Business By The Books with Danielle Hayden

As the year winds down, it's time to tackle an important yet often overwhelming task for many business owners: preparing for 1099s and tax season! In this highly-requested episode, Danielle Hayden, CPA and founder of Kickstart Accounting, Inc., teams up with Kelsey Chester, Kickstart's Lead Account Manager, to deliver a step-by-step guide to staying organized and compliant with IRS rules when filing your taxes. Whether you're a seasoned business owner or just starting out, this episode has something for you. From IRS compliance to best practices for collecting W9s and knowing when to transition contractors to employees, Danielle and Kelsey cover it all with practical advice and actionable insights to help you tax prep with confidence. Key Takeaways: Understanding W9s and 1099s: A W9 gathers contractor info, while a 1099 reports payments over $600—always collect a W9 before paying contractors. Best Practices for W9 Collection: Collect W9s electronically, store them securely, and require submission before issuing payments. Payment Methods and 1099 Requirements: Personal Venmo/Cash App payments may require a 1099, while business platforms like PayPal might issue them automatically—verify with the platform. Contractor vs. Employee: Contractors control their work methods and tools, while employees follow your guidance, schedule, and use your resources. Making the Shift to Employees: Transitioning to employees ensures compliance, builds retention, and avoids IRS penalties for misclassification. Plan Ahead for Payroll Setup: Start payroll planning early to streamline the January rush. Topics Discussed: What is a 1099 and a W9? (00:01:08 - 00:02:57) Best Practices for Collecting W9s (00:02:57 - 00:04:12) Storing W9s and Organizing Financial Records (00:04:12 - 00:05:10) Who Needs a W9 and When to Collect It? (00:05:10 - 00:06:34) Payment Methods and IRS Guidelines (e.g., Cash App, Venmo) (00:06:34 - 00:08:23) Difference Between Contractors and Employees (00:08:23 - 00:11:32) When to Move Contractors to Employees (00:11:32 - 00:14:20) Benefits of Hiring Employees (00:14:20 - 00:15:00) Clarification on Employee Benefits for Part-Time Employees (00:15:00 - 00:15:19) Summary and Getting Help (00:15:55 - 00:18:28) Resources: Tax Forms | https://www.irs.gov/ Free Guides | https://kickstartaccountinginc.com/gift/ 6 Tax Tips Every Business Owner Should Know 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

Have you ever found yourself using your personal credit card for business expenses? Or maybe you've accidentally paid for a personal expense from your business account? Trust us, you're not alone! In this episode, host and CEO of Kickstart Accounting, Inc., Danielle Hayden, breaks down why it's crucial to keep your business and personal finances separate and the steps you can take to make sure it's all sorted (even if things have gotten a little mixed up already). Danielle dives into the often-overlooked consequences of commingling funds, which can impact your legal protections, make bookkeeping messy, and even increase your risk of an IRS audit. But don't worry! We're here to help you understand the risks and, most importantly, what to do if you've already blurred those lines a bit with practical steps you can implement now. Key Takeaways: Legal & Financial Protection: Danielle explains how mixing funds can "pierce the corporate veil," leaving personal assets exposed in case of legal claims. Keeping accounts separate ensures you maintain your business's legal integrity. Impact on Business Health: When you blend personal and business expenses, it becomes nearly impossible to get a true read on your financial health. Separating expenses helps you pinpoint what's working in your business, what isn't, and whether cash flow issues are related to personal or business spending. IRS Risks & Tax Deductions: Discover why commingling could increase your chances of an audit and how clean financial records can help you maximize deductions and minimize stress. Action Steps if You've Already Commingled: Danielle walks through actionable steps to sort it all out, from categorizing personal expenses as owner's draws to creating an accountable reimbursement plan. Regularly Reviewing Credit Cards: Thinking about rewards? Danielle shares why it's worth finding a business card with perks you love, so you won't feel tempted to use your personal card. Get Help When You Need It: If managing finances alone feels overwhelming, Danielle invites you to connect with her team at Kickstart Accounting for reliable, ongoing support to keep your finances in check. Topics Discussed: Examples and Risks of Commingling (00:00:28 - 00:02:20) Impact on Business Health (00:02:46 - 00:04:03) Cash Flow and Commingling (00:04:03 - 00:05:01) Challenges in Tax Deductions and IRS Risks (00:05:01 - 00:06:25) What to Do if You Have Already Commingled (00:06:25 - 00:07:34) Action Steps for Business Owners (00:08:04 - 00:11:12) Wrap-Up – Importance of Recording All Business Expenses Properly (00:11:12 - 00:12:03) Resources: Free Guides | https://kickstartaccountinginc.com/gift/ How to Pay Yourself as a Business Owner 6 Tax Tips Every Business Owner Should Know 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

It's that time of year again! In this episode, host and CEO of Kickstart Accounting, Inc., Danielle Hayden, dives into the topic on every business owner's mind toward the end of the year—bonuses—a perfect way to celebrate and reward your team's hard work! With Danielle's easy 4-step framework, she'll walk you through how to structure bonuses thoughtfully, so you can show appreciation while keeping your business financially strong. Get ready to learn practical, step-by-step strategies that will help make rewarding your team a stress-free, financially savvy experience! Key Takeaways: Determine Profitability: Only consider bonuses if your business is profitable, verified by examining the year-to-date net income. Check Cash Reserves: Ensure that sufficient cash is available to avoid cash flow issues. Ideally, set aside funds throughout the year to prepare for bonuses. Allocate a Bonus Pool: Danielle recommends distributing 10% of net income as a guideline, though this depends on your business's performance and goals. Identify Eligible Employees: Assess eligibility by listing all employees and evaluating their tenure, alignment with company values, and overall performance over the year. She suggests categorizing performance levels (exceptional, meets expectations, or below expectations) to ensure fair distribution. Plan the Timing: Choose when to pay bonuses based on tax strategy. Paying before year-end counts toward this year's expenses, while paying afterward counts toward next year. Topics Discussed: Introduction to Team Bonuses and Financial Stability (00:00:00 - 00:00:51) Framework Overview for Bonus Distribution (00:00:51 - 00:01:25) Step 1: Determine Year-to-Date Net Income (00:01:25 - 00:02:45) Step 2: Check Cash Balance (00:02:45 - 00:03:27) Step 3: Decide Bonus Pool Amount (00:03:27 - 00:04:09) Step 4: Identify Eligible Employees (00:04:09 - 00:06:28) Step 5: Importance of Timing for Tax Purposes (00:07:30 - 00:08:47) Summary of Bonus Distribution Framework (00:08:47 - 00:09:55) 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

Struggling to hit revenue goals in your business? Budgeting without a plan might be holding you back. In this episode, Danielle and Kris Dunaway break down how a CFO partnership gives you a clear roadmap to achieve your goals, bringing clarity, strategy, and real growth to your finances. You'll learn the power of a rolling budget, how to adjust spending as you grow, and smart strategies to manage and reduce debt with Kickstart Accounting Inc.'s tailored CFO framework. Listen in to discover how a CFO partnership can take your business to the next level! Key Takeaways: Understand the difference between one-time budgets and rolling budgets, including how each can guide your spending throughout the year. Learn how Kickstart Accounting Inc.'s CFO framework goes beyond traditional bookkeeping to help business owners reach their goals. Get tips on debt management and repayment strategies to reduce your financial stress. Topics Discussed: Services included in a CFO partnership (1:17) Annual budgets versus rolling budgets (3:38) Setting goals with the Kickstart Accounting Inc. CFO framework (7:55) Why budgets are so important in small business (12:47) Debt management and repayment strategies (13:46) The benefits of CFO partnerships (16:11) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services! https://kickstartaccountinginc.com/CFO Book a Call with Kickstart Accounting, Inc.: 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

If you have a problem sticking to a budget, this episode has solutions. Host Danielle Hayden shares six simple strategies that will help you stay on budget no matter what your financial goals are. From how to avoid overspending to preparing for unexpected expenses, these actionable strategies will keep you in control of your finances without feeling restricted. Listen now to learn how to use this expert guidance to achieve your goals while managing your business finances! Key Takeaways: Discover six practical strategies that will help you stick to your budget. Learn how to spend money intentionally based on your goals and Money Mindset Personality Type. Underspending can be just as harmful as overspending, limiting your ability to meet both short and long-term business goals. You should use budgeting as a flexible tool to adapt to changes in your business while staying focused on your financial goals. Topics Discussed: Budgeting success story: a client transformation (2:04) Introducing 6 strategies to help you stay on budget (5:11) How to budget based on your Money Mindset Personality Type (9:26) Why you should implement a contingency fund (11:46) Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Ever feel like your business is thriving, but you can't seem to keep up with the finances? Brandee Gaar, a luxury event planner and wedding industry thought leader, found herself in this exact situation. In this episode, she shares how embracing budgeting and forecasting transformed her business, helping her navigate seasonal fluctuations, ensure consistent payroll, and plan for sustainable growth. Join host Danielle Hayden and guest Brandee Gaar as they dive deep into the world of business financials, exploring how budgeting goes beyond just tracking revenue. Discover how to leverage all your business data to monitor progress, align spending with your goals, and avoid tax surprises. Tune in to learn how budgeting can provide you with financial clarity and peace of mind! Key Takeaways: Budgeting gives business owners the freedom to invest in their business with confidence. Reforecasting can help you manage cash flow, minimize tax burdens, and navigate seasonal changes in your business. Creating a realistic budget aligned with long-term goals is crucial for business success. Active involvement in your finances is key to making smart business decisions. Topics Discussed: Why budgeting is the backbone of a business (1:25) Forecasting to navigate seasonal changes in business (4:37) Budgeting versus goal setting (8:45) Using your numbers to accurately (11:00) Reforecasting strategies and budgeting tips (13:08) Budgeting for the season of your business (18:35) Tax planning and long-term financial strategies (20:29) How to become an active player in your business (24:53) Resources: Learn more about Kickstart Accounting Inc.'s CFO Services! http://www.kickstartaccountinginc.com/CFO Connect with Brandee Gaar: Website | https://brandeegaar.com/ Instagram | https://www.instagram.com/brandeegaar/ Youtube | https://www.youtube.com/@brandeegaar Connect with Kickstart Accounting Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks Facebook | https://www.facebook.com/kickstartaccountinginc

Forget everything you thought you knew about budgeting! Kickstart Accounting Inc.'s goal-oriented budgeting process lets you invest with intention instead of feeling restricted — unlike traditional methods that only focus on cutting costs. In this episode, CEO Danielle Hayden introduces their approach and walks through each step to creating and implementing an intentional spending plan. Tune in to learn how to build a budget that propels your business forward and actually helps you hit your goals. Key Takeaways: Learn why goal-oriented budgeting drives growth and empowers business owners more effectively than traditional budgeting. Before mapping out a budget, set clear, specific goals to guide your financial decisions. Sign up for the Kickstart Accounting Inc. Budgeting Webinar to get support in creating a goal-focused budget. Topics Discussed: The problem with traditional budgeting (1:01) Kickstart Accounting Inc.'s goal-oriented budgeting approach (4:27) What you need to do before creating a budget (5:38) How to spend strategically while sticking to a budget (7:23) Kickstart Accounting Inc.'s Budgeting Webinar (9:27) 8 essential steps to build a goal-oriented budget (10:25) Resources: Learn more about the upcoming Kickstart Accounting Inc. Budgeting Webinar! http://kickstartaccountinginc.com/2025 Download the Kickstart Accounting Inc. Healthy Spending Worksheet! http://kickstartaccountinginc.com/healthy Book a Call with Kickstart Accounting, Inc.: 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

With the right budget, financial planning becomes less stress and more strategy. In this episode, CEO Danielle Hayden shares four essential budget types — one for each Money Mindset Personality Type: free spender, keeper, perfectionist, and balance seeker. Danielle explains how each type can help you allocate funds wisely, boost profitability, and stay committed to a plan that aligns with your business needs and spending habits. Different people need different budgets, so let's figure out what works best for your business. Tune in now! Don't know your Money Mindset Type? Click here to take the quiz! Topics Discussed: Money Personality Type Quiz (2:22) What exactly is a budget? (2:53) Style #1 – Budgeting for Free-Spenders: The Allocation Method (4:43) Money Mindset Mastery Framework (12:41) Style #2 – Budgeting for Perfectionists: Expense Grading Worksheet (13:52) Style #3 – Budgeting for Keepers: The Back-In Method (17:55) Style #4 – Budgeting for Balance Seekers: The Traditional Approach (23:16) Understanding which budget style suits you (29:33) Book your budget session with our team (29:55) Resources: Listen to episode 84: The 3 Numbers Every Business Owner Needs to Know – https://kickstartaccountinginc.com/ep-84-the-3-numbers-every-business-owner-needs-to-know/ Listen to episode 75: Finding Profitability in your Business – https://kickstartaccountinginc.com/ep-75-finding-profitability-in-your-business/ Book a Call with Kickstart Accounting, Inc.: 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

Choosing the right entity can make all the difference in your business success! This crucial decision can be confusing to navigate for business owners at all stages. In this episode, we break down the key differences (and benefits) between LLCs and S Corps. Danielle and Kelsey from KSA Tax Partners explain the responsibilities and tax implications of each entity, including how to pay yourself, manage your books, and stay compliant with IRS guidelines. Tune in to hear their tips on reasonable compensation, putting yourself on payroll, and avoiding common financial mistakes! Key Takeaways: Discover the key differences between LLCs and S Corps, and how each affects your tax planning, legal responsibilities, and financial health. Get insights into reasonable compensation, owner's draws, and how to stay compliant with IRS guidelines. Find out what to do if your business can't afford to pay you reasonable compensation. Understand how Kickstart Accounting Inc.'s guidance can help you make informed decisions for your business. Topics Discussed: Differences between LLCs and S Corps (1:01) How to pay yourself as an LLC (2:10) Paying taxes as an LLC (3:31) S Corp payroll requirements (5:58) Bookkeeping for S Corps (9:15) Reasonable compensation and owner's draws guidelines (10:36) Kickstart Accounting Inc.'s new S Corp recommendations (14:28) What if you can't pay yourself reasonable compensation? (16:35) Tax dos and don'ts for S Corps (19:25) How to leverage mid-year check-ins for tax planning (21:38) Book a call with KSA Tax Partners: http://www.kickstartaccountinginc.com/taxpartners Book a Call with Kickstart Accounting, Inc.: 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

Choosing the right retirement plan just got easier! In this episode, Danielle Hayden highlights various retirement options available to business owners and provides insights to help you understand which plan best suits your business. She breaks down the pros and cons of each plan, diving into their tax benefits, contribution limits, and level of administrative work. Whether you're looking for a low-cost option or plans that don't require an employer match, this episode covers everything you need to know about retirement planning and picking the perfect plan for your business! Key Takeaways: Your business structure and financial goals are a key factor in choosing the right retirement plan. Learn the importance of retirement planning and what options are available to small business owners and solopreneurs. Discover which plans offer greater tax benefits, which will attract employees, and which are easier (and cheaper) to manage. Consult with your CPA and financial advisor to make the best retirement decisions for your business and future. Topics Discussed: Defined benefit plans (1:47) 401k plans (4:47) The Solo 401k plan (9:07) Traditional and Roth IRA plans (11:18) How to pick your ideal plan (13:42) Resources: Gusto 401K Retirement Plans for Small Business Wellington Retirement Solutions, Inc. Book a Call with Kickstart Accounting, Inc.: 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