'The Profit-ista' Nicole Gillyard On Tax Tips, BOI, & Wealth Building

 

Nicole Gillyard, also known as “The Profit-ista,” is a Certified Public Accountant (CPA), finance coach, business educator, and speaker with over 30 years of experience.

As the CEO of By The Numberz CPA™, she helps individuals, entrepreneurs, nonprofits, and corporations navigate complex tax laws, maximize profits, and build wealth. In 2025, Nicole plans to open the C-Park Business Hub in College Park, Georgia, a dynamic venue featuring co-working spaces, professional business suites, and business education programs.

In an exclusive interview with MadameNoire, Nicole shares her insights on tax strategies, wealth building, and navigating changes in tax laws as we approach the new tax season.

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Nicole Gillyard: “The Profit-ista” was created to step out from behind the traditional CPA desk and connect with people on a more relatable level. It allows me to mentor, coach, and share knowledge on platforms like TikTok about tax issues, business strategies, and more. The goal is to provide real-time information that helps business owners grow and succeed.

What are the biggest mistakes entrepreneurs and small business owners make during tax season, and how can they avoid them?

The biggest mistake happens before tax season—it’s poor record-keeping. Many entrepreneurs focus on making money but neglect to track their income and expenses properly. I always recommend setting up an accounting system that automates the process, pulling transactions from your bank account to create reports like a profit-and-loss statement at the push of a button.

Another common mistake is not understanding their business entity. Many operate as LLCs without realizing they might benefit from changing to an S-corporation to reduce self-employment taxes. The key indicator? If your tax return shows significant self-employment taxes, it’s time to consult a professional about restructuring.

What updates to tax laws should individuals and businesses be aware of in 2025?

Changes to tax laws often vary depending on the administration in power. Under the previous administration, there were business-friendly tax provisions, and with the new administration, we may see changes that impact deductions, tax credits, and compliance. For 2025, businesses should stay informed about potential adjustments and consult professionals to understand how the updates apply to their specific situations.

Can you share some quick tips for building wealth while managing taxes?

Absolutely. First, create a financial plan that includes retirement savings, investments, and tax-efficient strategies like maximizing deductions and contributing to tax-advantaged accounts. Second, prioritize cash flow management by separating personal and business finances. Lastly, continuously educate yourself or seek advice from professionals to make informed financial decisions.

There’s so much information out there about the BOI. What is it? Do we need to become compliant? When is the deadline?

The BOI (Beneficial Ownership Information) report has caused a lot of confusion for business owners, and understandably so. Here’s the reason for it: There’s a significant amount of terrorism, white-collar crime, and embezzlement happening through shell companies. These crimes cost the government a lot of money to investigate and identify the real owners behind these companies.

The BOI report puts the responsibility on business owners to report their ownership information. This helps law enforcement know who owns what business, their interest in it, and whether the entity is foreign or domestic. It’s essentially a database meant solely for law enforcement, not public use.

Initially, the requirement was for businesses established before December 31, 2022, to file by December 31, 2025. However, court challenges have deemed it unconstitutional for specific plaintiffs, and later, a broader ruling included all small businesses. Right now, as of today, the BOI report is voluntary.

I do expect this to change. Once a new administration is in place and the court cases are resolved, there will likely be a new deadline. My advice is, if you’re not doing anything wrong, go ahead and submit your information.

How do business owners become compliant?

It’s all online. Visit the official site at finCEN.gov/BOI. The site contains historical information, filing guidelines, and the link to file your report.

If you own multiple businesses, you can create a FinCEN ID. This ID stores your personal information, making it easy to file for multiple entities. For example, I filed for five businesses in just 20 minutes.

Is there a cost associated with filing?

No, there’s no fee to file if you go directly to the official site. Some companies charge fees, sometimes as high as $250, to handle the filing, but this is unnecessary. Filing is straightforward and free if done through FinCEN’s website.

Any final advice for business owners about BOI?

Just be proactive. Even though it’s voluntary now, it’s better to comply early. The process is simple, and there’s no cost.

Another popular question that has been floating around social media is how will tariffs impact Black consumers and business owners in 2025?

Tariffs often result in increased costs for imported goods, which can trickle down to consumers. For Black business owners, particularly those in retail or manufacturing, these costs can affect profitability. To mitigate the impact, it’s important to diversify suppliers, renegotiate contracts, or explore domestic sourcing options.

 

Shifting gears, what are your top three tips for business owners and individuals to financially prepare for the year ahead?

For business owners, my top three tips would be:

1. Reinvest in your business. This is the year to pour resources into the assets and human capital your business needs. Yes, it might mean spending money, but these investments will position you for success in the long run.
2. Prepare for changes. Stay informed about industry trends and adapt accordingly. Being proactive rather than reactive is critical.
3. Build financial reserves. Having a financial cushion is essential for navigating unexpected challenges and seizing new opportunities.

For individuals, I’d suggest:

1. Set clear financial goals. Know where you want to go and map out a plan to get there.
2. Educate yourself. Financial literacy is key—learn about taxes, investments, and savings strategies.
3. Stay disciplined. Stick to your budget, and avoid impulse spending. Small, consistent actions lead to significant results.

Tell us about the C-Park Business Hub you’re opening and how you plan to help entrepreneurs.

The C-Park Business Hub will open in May 2025 in College Park, Georgia. It will feature co-working spaces, professional suites, and business education programs under my “Start, Stay, and Bank Profits™” framework. The hub is designed to empower entrepreneurs by providing the tools, resources, and education needed to build sustainable businesses.

The goal is to create affordable, professional office space for small business owners. My practice will be located on the upper level, while the lower level will house an education center. I’m passionate about teaching business education, and this space will allow me to bring my courses to College Park and collaborate with other organizations.

Ultimately, I want the hub to be a resource where entrepreneurs can operate their businesses affordably while having access to tools and knowledge to help them grow.

When can the community expect it to open?

We’re planning to launch on May 17. Renovations are still underway, and I want the interior to feel elegant yet welcoming, even though the space will be affordable.

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