Tax Planning for Small Businesses With Becky Brown & Morgan Holmes

Becky Brown

Becky Brown and Morgan Holmes are the Founders of Stride, a comprehensive tax planning, bookkeeping, and accounting firm that helps companies accelerate growth. With a combined background in bookkeeping and taxation, Morgan and Becky joined forces to help MSPs, digital agencies, and professional services firms achieve their business goals through better financial planning and accounting. Focusing on small to midsize companies, Becky and Morgan help streamline financial operations by coordinating strategic planning with effective tax management.

Here’s a glimpse of what you’ll learn:

[3:15] Morgan Holmes shares an overview of Stride’s comprehensive financial services
[5:38] Becky Brown explains Stride's unique hands-on approach to managing accounting
[8:06] The benefits of combining bookkeeping, accounting, and tax advising under one roof
[16:38] Why should you plan your exit strategy years in advance?
[17:42] How accurate forecasting supports better financial decision-making
[19:57] Common bookkeeping mistakes and their impact on tax filings
[22:08] What are the implications of choosing the appropriate entity type?
[28:34] The impact of AI and technology on modern bookkeeping
[33:08] A preview of potential tax law changes coming in 2025

In this episode…

Keeping your books in order may be a chore, but it is essential to the financial success of any business. Whether it’s setting strategy, improving profitability, minimizing expenses, managing payroll, or navigating tax laws, accurate financial records are essential to making informed decisions and achieving sustainable growth. How can you incorporate all these elements into your annual business plan?

According to financial experts Becky Brown and Morgan Holmes, start with a check-up of your balance sheet and income statement. They highlight the importance of not only recording transactions accurately but also understanding the interplay between your balance sheet and income statement. Then, set cash flow projections and ensure that your “accounting team” is on the same page.

A holistic approach ensures accurate record-keeping, tax filing, and improves forward-looking projections. When paired with proactive tax planning, business owners can make more strategic decisions, maximize deductions, manage liabilities, and free up cash to invest in the growth of their business or personal financial goals. With these tools, businesses can reduce friction, improve efficiency, and gain peace of mind.

In this episode of the Pillar6 Podcast, Roman Polnar sits down with Becky Brown and Morgan Holmes, Founders of Stride, to discuss the essential strategies for smarter bookkeeping and tax planning. They cover the critical importance of monthly financial reviews, the benefits of aligning bookkeeping and tax services under one team, and actionable year-end tax-saving tips. Becky and Morgan also share insights on choosing the right entity structure for your business and planning for future financial changes.

Resources mentioned in this episode:

Quotable Moments

"A good accounting team helps us save on taxes and minimize some of our expenses, but a great team also helps us form strategy and gain important insights."
"The most important thing for us is to make sure your books are in solid shape."
"We want the quality. We want to spend time with our clients and really be their financial advisor."
"It's the classic situation of garbage in, garbage out. If we get a bad set of books, the return is not going to be very well-prepared."
"Oftentimes, clients that aren't computing estimated tax payments or aren't talking to their CPAs regularly don't know what the cash flow impacts of tax are."

Action Steps

Regularly communicate with your financial team, especially for calculated quarterly taxes: This ensures you are neither overpaying nor underpaying, avoiding end-of-year tax issues or penalties.
Conduct a financial health check on your books: Look for warning signs like negative balances and stagnant accounts to identify and resolve issues early.
Embrace technology for efficient bookkeeping: Make sure to understand its limitations and supplement it with professional expertise for accuracy and strategic planning.
Review and reassess your business entity type (Sole Proprietorship, LLC, S Corp): This ensures it aligns with your current financial needs and future tax planning strategies.
Stay informed on upcoming tax law changes: Work with financial experts to adjust your business strategy based on these changes to optimize for potential new regulations and advantages.

Sponsor for this episode

This episode is brought to you by Pillar6. Pillar6 is a wealth advisory firm for successful individuals and families with active lifestyles.

Our clients appreciate having clarity and control over their finances and the peace of mind in knowing that their financial decisions are aligned with their core values, goals, and priorities. We provide financial planning services and wealth management services.

Schedule your complimentary discovery call to talk to us.

To learn more, go to www.pillar6.com or you can email us at hello@pillar6.com.