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Joshua Belk and his firm, Lodestar Tax and Consulting has been specializing in tax consultation, planning and preparation, business consultation and structure, and fractional CFO services since 1998. In addition to helping businesses and business owners reach their financial goals, Josh also helps to educate them in the complex matters of the business world which at times can be tedious for a business owner.
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The Money Is Show is where you can catch all the latest from CEO Andrew Cordle and his lineup of thought leaders, influencers, business and financial literacy experts, and entrepreneurs. You’ll find the latest and best advice on wealth creation and management, investing, and entrepreneurship from the leading voices in the industry. Listen in as Andrew hosts topics relevant to #moneyis and his mission to unlock the secrets of the wealthy and encourage business financial literacy. The biggest ...
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Developing Yourself and Your Team – Belk on Business – Episode 192 1) Developing yourself – you are the average of the five people with whom you spend the most time – all intakes should be evaluated as to alignment with core values yet open minded enough to challenge any preconceived norms or assumptions. Your associations will impact your outcomes…
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Hiring and Retaining Talent – Belk on Business – Episode 191 1) Clarity in both the listing and interview process -set clear expectations – be clear and concise as to what is expected in the work and in the candidate – people want to know what they will be doing and what type of person fits best in your culture – it’s not just about the position an…
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Five Business Systems – Belk on Business – Episode 193 1) System for prioritization 2) System for delegation 3) System for team meetings 4) System for reporting 5) System for strategic planning Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://you…
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Basis, Limitation of Losses and Additional Tax Exposure – Belk on Business – Episode 190 There are a number of ways that one can look at a company’s balance sheet and determine the health of the business and financial discipline of the business owner. One way is to look at the shareholder’s basis in the company, handling of debt and it’s methods or…
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The Power of Ownership with Justin Roethlingshoefer – Belk on Business – Episode 189 Order Justin’s book here: https://www.amazon.com/Power-Ownership-Redeem-Relentless-Pursuit/dp/1394230028 Learn more about Justin and Own It: https://justinroethlingshoefer.com/ JUSTIN ROETHLINGSHOEFER is the co-founder of OWN IT Coaching, a multiple seven-figure co…
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Communication and Culture – Belk on Business – Episode 188 A business owner can communicate concrete guidelines that people must conform to or use proposals to start conversations. The proposals are then used to ask questions, promoting curiosity, innovation, and collaboration. Communicating with complaining will cripple culture. This leads to a cu…
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Indicators of Financial Issues – Belk on Business – Episode 187 There are indicators that reflect when there is a financial issue with the business. 1) Inability to pay bills on time – this will hurt the reputation or brand of the business. A business needs to keep good relationships with its vendors, partners and team members. 2) Ignoring the budg…
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Money Handling Mistakes Pt 2 – Belk on Business – Episode 186 There are many mistakes a business owner can and does make, some which could be fatal to the business either directly through mismanagement of the finances or indirectly through failure to follow proper internal controls or following basics of asset protection. Best to run finances in a …
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Money Handling Mistakes – Belk on Business – Episode 185 There are many mistakes a business owner can and does make, some which could be fatal to the business either directly through mismanagement of the finances or indirectly through failure to follow proper internal controls or following basics of asset protection. 1) Co-mingling of business and …
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Board Member Qualities – Belk on Business – Episode 184 Qualities as a Board Member: - Experience - Perspective - Careful listener - Willing to be contentious - Finds satisfaction in the endeavor Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://y…
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Corporate Transparency Act – Belk on Business – Episode 183 In 2021 as part of the National Defense Corporation Act, the Corporate Transparency Act was enacted. Its intent was to protect national interest against money laundering and financing of terrorism. The objectives to help prevent the misuse of certain types of entities (namely LLCs, corpora…
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Entity Compliance in 2024 – Belk on Business – Episode 182 As we begin a new year, think about where you conduct business at the state and local level (physical location, on site sales, online sales, remote employees) 1) Register your business with any state you conduct business that requires registration (income tax, local tax, sales tax, payroll …
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When is my Business Considered a Hobby? – Belk on Business – Episode 181 IRS Section 183 outlines what activities not engaged in for profit and the tax implications. The IRS states that a business has to be carried out “in a businesslike manner” with “complete and accurate books and records,” says the IRS. The taxpayer must put in time and effort “…
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J.D. Rockefeller, Purpose and Numbers – Belk on Business – Episode 180 John D. Rockefeller considered the wealthiest American in US history defined part of his purpose as follows: “It has seemed as if I was favored and got increase because the Lord knew that I was going to turn around and give it back” It was said by historian Michael D. Simmons th…
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Top Common Bookkeeping Issues – Belk on Business – Episode 179 1) Invoice and receipt tracking 2) Handling of expense reimbursements 3) Proper classification of employees 4) Monthly reconciliations 5) Data handling 6) Sales tax and income tax exposure 7) Handling of petty cash 8) Too few or too many accounts 9) Handling bookkeeping internally witho…
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2023 Year-End Tax Planning – Belk on Business – Episode 178 Topics: - Ordinary and necessary expenses - Hiring minor children - Business travel - Classification of expenses - Business start up and expansion - Bonus depreciation - Augusta Rule - Auto expenses - Meal expenses - Home office deduction - Retirement accounts - Section 105 medical plans -…
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Five Plans Everyone Needs – Belk on Business – Episode 177 1) Spending plan 2) Compensation Plan 3) Savings Plan 4) “What if” Plan 5) Debt elimination plan Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/mADsYEBCEAw…
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Reasons Businesses Fail Pt 4 – Belk on Business – Episode 176 1) Poor management or leadership of team 2) Poor treatment of customers and/or vendors 3) Lack of diversity of thought 4) Not focusing on and leading with your differentiator 5) Failure to plan for your future or the future of the business Subscribe on these platforms: Apple Podcast: htt…
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Reasons Businesses Fail Pt 3 – Belk on Business – Episode 175 1) Not enough knowledge of the numbers 2) Poor tax management 3) Poor decisions regarding debt 4) Wasteful spending 5) Failure to protect equity Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube…
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Reasons Businesses Fail Pt 2 – Belk on Business – Episode 174 6) Not taking ownership 7) Failure to be purposeful regarding work-life harmony 8) Poor time management 9) Failure to take adequate risk 10) Poor evaluation of customers Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https…
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Reasons Businesses Fail Pt 1 – Belk on Business – Episode 173 1) Losing sight of purpose. 2) Stop investing and developing. 3) Poor leadership and management 4) Spending time on tasks that we aren’t good at or don’t push the business forward. 5) Failure to be kind. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https…
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Meaningful Communication with Team Members – Belk on Business – Episode 172 Much of our communication with our team involves tasks and the best leaders and managers also spend quality time having conversations with team members on what matters most to them. Most employees want to please their employer if the vision is clear and the culture is one t…
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IRS and Taxpayer Service Improvements – Belk on Business – Episode 171 The Inflation Reduction Act provided about $79 billion in long term funding for the IRS. The primary goals were to improve phone and correspondence response, increasing audits on taxpayer making over $400,000. The IRS has begun initiatives to improve how it serves and communicat…
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IRS Enforcement and Improvements – Belk on Business – Episode 170 The tax code and implementation are to get us as taxpayers to act in a certain manner. Last year the IRS was granted an additional $79 billion in funding over the next ten years. Broken down into the following areas: - $46 billion for enforcement “to determine and collect owed taxes,…
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Land Trusts with Attorney Joseph Seagle – Belk on Business – Episode 169 Joe Seagle is a legal “GPS” for real estate investors and high worth individuals. Mr. Seagle’s law firm and land trust company supports real estate investors, developers, brokers, property managers, and private lenders on their land trust, private lending, and entity formation…
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Mindset of Money: Equity and Business Maintenance – Belk on Business – Episode 168 - How are we managing equity?  Are we bringing in equity participants because the business model is broken (can’t pay operational bills or make debt payments)  Ability to pay yourself a reasonable salary for the services you are providing to your business (does it …
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Mindset of Money: Debt– Belk on Business – Episode 167 1) How are we using debt? 2) Debt and bank accounts 3) How are we managing debt? 4) Paying operational debt 5) Fixed assets, depreciation, and loans 6) Owner loans and seed money Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: htt…
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Mindset of Money: Cashflow – Belk on Business – Episode 166 1) Cash flow is rarely defined properly, if defined at all 2) Cash flow statements – coordination and control 3) Cash inflow – good or bad air 4) Free cash flow – measurement of business health 5) Operating cash flow ratio 6) Three metrics to review weekly Subscribe on these platforms: App…
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Mindset of Money: Purpose before Profit – Belk on Business – Episode 165 - Your purpose is your legacy. - When we focus on purpose, people then process, profits will follow. - Confront the work. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://yo…
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Mindset of Money: Purpose First – Belk on Business – Episode 1641. Planning begins with purpose. 2. To make purposeful plans, we must first understand our purpose. 3. To make purposeful progress in business, we need to know our current position. 4. When we know our purpose, it fuels our motivation and becomes the foundation of our vision. Subscribe…
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Growth and Team Development – Belk on Business – Episode 163Once the business is growing and many of the foundational elements have been addressed, the logistics of the business, as it relates specifically to team members, must be continually maintained.-The decision of whether to focus on fewer, higher-paying customers or many lower-paying custome…
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Proper Business Growth – Belk on Business – Episode 162 Growing a business is not easy. There are always hurdles that range from marketing on one end of the spectrum to meeting or hopefully exceeding customer expectations on the other. To properly grow a business, there are steps both foundationally and logistically that need to be addressed. This …
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Qualities of an Effective Team Member – Belk on Business – Episode 161 - Ability to work independently and collaboratively. - Mindset is team before individual. - Comfortable working in the gray areas. - Can manage stress. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly…
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Onboarding to Relationship – Belk on Business – Episode 160 - Set objectives - Define deliverables and timelines - Assign responsibilities - All involved in the process receives regular status updates - Project leader focuses on implementation not with day-to-day tasks - Document client’s policies, processes and approval hierarchies - How do we imp…
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Meeting Participation – Belk on Business – Episode 159 When in a meeting, regardless of whether you are holding the meeting or are participating otherwise in the meeting, a few questions to consider as to how and when to participate. 1) How do you show up prepared? 2) Is what you’re saying on point and necessary? 3) Does what you’re saying bring a …
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Charitable Giving Strategies – Belk on Business – Episode 158 - Contribution Limits - Qualified Charitable Contributions - Bunch giving / prefunding - Donor Advised Funds - Private Foundations / nonprofits - Legacy or Planned Giving / Charitable Remainder Trusts (CRUT / CRAT) Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spo…
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Accountable Plans for Business Expenses– Belk on Business – Episode 157 Some employees will regularly or occasionally pay for expenses for their employer’s business out of pocket and usually have an expectation to be reimbursed. In this podcast, Josh talks about accountable plans, the rules surrounding the plan, rules around documenting expenses an…
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Handling Understaffing Issues – Belk on Business – Episode 156 1) It takes time to find the right team member 2) Communicate with your team more frequently 3) Don’t force the work 4) Cross-train 5) Consider outsourcing 6) Use automation where possible Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcW…
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Preparing for Tax Preparation – Belk on Business – Episode 155 1) Any changes in family status 2) Change in job 3) Change in address 4) Unemployment 5) Retirement contribution or distribution or rollover 6) Social security benefits 7) Bought and/or sold stocks, bonds, mutual funds, etc 8) Virtual currency/cryptocurrency 9) Distribution from inherit…
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Finding a Tax Professional for your Business – Belk on Business – Episode 154 1) Make sure your professional is licensed. 2) Do your research. 3) Does the preparer know and use technology for productivity, accuracy and efficiency both internally and for advisory purposes? 4) How responsive are they to client needs? 5) Are they able to make the comp…
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Ten Organization Tips before Year End – Belk on Business – Episode 153 1) Best path to peak performance is addressing physical, emotional and spiritual needs before the professional every day 2) Organization is a mindset and process 3) Have a process for tracking transactions 4) Have a process for documenting and sharing records, receipts and tax d…
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Social Media: The Enemy of Contentment – Belk on Business – Episode 152 1) Comparison (with others) is the enemy of contentment 2) Social media can result in distractions and a lack of focus 3) Social media platforms can end up being a place of competition instead of collaboration 4) Social media keeps us from making best use of our time 5) Social …
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Civil Tax Fraud – Belk on Business – Episode 151 As we begin to see a trend with the law passed this week which has funding for the IRS for increased enforcement action, business owners can use the common areas the IRS as a learning tool to make sure their manner of action, bookkeeping and record keeping is handled in a way to improve the probabili…
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Five Cs of Business Failure – Belk on Business – Episode 150 Five reasons a business fails: 1) Commitment/Complacency 2) Compromise 3) Compassion 4) Cashflow 5) Conversion Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​​​ ​ Spotify: https://lnkd.in/gcWDnFZ​​​​​​​​​​​​ Stitcher: https://bit.ly/34aRgO2​​​​​​​​​​​​ YouT…
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Prioritizing Financial Direction – Belk on Business – Episode 149 Business owners must evaluate at minimum annually which financial goals will take priority while attempting to balance the other areas to keep the business fiscally responsible. 1) Cash flow for operations and debt obligations 2) Owner’s compensation 3) Equity participants (sharehold…
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Fund Investing with Jack Krupey – Belk on Business – Episode 148 Jack Krupey has been investing in both real estate and distressed debt since 2001. He has built long term relationships with experienced real estate developers, sponsors, and syndicators over his 20-year career. Jack leveraged the 2008 financial crisis as part of a private equity fund…
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Stepping up the Leadership Game – Belk on Business – Episode 147 1) Expand your network beyond region and profession. Will bring new ideas, perspectives, and challenges 2) Move beyond having mentors and have coaches that will hold you accountable. Coaches provide honest and timely feedback. 3) Shift mindset from focusing on profit to leading with p…
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Maximizing Growth and Profit with Pam Jordan – Belk on Business – Episode 146 Pam Jordan is a no-nonsense financial expert and speaker. Pam specializes in analyzing and streamlining the backend of fast-growing companies as well as efficiently creating more profit and strategic growth. Pam can translate the hidden message your numbers are saying abo…
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The “Be’s” of Business Relationships – Belk on Business – Episode 145 To be effective in business relationships, there are a few “be’s” we should consider: 1) Be present in the moment 2) Be authentic /be vulnerable 3) Be honest 4) Be grateful/be complimentary 5) Be kind Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj​​​​​​​​​​…
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Internal / External Alignment – Belk on Business – Episode 144 There will be parallels or alignment between how you conduct your business internally with culture and team and externally with clients if your business is going to strive. Four areas of alignment: 1) How easy is it for clients to do business with you and how easy it for employees to wo…
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