Stupid Tax

Jul 07 2024 33 ep. 60 mins 11

Stupid Tax Podcast artwork

The world's most famous accountant, Mitchell Baldridge, and serial small business owner Scott Hambrick explore the best tax deal in America that no one is talking about: small business. They discuss all aspects of starting and operating a small business including sales, marketing, bookkeeping, taxes, and more.

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#31 - Embrace Poverty Now! The Smartest Financial Decision You'll Ever Make

Jul 07 2024 60 mins

Mitchell and Scott are back after a summer break! In June Mitchell posed a question on Twitter/X: "What's the smartest financial decision you ever made?" Mitchell and Scott read through the comments and offer their commentary. The replies range from the typical -- buying a house chealy at low mortgage rates, paying off the mortgage, investing in crypto -- to heavily lifestyle-influ

#30 - Deal Book Monday: Purchasing a Ready Mix Concrete Plant

May 12 2024 51 mins

It's time to look at more deals, this time from a listener in Houston who works in the concrete/aggregate industry and is considering purchasing a ready mix concrete plant. The owner of the plant is in his mid-70s and also owns a concrete contracting business; he acquired the plant to provide concrete for his contracting business, and supplies a handful of other customers as well.

#29 - Should You Start a Micro Gym? And Hiring Woes

May 06 2024 57 mins

Mitchell Baldridge, the world's most famous accountant, and entrepreneur-turned-farmer Scott Hambrick are back! In today's episode, they respond to a listener email asking for opinions on their business idea: a "microgym" in which customers pay a monthly fee for a time slot at a small but well appointed barbell gym. The gym would have all the necesasry equipment to train for powerl

#28 - SEO Makeover: Examining a Marketing Business with a Growth Problem

Mar 24 2024 55 mins

In the previous episode of Mitchell's Mailbag, Mitchell and Scott set aside one email to dedicate an entire episode to -- this is that email! Listener Tim W. (T-dub for short) shares his new SEO marketing business he has rolled out, and some reservations he has about growing it beyond a certain point. While T-dub only wants to grow the business enough to cover his monthly nut and a

#27 - Mitchell's Mailbag: Bad Business Ideas, Marketing for a Handyman Business, and Growing Your Customer Base

Mar 17 2024 59 mins

Mitchell Baldridge, CPA and Scott Hambrick reach into the Stupid Tax inbox and look at three questions submitted by listeners. One young business owner started a handyman business in the fall of 2023 and started off with a bang, making $14k in his first full month of operation. The following three months were lean, however, with revenue falling off signficantly and net operating lo

#26 - Why You Need to Raise Your Prices

Mar 10 2024 62 mins

Many business owners struggle with the idea of raising prices. Even in the current environment of high inflation and rapidly increasing costs for just about everything, many people struggle to raise prices. Sometimes it's in fear of losing good business, sometimes it's because raising prices feels like conflict and owners are conflict-avoidan. Other times it is because people have

#25 - The Small Business Tax Trap

Mar 03 2024 40 mins

Mitchell and Scott discuss a common problem that successful business owners encounter in their first coupe years of operation -- an income tax trap caused by rapid growth. Here's the scenario: our young business owner Connor leaves his low paying W-2 job to start a business, and it's a hit! He generates $150k in profit in his first year of operation. He leaves $50k in the business,

#24 - Why Bad Businesses Are Ponzi Schemes

Feb 25 2024 64 mins

Bad businesses are a Ponzi scheme, says Mitchell, in which owners hang on for dear life until the next check clears, only to immediately be in the hole again when the next project -- and the costs associated with it -- comes in. In fact, most businesses start this way! The job of the owner is to turn that bad starting business into a good one, a business where there is plenty of ca

#23 - Fraud Controls: How to Stop People Stealing from Your Business

Feb 11 2024 85 mins

Hang around a group of small business owners -- folks who have been in the business for a long time -- and you'll find that nearly every one of them has had someone steal from them or commit fraud at one time or another. Small businesses are prime targets for fraud and theft, mainly because they tend to have weak or ineffective fraud controls, if they have any at all! It's imperati

#22 - Do I Need a Lawyer? And Other Questions from the Stupid Tax Mailbag

Feb 04 2024 46 mins

Mitchell and Scott answer questions submitted by listeners, including: do I need a lawyer, how much do you need to know about industry to buy a business, should you ever go into debt to buy a business, and more! Ask Mitchell and Scott a question: [email protected] Stupid Tax is now on Twitter/X! @stupidtaxpod Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa