Buying Local S3E36: Smarter Financial Decisions for Entrepreneurs with Brian Stidd

What this episode covers

In this episode of the Buying Local Podcast, host Mike Nelson talks with Brian Stidd, CPA and founder of Stidd CPA in Glens Falls, NY. Tune in as they discuss the most common mistakes small business owners make with taxes, what’s actually in the “Big Beautiful Bill,” how to track profitability in your business, and much more!Find the Buying Local Podcast on YouTube, Spotify, Apple Podcasts, and Rumble.Learn more about Brian and his firm at stiddcpa.com.00:00 Intro and location at Brian’s Glens Falls office02:18 Brian’s background and career path03:26 Types of clients and small business focus04:50 Fixing bad tax returns and CPA quality06:29 Are IRS audits still happening?08:53 AI’s role in accounting and new tools12:15 Email overload and time management struggles14:02 Common tax mistakes small business owners make17:34 When (and when not) to become an S Corp20:00 Adding partners and structuring ownership21:40 Will the IRS or income tax go away?24:00 Do financially minded owners perform better?26:11 Tax changes: tips, Social Security, and more27:27 The real details of “no tax on overtime”29:35 Updates to 2017 tax cuts and QBI31:16 Self-employment tax and S Corp savings33:34 Challenges of doing business in NY State35:33 SALT deduction increase and local impact41:07 How to track profitability and simplify QuickBooks46:00 Weekly reporting, dashboards, and metrics48:05 Top advice: call your accountant before big moves

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