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

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!

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Learn more about Brian and his firm at stiddcpa.com.

00:00 Intro and location at Brian’s Glens Falls office
02:18 Brian’s background and career path
03:26 Types of clients and small business focus
04:50 Fixing bad tax returns and CPA quality
06:29 Are IRS audits still happening?
08:53 AI’s role in accounting and new tools
12:15 Email overload and time management struggles
14:02 Common tax mistakes small business owners make
17:34 When (and when not) to become an S Corp
20:00 Adding partners and structuring ownership
21:40 Will the IRS or income tax go away?
24:00 Do financially minded owners perform better?
26:11 Tax changes: tips, Social Security, and more
27:27 The real details of “no tax on overtime”
29:35 Updates to 2017 tax cuts and QBI
31:16 Self-employment tax and S Corp savings
33:34 Challenges of doing business in NY State
35:33 SALT deduction increase and local impact
41:07 How to track profitability and simplify QuickBooks
46:00 Weekly reporting, dashboards, and metrics
48:05 Top advice: call your accountant before big moves