Vast Voice: Telling Business Secrets to Entrepreneurs‪!‬ R. Kenner French and VastSolutionsGroup.com

Kenner interviews Harvey Goldberg, an experienced professional in commercial property loan financing. They discuss various topics related to commercial finance, including the role of technology, changes in the industry, entering the commercial loan space, adding value to clients, the importance of experience, and the right time to invest in commercial properties.



Harvey emphasizes the need for experience and partnerships in the industry and advises against waiting for interest rates to go lower. He also provides his contact information for those interested in reaching out to him.

Scott Brazdo shares his entrepreneurial journey, from starting a detailing business at a young age to pursuing a music career and eventually founding a marketing agency and real estate company. He emphasizes the importance of niching down in marketing and connecting with customers on a limbic level.



Scott also highlights the significance of focusing on one project at a time and finishing it. He concludes by offering his contact information for those seeking advice or assistance.

AI: Your Secret Weapon for Business Success (It's Easier Than You Think!)



Feeling lost in the tech world? Imagine having a super-powered tool to help your business grow. That's AI!



Your host, R. Kenner French, wrote an article years ago titled that well before the big AI wave. This episode breaks down how AI can be YOUR secret weapon for success.

You doing your own taxes as an entrepreneur? It is tough but possible. These tips may help:



Keep your tax and financial documents for at least 7 years. If you’re ever audited, you’ll need those records. Any claims made at tax time require supporting documentation. Keeping good records is an excellent idea for any small business because it encourages organization. It is very difficult to reconstruct records at a later date.Know your deadlines. It isn’t all about April 15th. While most business entities can wait until “tax day,” C-corporations are required to file within 10 weeks after the fiscal year ends, which is normally December 31st.Understand your loans. The IRS doesn’t classify most business loans as income. But the interest paid on loans is generally a deductible expense. It’s important to have records regarding the use of any loans. It might be for equipment or to finance some other activity.Know the different types of audits. There are several types of audits and some are more intimidating than others.



Office audit: Generally this is a simple audit. You’ll be requested to report to your local IRS office to resolve some discrepancy.


Correspondence audit: You’ll just be asked to send in a document via mail or fax.





Field audit: These tend to be very thorough audits and they are conducted at your place of business.




Criminal investigation audit: Consult your lawyer. You’re suspected of tax evasion.

Pay your quarterly tax bill. This is a common mistake. If you have an employer, your taxes are regularly taken out of your paycheck. If you’re self-employed, you’re required to estimate your tax each quarter and pay it. Failure to pay this can result in a significant tax penalty.




You might also end up with a bigger tax bill than you can handle in a single payment. Make a habit of setting aside a portion of your profit each month in anticipation of paying your quarterly taxes.

Prepare early. The vast number of tax filers wait until the last minute. If you’re expecting a refund, this can be the worst time to file. The IRS is overwhelmed with all the tax returns that pour in. However, this can also be the best time to avoid an audit. Preparing your tax return early leaves you time to find any missing documents and answer any questions.



Get help. Depending on the complexity of your business’s finances, hiring an expert to prepare your tax return might be a good idea. In theory, the money you spend ought to result in a smaller tax burden. It’s also helpful if any legal issues arise.

Avoid using taxes collected from employee payroll to pay business expenses. This common practice upsets the IRS greatly. When you withhold taxes, send them to the IRS!

Join us a R. Kenner French shows the audience exactly how a Podcast episode is published on the VastSolutionsGroup.com website.

You asked for a 2023 quick reference guide to retirement planning for the small business owner — so here you go. Some plan options for small entities and the self-employed include SEP-IRAs, SIMPLE IRA plans, SIMPLE 401(k) plans, and individual 401(k) plans. Each plan has specific features, requirements, and contribution limits that should be considered when choosing the right plan for your business.


SEP-IRAs (Simplified Employee Pension)


Ideal for small businesses and self-employed individuals
Employer-funded, with flexible annual contribution limits
Contributions are tax-deductible for employers
Easy to set up and maintain, with low administrative costs
Employees are immediately 100% vested in their accounts

2. SIMPLE IRA Plans (Savings Incentive Match Plan for Employees)


Designed for small businesses with 100 or fewer employees
Both employers and employees can contribute
Employers must choose between matching contributions or making non-elective contributions
Mandatory annual contribution requirements for employers
Lower contribution limits compared to other retirement plans

3. SIMPLE 401(k) Plans


Similar to SIMPLE IRA plans but with 401(k) features
Designed for small businesses with 100 or fewer employees
Both employers and employees can contribute
Employers must choose between matching contributions or making non-elective contributions
Allows for loans and hardship withdrawals

4. Individual 401(k) Plans (Solo 401(k))


Suitable for self-employed individuals and owner-only businesses
Both employers and employees (in the case of owner-only businesses, the owner and their spouse) can contribute
Higher contribution limits compared to SEP-IRAs and SIMPLE IRAs
Allows for loans and hardship withdrawals
More complex administration compared to SEP-IRAs and SIMPLE IRAs