Supply: Nick Nelson Brandpreneur Atlanta / Different
Nicole Gillyard, often known as “The Revenue-ista,” is a Licensed Public Accountant (CPA), finance coach, enterprise educator, and speaker with over 30 years of expertise.
Because the CEO of By The Numberz CPA™, she helps people, entrepreneurs, nonprofits, and companies navigate advanced tax legal guidelines, maximize earnings, and construct wealth. In 2025, Nicole plans to open the C-Park Enterprise Hub in Faculty Park, Georgia, a dynamic venue that includes co-working areas, skilled enterprise suites, and enterprise teaching programs.
In an unique interview with MadameNoire, Nicole shares her insights on tax methods, wealth constructing, and navigating modifications in tax legal guidelines as we strategy the brand new tax season.
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MadameNoire: Why do they name you “The Revenue-ista”?
Nicole Gillyard: “The Revenue-ista” was created to step out from behind the normal CPA desk and join with folks on a extra relatable stage. It permits me to mentor, coach, and share information on platforms like TikTok about tax points, enterprise methods, and extra. The objective is to supply real-time data that helps enterprise homeowners develop and succeed.
What are the most important errors entrepreneurs and small enterprise homeowners make throughout tax season, and the way can they keep away from them?
The most important mistake occurs earlier than tax season—it’s poor record-keeping. Many entrepreneurs give attention to earning profits however neglect to trace their earnings and bills correctly. I at all times advocate establishing an accounting system that automates the method, pulling transactions out of your checking account to create reviews like a profit-and-loss assertion on the push of a button.
One other widespread mistake is just not understanding their enterprise entity. Many function as LLCs with out realizing they may profit from altering to an S-corporation to scale back self-employment taxes. The important thing indicator? In case your tax return exhibits vital self-employment taxes, it’s time to seek the advice of an expert about restructuring.
What updates to tax legal guidelines ought to people and companies pay attention to in 2025?
Adjustments to tax legal guidelines typically range relying on the administration in energy. Below the earlier administration, there have been business-friendly tax provisions, and with the brand new administration, we may even see modifications that impression deductions, tax credit, and compliance. For 2025, companies ought to keep knowledgeable about potential changes and seek the advice of professionals to grasp how the updates apply to their particular conditions.
Are you able to share some fast suggestions for constructing wealth whereas managing taxes?
Completely. First, create a monetary plan that features retirement financial savings, investments, and tax-efficient methods like maximizing deductions and contributing to tax-advantaged accounts. Second, prioritize money circulation administration by separating private and enterprise funds. Lastly, constantly educate your self or search recommendation from professionals to make knowledgeable monetary selections.
There’s a lot data on the market in regards to the BOI. What’s it? Do we have to grow to be compliant? When is the deadline?
The BOI (Useful Possession Info) report has induced numerous confusion for enterprise homeowners, and understandably so. Right here’s the explanation for it: There’s a big quantity of terrorism, white-collar crime, and embezzlement taking place via shell corporations. These crimes value the federal government some huge cash to analyze and establish the actual homeowners behind these corporations.
The BOI report places the duty on enterprise homeowners to report their possession data. This helps legislation enforcement know who owns what enterprise, their curiosity in it, and whether or not the entity is overseas or home. It’s basically a database meant solely for legislation enforcement, not public use.
Initially, the requirement was for companies established earlier than December 31, 2022, to file by December 31, 2025. Nevertheless, courtroom challenges have deemed it unconstitutional for particular plaintiffs, and later, a broader ruling included all small companies. Proper now, as of in the present day, the BOI report is voluntary.
I do count on this to alter. As soon as a brand new administration is in place and the courtroom instances are resolved, there’ll probably be a brand new deadline. My recommendation is, in case you’re not doing something improper, go forward and submit your data.
How do enterprise homeowners grow to be compliant?
It’s all on-line. Go to the official web site at finCEN.gov/BOI. The positioning comprises historic data, submitting tips, and the hyperlink to file your report.
For those who personal a number of companies, you possibly can create a FinCEN ID. This ID shops your private data, making it simple to file for a number of entities. For instance, I filed for 5 companies in simply 20 minutes.
Is there a value related to submitting?
No, there’s no payment to file in case you go on to the official web site. Some corporations cost charges, typically as excessive as $250, to deal with the submitting, however that is pointless. Submitting is simple and free if accomplished via FinCEN’s web site.
Any ultimate recommendation for enterprise homeowners about BOI?
Simply be proactive. Although it’s voluntary now, it’s higher to conform early. The method is straightforward, and there’s no value.
One other standard query that has been floating round social media is how will tariffs impression Black shoppers and enterprise homeowners in 2025?
Tariffs typically lead to elevated prices for imported items, which may trickle all the way down to shoppers. For Black enterprise homeowners, notably these in retail or manufacturing, these prices can have an effect on profitability. To mitigate the impression, it’s vital to diversify suppliers, renegotiate contracts, or discover home sourcing choices.
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Shifting gears, what are your prime three suggestions for enterprise homeowners and people to financially put together for the 12 months forward?
For enterprise homeowners, my prime three suggestions can be:
Reinvest in what you are promoting. That is the 12 months to pour assets into the property and human capital what you are promoting wants. Sure, it’d imply spending cash, however these investments will place you for fulfillment in the long term.
Put together for modifications. Keep knowledgeable about business tendencies and adapt accordingly. Being proactive quite than reactive is essential.
Construct monetary reserves. Having a monetary cushion is crucial for navigating surprising challenges and seizing new alternatives.
For people, I’d counsel:
Set clear monetary targets. Know the place you need to go and map out a plan to get there.
Educate your self. Monetary literacy is vital—study taxes, investments, and financial savings methods.
Keep disciplined. Stick with your price range, and keep away from impulse spending. Small, constant actions result in vital outcomes.
Inform us in regards to the C-Park Enterprise Hub you’re opening and the way you intend to assist entrepreneurs.
The C-Park Enterprise Hub will open in March 2025 in Faculty Park, Georgia. It should function co-working areas, skilled suites, and enterprise teaching programs beneath my “Begin, Keep, and Financial institution Income™” framework. The hub is designed to empower entrepreneurs by offering the instruments, assets, and training wanted to construct sustainable companies.
The objective is to create reasonably priced, skilled workplace area for small enterprise homeowners. My observe can be situated on the higher stage, whereas the decrease stage will home an training heart. I’m captivated with instructing enterprise training, and this area will permit me to carry my programs to Faculty Park and collaborate with different organizations.
Finally, I would like the hub to be a useful resource the place entrepreneurs can function their companies affordably whereas getting access to instruments and information to assist them develop.
When can the group count on it to open?
We’re planning to launch on Could 17. Renovations are nonetheless underway, and I would like the inside to really feel elegant but welcoming, although the area can be reasonably priced.
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