Profit First Strategies + Tax Planning Basics For Online Businesses [EP 32] - lizboer.com

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Profit First Strategies + Tax Planning Basics For Online Businesses [EP 32]

CPA for small business owners
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A lot of times, we’re so focused on the revenue that we forget about the bottom line and before you know it, it’s like you bring in all this revenue, but so much of the expenses are going right out the door because you didn’t have a proper plan in place” – Dr. Ranelli A. Williams 

Welcome to the Marketing To Millions Podcast, I’m your host, Liz Boer! Today I’m speaking with Dr. Ranelli A. Williams, a CPA, all about setting your business up for success aka for profit, money mistakes that business owners make, and tips for maximizing tax savings.   

Dr. Ranelli A. Williams, CPA is passionate about service and helping individuals create breakthroughs in their lives and business. She is a Certified Public Accountant (CPA), Certified Profit First Professional, best-selling author, and award-nominated speaker, empowering career professionals and professional service providers to take control of their money as they work towards building a strong financial legacy.

[00:01 – 07:51] Introducing Dr. Ranelli Williams   

  • Dr. Ranelli’s journey as a CPA
  • What led her to help online entrepreneurs 
    • Having the entrepreneurial bug for the longest time due to the influence of her father 
    • After being laid off from her job back in 2014, Dr. Ranelli took this a sign to jump into her business full time    

[07:52 – 19:22] First Steps When Starting a Business 

  • Creating an LLC (Legal Liability Company)
    • Your personal assets are protected, meaning if there are collections against the business, it will not affect your personal assets
  • Should people working 9-5’s create an LLC for their side hustle? 
    •  Yes. The cost for setting up your business as an LLC is worth the protection you’ll be getting
  • Don’t commingle business and personal finances 
    • Get your business bank account
    • Everything has to go to the LLC first 
  • When should people switch out of an LLC?
    • This decision is driven by your income. This will depend on what your top-line revenue is, versus what your expenses are, and your bottom line. As well as other factors 
    • Transferring to an S corp election helps you to legally avoid Social Security and Medicare taxes

Profit First Strategies + Tax Planning Basics For Online Businesses

[19:23 – 27:41] Strategies for Maximizing Tax Savings 

  • The home office tax deduction
  • Educational expenses can be considered business expense deductions 
  • If you have children who are already helping you in the business, create a role for them. This can be deducted as well  

[27:42 – 36:05] Setting Up Your Business Using The Profit First Method 

  • What is Profit First?
    • A cash management system, that helps the business owner to prioritize profits in their business using a plan of allocated percentages of upfront revenue
  • Four main accounts 
    • Profit account
    • Tax account
    • Owners pay account
    • Operating expense account
  • It is recommended to create separate physical accounts 
  • Ensuring your operating expense account can support hiring a team 

[36:06 – 38:58] Closing Segment

  • Connect with Dr. Ranelli (links below)
    • Join The Profitable Entrepreneurs Network and join Dr. Ranelli’s master class where she teaches clients to think like a CEO and make the right decisions in their businesses 
profit first strategies and tax planning basics for small businesses

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Links and Resources Mentioned In This Episode

Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz

Connect with Dr. Ranelli 

Visit her website www.erjservices.com or send her an email info@erjservices.com

FB group Profitable Entrepreneurs Network: https://www.facebook.com/groups/moreprofits

IG: https://www.instagram.com/drranelliwilliams/

Other Episodes Related To This Topic You’ll Enjoy:

Let’s get connected:

You can find me on Instagram and Facebook. Visit my website https://lizboer.com 

Join the Marketing to Millions FB Group 

LEAVE A REVIEW + and SHARE this episode with someone you know who wants to build their online business, influence, and brand. You can listen to Marketing to Millions on Spotify, Stitcher, or iTunes.

TACO OBSESSED, KOMBUCHA LOVIN', SEDULOUS LEARNER, CONTAGIOUS SMILER. 

Hi, I'm Liz.
Your New BFF + Marketing Coach.

I’m a marketing strategist, coach, and the ads manager behind multiple million-dollar launches. My goal is to empower entrepreneurs to create THRIVING online businesses. Stick with me, I'll teach you the marketing strategies that move the needle in building your online business, influence, and your brand. Along with sharing my best-kept secrets from being in the trenches behind million-dollar marketing campaigns. 

Whether you're ready to hire this #dreamteam, coming for an online workshop, or joining my course, or bingeing all the strategies via this blog or my podcast, I'm PUMPED you're here. I can't wait to watch you make magic happen! 


I’m a marketing strategist, coach, and the ads manager behind multiple million-dollar launches. My goal is to empower entrepreneurs to create THRIVING online businesses. Stick with me, I'll teach you the marketing strategies that move the needle in building your online business, influence, and your brand. Along with sharing my best-kept secrets from being in the trenches behind million-dollar marketing campaigns. 

Whether you're ready to hire this #dreamteam, coming for an online workshop, or joining my course, or bingeing all the strategies via this blog or my podcast, I'm PUMPED you're here. I can't wait to watch you make magic happen! 


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