Chief Tax Officer Mark Steber Shares How Tax Reform Impacts 2018 Taxes
On this episode of Business Insanity Talk Radio, we first talk about the Republican's tax reform and what it means for small businesses. Then, a lot of startups die in the first few years. We'll discuss why and show you some shortcuts to success. Plus, some job candidates give great interviews but stink as employees. We'll show you how to avoid this by asking the right questions during the interview. Finally, we discuss the figure of legal cannabis in the United States.
Segment 1: Mark Steber is the Chief Tax Officer at Jackson Hewitt Tax Service. He is responsible for key initiatives that support overall tax service delivery and quality assurance. Mark also serves as a Jackson Hewitt liaison with the Internal Revenue Service, States, and other government authorities.
1:30 – What is "qualified business income" under the new tax plan?
4:00 – Should businesses restructure to a C corporation to get the tax break?
6:15 – What are the common tax deductions and credits we should all know of?
7:00 – What impacts of tax reform do taxpayers need to be aware of for their 2018 taxes?
9:00 – How do you pick a good tax professional?
Segment 2: Courtney Reum is the co-founder of M13, a brand development and investment company accelerating businesses at the nexus of consumer products, technology, and media. Courtney has been featured on the Forbes "30 Under 30" list, the Inc "500 fastest growing private companies in America," Richard Branson's best-selling book "Screw Business as Usual," and most recently the Goldman Sachs Builders + Innovators 100 Most Intriguing Entrepreneurs. He is the author of the book "Shortcut Your Startup".
15:00 – Why do so many startups die?
16:30 – It's not about the idea, it's about the execution.
17:30 – When it comes to starting a business, know if you're a sailboat or a speedboat.
18:30 – In terms of raising capital, think milestones not time.
19:15 – Know what you do best and outsource the rest.
23:30 – What advice do you give to those trying to scale?
Segment 3: Nathan Hirsch is a serial entrepreneur and expert in remote hiring and eCommerce. He started his first eCommerce business out of his college dorm room and has sold over $25 million online. He is now the co-founder and CEO of FreeeUp.com, a marketplace that connects businesses with pre-vetted freelancers in eCommerce, digital marketing, and much more.
31:00 – How to avoid hiring someone who is just a good interviewer.
32:45 – The questions you should be asking in interviews.
34:30 – What questions can you ask to make sure someone has the right attitude for your company?
35:30 – How does FreeUp.com help small business owners?
Segment 4: Ben Cort's passion for recovery, prevention and harm reduction comes from his own struggle with substance abuse. Sober since 6/15/96, Ben has been a part of the recovery community in almost every way imaginable; from a recipient to a provider to a spokesperson Cort has a deep understanding of the issues and a personal motivation to see the harmful effects of drug and alcohol abuse minimized. In 2007 Ben helped to start the Colorado based nonprofit, Phoenix Multisport. Ben was instrumental in building this organization that has received frequent national recognition for their innovative approach to building sober communities around sport and healthy activities. His first book, Weed INC. published by HCI, was released in September 2017.
41:15 – Is large scale commercialization of marijuana good or bad for the United States?
42:30 – Commercialization and decriminalization of marijuana are separate issues.
43:15 – The arguments against commercialization of marijuana.
45:45 – How Cannabis has fundamentally changed from years past.
Segment 5: Barry Moltz shares how to get your business unstuck.
49:30 – Do any of these sound familiar?
50:15 – How to take your business to the next level.