Calling all creatives and makers! This episode is just for you. You likely have a lot of questions about the products you make and sell, and how that all ties into what you can claim on your taxes each year. So, in this episode, we hope to help you understand what you should be doing with the goods you make and sell plus how to track for taxes by discussing: The definitions of inventory and cost of goods sold. Best practices for organizing and tracking inventory. Why you have to wait to claim co...
Apr 21, 2020•8 min•Ep. 32
In today’s episode, we’re: Chatting about how Anika got her start as a business owner. Discussing common hurdles new business owners face and the resources available to them. Learning about how to produce goods and services and why understanding buying cycles is important. Talking about the differences between selling your goods wholesale versus consignment and what that looks like from an inventory standpoint. Need more? Our team has put together a free resource library to save you valuable tim...
Apr 16, 2020•23 min•Ep. 31
For a lot of us, the extension feels like we can take a deep, thankful breath, a welcome change especially during a time like the one we’re in now. So, in today’s episode, we’re talking about what this extension will mean for business owners, especially in the areas of: How the extension affects any taxes you owe. How the extension affects those who had a March 15 file date deadline. Why it may be beneficial to file now instead of waiting until July. What documents you need to have readily avail...
Apr 08, 2020•7 min•Ep. 30
As entrepreneurs, we’re no strangers to the inevitable rise and fall of income and product and service cycles. And even if our funds and time are limited, there are ways we can still support each other. In today’s episode, we’re talking about: What you can buy — even when you don’t have a lot of money — from a small business to show your support. The power of leaving a positive online review. Why showing yourself and others grace during this season is of the utmost importance. Need more? Our tea...
Mar 31, 2020•6 min•Ep. 29
For all of you out there who are balancing working full time and using whatever time is left to pour into your passion projects, you are not alone. Right now, there are thousands of like-minded dream chasers burning the candle at both ends, all for the sake of both financial security and doing something that feeds the soul.At least, that’s what Bessie Akuba’s doing. During the day, she analyzes data for the federal department of defense. And when she’s not solving problems in creative ways durin...
Mar 24, 2020•19 min•Ep. 28
With tax season upon us, you might be feeling what a lot of us are experiencing right now: Maybe a little panic, a hint of unpreparedness, and a whole lot of last-minute details to finalize. At the back of your mind looms the biggest question of all: Will I owe the IRS money this year?Let me ease your mind a bit — there may be some expenses you incurred this year that you may have overlooked. These expenses, called common deductible expenses, are the key to reducing some of your tax burdens, and...
Mar 17, 2020•10 min•Ep. 27
If you’re a small business owner, you’ve might have heard the phrase, ‘S Corp’ being tossed around every now and then. Once you heard the phrase, which stands for Subchapter S Corporation, you then probably wondered what it means, how it could benefit your business, and if you’d even qualify for the tax designation. There are a lot of misconceptions surrounding S Corps, so in this episode we’re here to dispel any rumors and clear any confusion by diving into: How to weigh the pros and cons of th...
Mar 03, 2020•9 min•Ep. 26
Knowing when to leave a job, city, or opportunity can be a difficult decision to make, especially if you’re not certain if it’s the best time or if your next step aligns with what you actually want to do. Today’s podcast guest, Chasity Cooper, has had to make those difficult decisions since her work as a writer has taken her from Chicago to New York to DC and back again, with her current full-time role as an managing editor for a marketing communications firm outside of Chicago. When she’s not c...
Feb 25, 2020•30 min•Ep. 25
Have you ever wondered if your side hustle should be your main source of income, felt hesitant to take a big leap because of your current financial security? If so, you’re not alone! There are tons of people who work both a 9-5 and a passion project — and enjoy the luxury of doing them simultaneously. Today on the podcast, we’re chatting with Nikita Mitchel who is one of such people! By day, she works in business planning and reporting at a global tech company, and in her spare time, she runs Ab...
Feb 18, 2020•18 min•Ep. 24
Your small business journey can feel like a lot of trial and error in the beginning, so in this episode, we’re breaking down four common errors that can and should be avoided at all costs from the start. From underpaying estimated taxes and filing late, to not separating your expenses or taking advantage of deductibles — this quick episode aims to save you time, money, and the headache of having to scramble when your tax burden comes due! Need more? Our team has put together a free resource libr...
Feb 12, 2020•10 min•Ep. 23
Since owning and operating a successful candy reselling enterprise in middle school, our next guest hasn’t been afraid to rewrite and reconfigure his ideal role by doing everything from heading tech startups and becoming a DJ, to pursuing an MBA and getting into creative tech spaces like in his current role, as the lead content creator a wildly successful ATL-based media company. In this week’s episode with Brandon Butler of Butter ATL, whom I’ve known for close to 20 years, we’re chatting about...
Feb 04, 2020•28 min•Ep. 22
If you’re one of many Americans who have a job where payroll taxes are withheld, the W-4 may be one of the most confusing and misunderstood tax forms you may encounter. Luckily, with new tax reforms in place, the W-4 has been redesigned to give better clarity and make your yearly tax burden more accurate! In this week’s episode, we’re breaking it all down and answering questions like: What the W4 actually is and how it’s used How often you should check it How, when, and where to change and/or up...
Jan 28, 2020•10 min•Ep. 21
Imagine leaving Corporate America to start a business that was not only in full alignment with the organizations and causes that you most resonate with but also helped you grow and expand to help other small businesses along the way! If this sounds like a conscious entrepreneur’s dream, today’s guest, Maryam Pugh of Philadelphia Printworks, has been living it by creating a thriving business at the intersection of social justice, heritage, and screen printing! In this week’s episode, we’re chatti...
Jan 22, 2020•27 min•Ep. 20
It’s that time of year where most Americans are paying a bit more attention to their mailboxes for important tax documents as we approach tax season. If you’re a small business owner who pays works out contractors and/or freelancers, this year, it may be you doing the sending! In this week’s episode, we’re talking about the 1099-MISC form by breaking down who you’ll need to give the form to, how you’ll know if you need to send one, penalties if you miss the January 31st deadline, and more! W-9 F...
Jan 14, 2020•7 min•Ep. 19
There are few things worse than having a deadline looming and being unprepared — especially when it comes to dealing with the IRS! This week, we’re here to quell your fears and help you get your organizational ducks in the row, with five simple ways for you to prepare BEFORE tax season . Utilize these tips and you're sure to get cool points with your tax preparer! Find us online! www.littlefishaccounting.com Instagram...
Jan 06, 2020•7 min•Ep. 18
Defining your business entity for tax purposes is one of the foundational steps you’ll take when starting a business, but how do you know which one is best for you? From Sole Proprietorships and Partnerships to LLCs and S Corps, in this week’s episode, you'll discover how each entity impacts your business while exploring elements of each entity including: How to clearly define the different types of business entities and understand how they work. What tax forms and documents you’ll use once you’...
Nov 14, 2019•9 min•Ep. 17
Don’t let social media fool you —it’s absolutely possible to do meaningful work that you actually enjoy, while working a 9-5! Our next guest has done just that by pulling inspiration from her full-time job, to create and monetize an online community space of women who are passionate about education, storytelling, and personal and professional development. By changing the narrative surrounding Black women and how we are defined by our work, we believe she’s opening space to cultivate a more coura...
Nov 05, 2019•21 min•Ep. 16
Podcast rules are made to be broken, right? Fresh off my attendance at the ShePodcasts conference in Atlanta, I'm dropping in to tell you what's not coming, what I learned, and what's changing. Find us online at www.littlefishaccounting.com, follow Fish Food wherever you get your podcasts, and check us out on instagram @littlefishaccounting.
Oct 29, 2019•9 min•Ep. 15
We're getting ready for Season 2, but in the meantime, have you ever wondered about how Little Fish got started? Dig into this bonus episode to find out a bit about Keila's background, the accidental beginning of the business, and what we did to get here.
Sep 10, 2019•9 min•Ep. 14
In the season finale of the Fish Food podcast, we’re wrapping things up with a recap of the last 12 episodes plus a special call-to-action for our listeners and supporters as we start creating brand new episodes for you to dive into this Fall! Need more? Our team has put together a free resource library to save you valuable time and energy in your business! Ready to get started with Quickbooks? Use our referral link . If you're ready to outsource your Accounting and/or Tax prep needs go to www.l...
Aug 13, 2019•3 min•Ep. 13
As small business owners let's keep it real — when you have unique ideas that seem crazy to the outside world, entrepreneur life can feel lonely and isolating. Our next guest has set out to eliminate this by building a community of creators and entrepreneurs in the DMV who come together to connect and share resources with each other! We think she’s created the blueprint for how small business owners can work together as a collective, so dive into this episode, featuring Takia Keys of Creative La...
Aug 06, 2019•13 min•Ep. 12
So you’ve just found out that your hobby can actually make you extra money — congrats! Now, how do you know when it transitions from being a hobby to a full-blown business? In this week's episode we're breaking it down for you so that you can better understand: The difference between hobby and business income. How the IRS determines if you’re running a hobby or a business. How deductions and expense tracking work for each income type. Whether you’re a blogger, painter, or simply love creating ha...
Jul 31, 2019•10 min•Ep. 11
So you’ve heard that registering as an LLC makes your business official but what does it really mean? How does it impact your business tax-wise and what are the advantages of choosing this entity for your small business? In this week’s episode, we’re pulling from the Little Fish community to dive into one of the most highly-requested topics and will break down the basics like: How to start an LLC in your state. What tax preparation looks like as an LLC. The advantages of an LLC over other entiti...
Jul 23, 2019•15 min•Ep. 10
As an entrepreneur, running a financially healthy business is the goal, so part of achieving this lies within making sure that you aren’t under-reporting income or overstating deductions and have the evidence to back it up if the IRS comes calling! In this episode, we're making sure you're covered by diving into: • Why you should track income and deductions as you go. • Why you should save all supporting documents. • How to keep all of your records both digitally and manually. • How to properly ...
Jul 16, 2019•12 min•Ep. 9
When presenting your business to the world and showing up competitively in today’s market — eye-catching, high-quality imagery is a must! IN THIS EPISODE, FEATURING TAMERA DARDEN OF DARDEN CREATIVE , WE'RE DIVING INTO: • Why you should never put the cost of service above quality and consistency. • Why there’s nothing wrong with doing something DYI-style until you can invest in a quality service provider.• How taking risks can do wonders for your confidence as a small business owner. If you are a...
Jul 09, 2019•24 min•Ep. 8
The Fish Food podcast is curated each week with small businesses in mind so this time, we’re pulling from the Little Fish community to dive into one of the most highly-suggested topics — retirement! From business newbies and solopreneurs to established businesses with teams ranging from 2-100, we’ve covered everything you need to know about account types, contribution limits, deadlines and more! Notes are highly suggested, so grab a pen and paper and dive in! Brought to you by @switchandboard Ne...
Jul 02, 2019•21 min•Ep. 7
Few letters you receive in your lifetime will strike as much fear like a letter from the IRS but while most Americans first response may be to either full-on panic or pretend the letter doesn't exist --- in this week's episode, I'm breaking down why you should simply take a deep breath, put your fear aside, then go through my foolproof five-step process designed to put your mind at ease the next time an IRS letter catches you off guard! IN THIS EPISODE, WE’RE DIVING INTO: Why it might not be as ...
Jun 25, 2019•10 min•Ep. 6
April 15 has been stamped in our brains as the ultimate financial date to remember but get this: tax prep shouldn't start the month, the day, or even the night before, you should be getting prepared year around! If tax season seems to sneak up on you and even thinking about the tax process leaves you frustrated, confused, or having daydreams about fleeing the country -- you'll want to dive into this week's episode where I break down some simple steps you can take throughout the year to make your...
Jun 18, 2019•10 min•Ep. 5
IN THIS EPISODE, FEATURING MICHELLE BURGESS OF BURGESS LAW LLC, WE’RE DIVING INTO: The areas you should focus on legal-wise as a creative, The pros and cons of using online contract builders. Why you should absolutely have second eyes when filing a trademark and so much more! IF YOU’RE A CREATIVE OR SMALL BUSINESS OWNER, YOU’LL DEFINITELY WANT TO TAKE A LISTEN. AFTER YOU DO, TELL ME WHAT YOU THINK! You can contact Michelle at: www.burgesslawpllc.com Instagram: @lawyerforcreatives Brought to you ...
Jun 11, 2019•20 min•Ep. 4
It’s one of the most often questions asked from small business owners: what taxes do I owe and when? Take a few minutes to listen to tax basics for entrepreneurs, including discussion of the proper forms, common deductions, and when to include income and expenses. Brought to you by @switchandboard Need more? Our team has put together a free resource library to save you valuable time and energy in your business! Ready to get started with Quickbooks? Use our referral link . If you're ready to outs...
Jun 04, 2019•11 min•Ep. 3
