What Small Business Owners Must Know for Stress-Free Year-End Accounting

Small Business, Big Lessons We kick things off with Troy Henriksen sharing his journey as a law student who’s also running a thriving pressure-washing business in Central Ohio. From starting with a YouTube video to building “Drip Drop and Wash” into a legitimate LLC, Troy embodies the entrepreneurial hustle.

A Big Thanks to our sponsor, Harper Plus Accounting. They provide more than just basic transactions, offering expert business consultation as well. They go beyond the basics, providing comprehensive advice on saving, planning, and optimizing taxes.

The Essential SMB Survival Guide - Glenn Harper breaks down what small business owners must do as the year wraps up:

• Get Your Books in Order: Track every dollar in and out, and don’t fall prey to sole proprietor shortcuts that could haunt you at tax time.
• Plan Proactively: Don’t wait until April! Work with your accountant all year to avoid nasty surprises and leverage smart purchases and deductions before December 31st.
• Employee vs. Subcontractor: Misclassification is rampant and risky. Learn why treating workers properly—W2 vs. 1099—can save you from major fines and even criminal investigations.
• Lessons on Liability & Structure: It’s easier and safer than ever to create an LLC in Ohio. Shield your personal information and assets while setting yourself up for long-term growth.
• The School of Hard Knocks (and How to Dodge It): Why investing in professionals for accounting, legal, and business setup pays off tenfold, even if the upfront cost feels daunting.

New Tax Changes on the Horizon - Steve Palmer and Glenn Harper talk through the latest in federal tax legislation, from permanent standard deduction increases to bonus depreciation. How will overtime and tips play out in the new bill? Our team is still sorting through the wild, wild west of reporting and compliance!

Capitalism vs. Government—Who Wins for Customers? The episode ends on a candid note about the power of competition and hard work—why private business always outperforms government bureaucracy, what customer service really means, and why your reputation (especially in the age of social media) matters more than ever.

Quick Tips from This Episode:

• Work with your accountant all year, not just at tax time.
• Invest in your business in December if you need equipment or deductions.
• Treat your employees right—don’t risk the fines.
• Build a business model you enjoy and are good at.
• Accept that setbacks happen; what matters is how you respond.

Recorded at the 511 Studios, in the Brewery District in downtown Columbus, OH.

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Stephen Palmer is the Managing Partner for the law firm, Palmer Legal Defense. He has specialized almost exclusively in criminal defense for over 26 years. Steve is also a partner in Criminal Defense Consultants, a firm focused wholly on helping criminal defense attorneys design winning strategies for their clients.

Norm Murdock is an automobile racing driver and owner of a high-performance and restoration car parts company. He earned undergraduate degrees in literature and journalism and graduated with a Juris Doctor from the University of Cincinnati College of Law in 1985. He worked in the IT industry for two years before launching a career in government relations in Columbus, Ohio. Norm has assisted clients in the Transportation, Education, Healthcare, and Public Infrastructure sectors.

Brett Johnson, My Podcast Guy®, is an award-winning podcast consultant and small business owner for nearly 10 years, leaving a long career in radio. He is passionate about helping small businesses tell their story through podcasts, and he believes podcasting is a great opportunity for different voices to speak and be heard.