Thinking about starting a business but overwhelmed by LLCs, taxes, bookkeeping, and everything else?

In this episode of Two Accountants Talking Sh*t, Gary and Mike sit down with Brooklyn salon owner Ona Verdine (@verdine.nyc) to discuss what it really takes to launch a successful business. From testing your idea before spending money to choosing the right business structure, hiring employees versus independent contractors, tax planning, recordkeeping, and avoiding common startup mistakes, this episode blends practical advice with plenty of laughs.

Whether you're launching your first side hustle or growing an established business, you'll walk away with practical insights to help you build smarter—not just bigger.

In This Episode

• Why your first question shouldn't be "Do I need an LLC?"

• The one question every entrepreneur should ask first: Can you sell it?

• How to validate a business idea before spending thousands of dollars.

• When you should form an LLC—and when you shouldn't overthink it.

• Why separating personal and business finances makes tax time easier.

• Simple bookkeeping systems that work for new businesses.

• Employee (W-2) vs. Independent Contractor (1099): what's best for your business?

• How salon owner Ona Verdine built a thriving business in less than a year.

• Why transparency with employees builds stronger teams.

• Understanding sales tax, payroll taxes, and business expenses.

• Why year-end tax planning can save business owners thousands.

• Can AI replace your accountant? Gary and Mike weigh in.

• Why having the right accountant reduces stress and helps you focus on growing your business.

Key Takeaways

• Test your idea before investing heavily.

• Don't let perfection delay getting started.

• Good bookkeeping is about organization—not expensive software.

• The right business structure can save significant money in taxes.

• W-2 employees and 1099 contractors have very different legal and tax implications.

• Tax planning is a year-round strategy, not a last-minute task.

• AI is a great research tool—but it doesn't know your unique tax situation.

• The best investment a business owner can make is finding an accountant they trust.

FREE Download

How To Start A Business 90 day Checklist

Download the FREE companion guide mentioned during this episode.

Inside you'll learn:

• How to properly start your business

• LLC & EIN setup

• Business banking essentials

• Bookkeeping checklist

• Tax planning reminders

• Payroll basics

• Questions to ask your accountant

• Important deadlines every new business owner should know

⚠️ Legal Disclaimer

The information discussed in this podcast is intended for general educational and informational purposes only and should not be considered tax, accounting, legal, or financial advice. Every individual's and business's circumstances are unique. Before making financial, tax, legal, or business decisions, consult with a qualified CPA, tax professional, attorney, or financial advisor who can evaluate your specific situation.

Listening to this podcast does not establish a client relationship with the hosts or any companies with which they are affiliated.

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What happens when college athletes suddenly start earning six- and seven-figure NIL deals?

In this episode of Two Accountants Talking Sh*t, Mike and Gary break down the rapidly evolving world of Name, Image, and Likeness (NIL) agreements and the tax implications many student-athletes never see coming.

The conversation explores how NIL income can effectively turn college athletes into business owners overnight, often without proper tax planning, withholding, or financial education. Mike and Gary explain why NIL earnings are often subject to self-employment tax, how athletes may be able to deduct legitimate business expenses such as training, coaching, travel, and marketing, and why forming an LLC or other business entity may help support long-term financial goals.

They also discuss the growing complexity of multi-state taxation as athletes travel for appearances, endorsements, camps, and promotional events. Many athletes may owe taxes in multiple states, creating additional filing requirements and potential surprises at tax time.

Beyond taxes, the hosts examine the broader economics of college sports, including whether state income tax rates could influence recruiting decisions and how schools in no-income-tax states may gain a competitive advantage in the NIL era.

Topics covered include:

• NIL tax basics for college athletes
• Self-employment tax explained
• LLCs and business entities for athletes
• Tax deductions for NIL income
• Multi-state tax filing issues
• Royalty income vs. earned income
• NCAA and NIL financial planning
• How taxes could impact recruiting
• The future of NIL legislation and tax law

This episode is essential listening for student-athletes, parents, sports agents, college recruiters, coaches, and anyone trying to understand the business side of modern college athletics.

Whether you're a college athlete, parent, coach, creator, or entrepreneur, this episode explains the business side of NIL in plain English.

Because that NIL check might feel exciting... until tax season shows up.

In this episode of Two Accountants Talking Sh*t, Gary and Mike sit down with Grant Lang, a seasoned contractor and lifelong entrepreneur with more than 40 years of business experience.

From roofing and dumpster companies to restaurants and poker tournaments, Grant shares unfiltered stories about building businesses, learning hard lessons, and navigating costly tax mistakes along the way.

Together, they discuss what happens when business owners don't understand their tax obligations, why so many contractors get blindsided by the IRS, and how a little planning can save thousands of dollars.

WHAT YOU'LL LEARN

• Why many new business owners are shocked by their first tax bill

• The importance of setting aside money for taxes throughout the year

• Why quarterly estimated tax payments matter

• How poor tax planning turns into expensive tax problems

• Common tax mistakes contractors and self-employed professionals make

• When an LLC or S-Corp may help reduce taxes and protect assets

• Frequently missed business deductions and write-offs

• Common IRS audit red flags every entrepreneur should know

KEY MOMENTS

• Grant's surprise tax bill after a successful business year

• The $22,000 IRS bill caused by an unreported gambling win

• Building and franchising a valet business as a teenager

• Navigating the challenges of the dumpster industry

• Creating multiple successful businesses without ever having a traditional W-2 job

GUEST SPOTLIGHT: GRANT LANG

Grant Lang is a lifelong entrepreneur with more than four decades of experience in construction, roofing, waste management, hospitality, and business ownership.

His journey highlights the reality many entrepreneurs face: learning through experience, making mistakes, adapting quickly, and continuing to grow.

If you're a contractor, freelancer, or business owner:

• Treat yourself like a business

• Work with a proactive tax professional, not just a tax preparer

• Plan ahead instead of reacting at tax time

• Remember: the IRS always gets paid—make sure you're prepared

CONNECT & FOLLOW

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https://www.tiktok.com/@twoaccountantspodcast

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https://www.youtube.com/@TwoAccountantsPodcast

Listen on Apple Podcasts, Spotify, Amazon Music, iHeartRadio, or wherever you get your podcasts.

DISCLAIMER

The information discussed in this podcast is provided for educational, informational, and entertainment purposes only and should not be considered tax, legal, accounting, or financial advice.

Every tax situation is unique. Before making any financial, tax, or business decisions, consult with a qualified tax professional, CPA, attorney, or financial advisor regarding your specific circumstances.

Views and opinions expressed by guests are their own and do not necessarily reflect those of the hosts, producers, or affiliated organizations.

For personalized tax guidance, contact 1-800Accountant or another qualified tax professional.