Tax Traps to Avoid as Business Owners | The Mills Knows Bills Podcast Season 4 Premiere

Link to video podcast episode: https://youtu.be/tQd0BD-mczM

Welcome back to The Mills Knows Bills Podcast! Let's get to those burning financial questions.

In this season 4 premier episode, host Mills Bender welcomes Paul Childers, owner of Blue Sky Biz Solutions, to discuss the importance of showing profit in a business and avoiding common tax traps. They dive into business credit, why it matters, and how to build it effectively. Learn strategies to manage taxes, protect personal assets, and obtain better financing to scale your business. Tune in to gain insight into mastering your fluctuating income and achieving both personal and professional financial goals!

To connect with Paul:

https://blueskybizpro.com/

https://www.facebook.com/paul.childers.731

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe on YouTube for the podcast episodes and more from Mills Knows Bills: https://youtube.com/@MillsKnowsBills

00:00 Introduction to Mills Knows Bills

00:53 Season Four Kickoff with Paul Childers

01:22 Understanding Business Credit and Taxes

03:11 Importance of Showing Profits

05:36 Building and Leveraging Business Credit

07:27 How to Improve Your Business Credit Score

08:12 Conclusion and Contact Information

#financialpodcast #MillsKnowsBills #businesscredit #businesstaxes #entrepreneurialfinance #creditscore

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for business owners and variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In this season finale episode of the Mills Knows Bills podcast, Mills provides a comprehensive guide to understanding and analyzing your profit and loss (P&L) statement. The episode covers key components such as revenue, cost of goods sold (COGS), operating expenses (OPEX), and net income. Mills offers practical tips on diversifying revenue, managing seasonal business fluctuations, negotiating with vendors, and maintaining a healthy profit margin. Whether you're a product-based or service-based business owner, this P&L analysis 101 class will help you make smarter financial decisions and avoid common pitfalls. Tune in to learn how to better handle your fluctuating income and stay on track with your financial goals!

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe for the latest on YouTube: https://youtube.com/@MillsKnowsBills

Link to video podcast episode: https://youtu.be/5MUYVnkmG-I

00:00 Introduction to Mills Knows Bills

00:53 Podcast Overview and Goals

01:26 Understanding Profit and Loss (P&L)

02:01 Revenue Analysis

03:52 Cost of Goods Sold (COGS)

04:49 Operating Expenses (OPEX)

06:39 Net Income and Profit Margin

09:22 Conclusion and Next Steps

#financialpodcast #millsknowsbills #entrepreneurialfinance #variableincome #businessfinances

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

Join Mills in this solo cast episode of the Mills Knows Bills podcast as she discusses strategies for mastering fluctuating income and scaling your blue collar business. Mills identifies five common financial pitfalls that entrepreneurs face: lack of planning, mixing personal and business finances, avoidance of financial management, inadequate savings, and unbalanced leverage. Learn practical tips to implement a budget, separate finances, stay proactive in financial planning, build savings, and manage debt to ensure a healthier financial future for your business.

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe on YouTube for the latest https://youtube.com/@MillsKnowsBills

Link to video podcast episode: https://youtu.be/dpI7WLlTED4

00:00 Introduction to Mills Knows Bills

00:28 Podcast Overview and Goals

00:53 Answering Common Financial Questions

01:35 Five Common Financial Pitfalls

01:48 Pitfall 1: Lack of Planning

03:11 Pitfall 2: Mixing Business and Personal Finances

04:30 Pitfall 3: Avoidance

06:11 Pitfall 4: Little to No Savings 0

7:18 Pitfall 5: Unbalanced Leverage

08:57 Conclusion and Call to Action

#financialpodcast #millsknowsbills #entrepreneurialfinance #variableincome #businessfinances #financialmistakes #bluecollar

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

This episode features a guest appearance by Josh Pies, owner of C47 Digital Studios, to discuss the financial complexities of managing multiple LLCs and the benefits of fractional CFOs. Mills and Josh explore the effectiveness of incorporating separate entities for different business ideas, balancing practicality with legal considerations, and the personal enjoyment they derive from their respective work in finance and entrepreneurship. Josh also shares insights on utilizing podcasts for business development and fostering meaningful relationships. Join the discussion for actionable financial advice and entrepreneurial insights!

To connect with Josh and C47 Digital Studios:

https://c47films.com

https://bootstrappedunicorns.com

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe on YouTube for the latest from @MillsKnowsBills

Link to video podcast episode: https://youtu.be/YSsIslQ9Ef8

00:00 Introduction to Mills Knows Bills

01:11 Meet the Guest: Josh Pies

02:04 Burning Financial Questions

03:10 Managing Multiple LLCs

08:40 The Joy of Finance

11:24 Josh Pies on Entrepreneurship

14:40 Conclusion and Contact Information

#financialpodcast #millsknowsbills #entrepreneurialfinance #variableincome #videopodcast #digitalstudios #entrepreneurship

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In this episode, Mills is joined by Jill Healey, a Realtor with Park Life Group at Keller Williams Winter Park in Florida. The conversation delves into budgeting for a Realtor's variable income, planning for business growth, and the potential for using software or hiring an operations person to alleviate non-revenue generating tasks. Jill shares insights from her journey in real estate, her business structure, and the exciting opportunities for growth. If you're looking for advice on managing fluctuating income and boosting your financial stability, this episode is for you! Don't miss Jill’s valuable insights on buying, selling, and investing in real estate. Tune in now!

To connect with Jill:

https://parklifeorlando.com

Look for her on social media: Jill Healey, Park Life Orlando

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe on YouTube for the latest from @MillsKnowsBills

Link to video episode: https://youtu.be/hxsTDZ9sTiA

00:00 Introduction to Mills Knows Bills

00:53 Welcome Back and Episode Overview

01:16 Meet Jill Healey

02:31 Jill's Business and Challenges

04:06 Budgeting and Financial Strategy

07:00 Metrics and Performance Tracking

11:41 Hiring and Management Tips

15:42 Jill's Real Estate Journey

16:46 Conclusion and Contact Information

#financialpodcast #millsknowsbills #entrepreneurfinances #variableincome #floridarealtors

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In episode 23, Mills discusses effective marketing strategies with Devin Pope, managing director and senior advisor at Nilsine Partners. Join their insightful conversation on optimizing marketing dollars for small businesses, such as his for high net worth clientele. Learn about the significance of starting a podcast, structuring consistent content, and leveraging social media platforms to build trust and grow your business. Devin also shares his experience in wealth management and financial planning that led to his business ownership. Tune in for practical advice and strategies to enhance your own small business, and to help you make the most out of your marketing efforts (and dollars)!

To connect with Devin:

Website: https://nilsinepartners.com

Email: devinpope@nilsinepartners.com

Do you have your own burning financial question for Mills?

Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe on YouTube for the latest from @MillsKnowsBills

Link to video podcast episode: https://youtu.be/t4Cts00RpgQ

00:00 Introduction to Mills Knows Bills

00:53 Welcome Back to the Podcast: Today's Guest - Devin Pope

01:50 Devin's Financial Question: Maximizing Marketing Dollars

02:46 Mills' Advice: Starting a Podcast

04:58 Consistency in Marketing: Social Media and Podcasts

08:02 Planning and Recording Strategies

11:21 Devin's Business and Services

13:05 Conclusion and Final Thoughts

#financialpodcast #millsknowsbills #entrepreneurfinances #variableincome #smallbusinessmarketing

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In episode 22, Mills welcomes "coffee-preneur" Eric Rowell of Grit and Grind Coffee, a mobile coffee company. The pair discuss common financial mistakes made by new business owners, including the importance of having a financial game plan, accurate bookkeeping, savings, and obtaining a line of credit. Eric shares his journey from real estate to owning several coffee trailers and brick-and-mortar stores, eventually franchising his business. They also cover strategies for optimizing business finances and the potential benefits of outsourcing bookkeeping duties, and more.

Get helpful tips and actionable advice to help you manage and grow your own business.

To connect with Eric:

https://gritandgrind.coffee

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com

Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

YouTube: Subscribe for the latest video podcast episodes from @MillsKnowsBills

00:00 Introduction to Mills Knows Bills

00:28 Podcast Format and Goals

01:14 Introducing the Guest: Eric Rowell

01:30 Eric's Journey in the Coffee Industry

02:05 Eric's Burning Financial Question

02:58 Common Financial Mistakes by Entrepreneurs

03:41 The Importance of Bookkeeping

04:29 Building Savings and Emergency Funds

05:36 Getting a Line of Credit

06:42 Eric's Experience and Challenges

08:29 Outsourcing Bookkeeping

14:15 Grit and Grind: Business Model and Expansion

16:43 Conclusion and Contact Information

Link to video podcast episode on YouTube: https://youtu.be/0NMrjJJFqy8

#financialpodcast #variableincome #millsknowsbills #entrepreneurialfinance #businessmistakes

Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for variable income earners to manage their finances effectively. Let's get to those burning financial questions!

In this episode of Mills Knows Bills, Mills welcomes Matthew Wasserman, a personal injury attorney based in Orlando, Florida. Together, they discuss financial strategies vital for growing law firms, including the importance of budgeting, setting up separate accounts for savings, evaluating marketing spend, understanding detailed bookkeeping, and the strategic timing for hiring new staff. Matthew also emphasizes the importance of client experience and constant communication in personal injury cases.

Get helpful tips and actionable advice to help you manage and grow your own business.

To connect with Matthew:

https://millertriallaw.com/attorneys/matthew-b-wasserman/

Do you have your own burning financial question for Mills? Contact her here:

Email: info@MillsKnowsBills.com

Website: https://MillsKnowsBills.com Instagram: https://instagram.com/@millsknowsbills

LinkedIn: https://www.linkedin.com/company/mills-knows-bills

Subscribe for the latest on YouTube for the latest from @MillsKnowsBills

Link to video podcast episode on YouTube: https://youtu.be/vDFqVEq_GCk

00:00 Introduction to Mills Knows Bills Podcast

01:13 Guest Introduction: Matthew Wasserman

01:58 Common Financial Pitfalls for Growing Law Firms

03:24 Detailed Financial Advice for Law Firms

05:32 Q&A: Marketing and Staffing Strategies

10:40 Final Thoughts and Recommendations

13:20 Contact Information and Closing Remarks

#financialpodcast #variableincome #millsknowsbills #entrepreneurialfinance #lawfirmgrowth