causes of Profit Loss (00:02:12 – 00:07:39) Determining Where to Cut Expenses (00:08:24 – 00:10:06) Identifying the Problem and Learning from It for the Future (00:10:08 – 00:14:12) Managing Your Money Mindset Through Tough Times (00:14:12 – 00:20:03) Resources: Episode 75 | Finding Profitability in Your Business Expense Grading Worksheet | https://kickstartaccountinginc.com/grading Money Mindset Mastery Program | https://www.e-suite.co/money-mindset-mastery-sales-page Kickstart's Courses | https://www.e-suite.co/our-programs Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kelsey Chester, Kickstart's Lead Account Manager, to explore a game-changing topic for your business, specialized KPIs (Key Performance Indicators), and how Kickstart's CFO services and financial Snapshot help small business owners (like you!) track the right financial metrics for your business in order to support sustainable growth and achieve your goals. While many fall into the trap of focusing on top-line revenue, Kelsey and Danielle dive into how true financial health comes from understanding profitability, cash flow, expenses, and other key indicators that are specific to your business. Key Takeaways: What are KPIs: Understanding key performance indicators and their impact on business growth. Generalized vs. Specialized KPIs: Why customized metrics matter more than one-size-fits-all benchmarks. Client Success Stories: Real-life examples of businesses optimizing growth through specialized KPIs. Kickstart's CFO Services & KPI Tracking: How Kickstart's CFO expertise and Snapshot helps you monitor financial health at both a high level and with precision. CFO Services Process: A step-by-step look at how we onboard business owners, set goals, and create financial strategies. Topics Discussed: What are KPIs and Why They Matter (00:01:26 – 00:05:35) Client Case Study: Tracking Every Cost for Healthy, Sustainable Growth (00:05:35 – 00:09:15) Kickstart's CFO Services & Onboarding Process (00:09:15 – 00:15:15) Resources: CFO Services | https://kickstartaccountinginc.com/the-cfo-solution/ Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., tackles the challenges of managing seasonal ups and downs in your business. From fluctuating cash flow to balancing tax planning and growth goals, Danielle shares actionable strategies to help you weather any season stress-free with KSA's framework. Whether you're an entrepreneur dealing with summer slumps, winter lulls, or unexpected expenses, this episode is packed with insights to help you stay ahead. Learn how to identify seasonal trends, plan effectively, and keep your mindset strong, no matter what challenges the season you're in brings! Key Takeaways: Understanding Seasonality: Use your financial data to identify patterns of seasonal sales and profits by running a profit and loss report by month (covering at least 24 months) to spot trends. Types of Seasonality: There are different kinds of seasonality: the peaks and dips in sales revenue that are tied to the calendar or seasons, and the fluctuations caused by grouped expenses like subscriptions or annual costs. Preparation is Key: Build a cash reserve of 1-3 months of cash outlay. Save 25% of net income for taxes. Secure a line of credit during peak periods for added flexibility. Don't wait until you're in desperate need and are scrambling! Maximize Downtime: Slower seasons are the perfect time for strategic planning, professional development, system audits, and personal well-being. Strategies for Peak Seasons: Despite high cash flow, this is the time to avoid overspending and start saving for the off-season. Managing Your Debt Mindset: Overcoming the fear of debt allows you to stay adaptable and open to new approaches throughout the year, which opens your business up to growth and improvement opportunities. Topics Discussed: Client Case Study: Navigating Seasonality and Tax Challenges (00:01:09 – 00:03:57) Step 1 - Identifying Seasonality Trends (00:04:23 – 00:05:05) Step 2 - Identifying the Type of Seasonality (00:05:05 – 00:07:35) Step 3 - Preparing for Seasonality (00:07:35 – 00:15:15) Step 4 - Managing Your Debt Mindset (00:15:17 – 00:17:26) Resources: Cash Flow Worksheet | kickstartaccountinginc.com/cash Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

As we kick off 2025, it's time to align our business goals with our spending. Remember when we all canceled cable to save money but ended up with ten streaming services? Yeah, subscriptions can add up, both personally and professionally! In today's episode, reformed corporate CFO and founder of Kickstart Accounting, Inc., Danielle Hayden, tackles a sneaky area of your budget: business subscriptions. They may seem small, but they can snowball into big costs, and possibly outgrow their usefulness. With this 5-step plan, let's audit those expenses and make sure every dollar spent supports your goals. Key Takeaways: Start with Intention: Set your 2025 intentions before diving in. Clarity on your goals is essential before evaluating expenses! Step 1 - Audit Your Subscriptions: Pull all recurring expenses using your accounting software. Include monthly, quarterly, and annual subscriptions. Organize your data: list vendors, costs, functions, and usage frequency. Step 2 - Evaluate by Asking the Big Questions: Does this subscription align with your 2025 focus? Does it provide ROI, i.e. saving time, generating leads, or improving efficiency? Is it still suitable for your current business stage? Step 3 - Decision Time: Cut: If it no longer serves your goals or offers ROI. Keep: If it's essential, but review it mid-year for relevance. Optimize: Train your team, use advanced features, and ensure maximum value. Step 4 - Present Your Findings: Share what you found with an accountability partner, whether it be your board, team, or bookkeeper. Step 5 - Conduct Regular Reviews: Schedule quarterly reviews to ensure your subscriptions are still aligned with your business goals and driving growth. Pro Tip: Budgets aren't about restrictions; they're about spending intentionally. Create a plan that aligns expenses with your revenue and goals. Topics Discussed: Audit Your Subscriptions (00:01:22 – 00:06:35) Evaluate by Asking the Big Questions (00:06:35 – 00:14:35) Decide to Cut, Keep, or Optimize (00:14:35 – 00:16:37) Regular Reviews and Presenting Findings (00:16:37 – 00:17:06) Budgeting Pro Tip (00:17:30 – 00:17:55) 5-Step Subscription Audit Plan Summary (00:17:55 – 00:18:54) Resources: Episode 203 | Ditch New Year's Resolutions and Build Habits for Sustainable Business Growth Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc