Good Neighbor Podcast: Tri-Cities
Bringing together local businesses and neighbor of Tri-Cities. Good Neighbor Podcast hosted by Skip Mauney helps residents discover and connect with your local business owners in and around Tri-Cities, Tennessee.
Is your business serving the residents of Tri-Cities? Then, we need to talk! Visit gnpTri-Cities.com to schedule your free interview.
Good Neighbor Podcast: Tri-Cities
EP# 40: Mastering Tax Planning and Entrepreneurship: Michael Tunstall's G1 Business Group Journey on the Good Neighbor Podcast
What makes Michael Tunstall with G1 Business Group a good neighbor?
Discover the secrets to successful tax planning and business management with Michael Tunstall, the mastermind behind G1 Business Group, on the Good Neighbor Podcast. Michael shares his inspiring journey from assisting friends and family with tax returns to becoming a trusted expert for small businesses. Learn how Michael navigated the challenges of the pandemic, transitioning from G1 Tax Services to G1 Business Group, to meet the evolving needs of new entrepreneurs. Get ready for practical advice on tax return preparation, bookkeeping, and the critical steps for setting up a business entity.
But it's not all about numbers and spreadsheets! Michael also opens up about his life outside of the office. Hear how he balances his professional commitments with being a devoted father who avidly supports his daughter's athletic endeavors in track and volleyball. Plus, uncover Michael's lesser-known passion for music as he reminisces about playing the alto saxophone. This episode is packed with valuable insights and heartwarming stories, making it a truly enriching listen for anyone involved in business or simply managing their own taxes.
To learn more about The G1 Business Group go to:
G1 Business Group
(901) 341-7226
This is the Good Neighbor Podcast, the place where local businesses and neighbors come together. Here's your host, Skip Monty.
Speaker 2:Well, hello everyone and welcome to the Good Neighbor Podcast. Do you run a small business? Are you in need of accounting assistance or perhaps even tax preparation? Whether you're a small business or not? If so, you may be in luck today, because I have the pleasure of introducing your neighbor, Mr Michael Tenstall of the G1 Business Group. Michael, welcome to the show.
Speaker 3:Hey, thanks, skip for having me on this morning.
Speaker 2:Absolutely Thrilled to have you, so we're really excited I'm sure our listeners are too to hear all about you and the G1 Business Group. So if you don't mind, just tell us a little bit about your business.
Speaker 3:Absolutely Well, as Skip said, g1 Business Group. My name is Michael Tunsell. I'm the owner and the owner and sole proprietor of G1 Business Group and we are a tax and accounting firm and we specialize with. The bread and butter for us is individual as well as business tax return preparation. We also offer tax planning for those that have businesses and want to find out how to pay less in taxes. So tax planning is something that we offer, as well as bookkeeping and business entity set up. So those are the things that we do at G1 Business Group.
Speaker 2:Very good. Sounds like you've got a wide variety of services that you offer. How did you get into the tax business?
Speaker 3:Well, actually, it started early 2000s. I was preparing tax returns for friends and family, and so I decided to take a course at H&R Block, and it was pretty interesting. It grabbed my attention, and so, in 2013, what I did was I decided, decided, well, let's go back a little bit. Um, I actually understood that preparing tax returns is more than just plugging numbers, so I want to understand how. What pushed those numbers. And so I went back to school, christian brothers enrolled in an evening course, graduated from there and I started g1 business Group at that time, g1 Tax Service in 2013. And so, when the pandemic hit, what I realized was that a lot of people were setting up businesses and didn't really understand what they were doing, and so that is when we changed from G1 Tax Services to G1 Business Group, where we began to offer all of those different services that we offer now, and so that's pretty much where we are right now.
Speaker 2:Very good, very good. So what are some myths or misconceptions in your industry, michael?
Speaker 3:Okay, well, I mean there are several. So I think the biggest misconception in our industry is that most people assume that tax professionals are naturally good at math, really understands the tax code and knowing when and how to use those tax codes for their clients, you know, to get the best bang for their buck. Another misconception is that tax professionals a really good one, rather only works from January to April, and so you've got some that are really striving to work hard for their clients throughout the year, and so that's another misconception that people have as it relates to those tax professionals in the tax preparation industry.
Speaker 2:Wow, I'm not a tax professional by any stretch, but I'm a musician and I've had a lot of people in my life tell me that musicians should be really good at math too, because it's all counting and you know, and time signatures and all that. But that is not correct. This is a misconception. So anyway, anyway, outside of work, what do you do for fun, michael?
Speaker 3:Well, for fun, what I do is I'm a busy guy but I have a daughter that is. She's an athlete, and so she runs AAU track and she does, and so she's recently gotten involved with the volleyball team at her school, and so my spare time is usually going to those sporting events and cheering her on and that type of thing and so and so. And, like you, I was a former musician. Well, I still like to pick up my saxophone from time to time and so whenever I get the opportunity, I love to pick up the sax and just trying to keep my embouchure, you know, in shape. So those are the things I like to do for fun.
Speaker 3:Very good Alto or tenor Alto, yeah, alto, I love the Alto.
Speaker 2:I'm an Alto guy too and I tell you, when you go for a year without touching that thing, your embouchure just falls apart. But it's so funny how quickly it comes back. You know, it comes back really fast.
Speaker 3:Absolutely. Every now and then I get a request to play at a wedding or something like that. It's going to have to kind of get back up to shape in order to make that happen.
Speaker 2:So yeah, all right, very good. Well, let's switch gears. Can you describe in your life a hardship or life challenge that you overcame and when you came out the other side, you were stronger for it?
Speaker 3:Yeah, absolutely. I guess the biggest hardship or challenge that I've recently experienced was in January of this year. I lost my mom. She passed away unexpectedly. This was right at tax season, the beginning of tax season. I have to admit, this past tax season was one of the hardest to really chug through, you know, but the more I remember the fact that she was super proud of me, that is now my biggest motivation. And so now I'm ready to really I've kind of gotten over that hump and so now I'm ready to really make her proud and so make the upcoming year even greater, you know, because of the fact that I know that she her proud, and so it makes this the upcoming year even greater, you know, because of the fact that I know that she is proud. So so that's the biggest hardship really.
Speaker 2:Wow. Well, I understand losing your mother is a tough thing, but I am sure she's looking down with a smile on her face, very proud of you. I'm sure, absolutely, absolutely yes, sir. Smile on her face, very proud of you? I'm sure, absolutely, absolutely yes, sir. So if you could pick one thing that you would want our listeners to remember about G1 Business Group, what would that be, michael?
Speaker 3:Well, our motto is placing your success before ours, and so I based that on from a scripture in the Bible that talks about esteeming others more than yourself. And so and I based that on from a scripture in the Bible that talks about esteeming others more than yourself. And so our motto again is replace yours, the client's success, before ours. So, which means that even in some cases, if there is a situation to where it's, if there's something that's too big for us to handle, I've got a network of friends that are in the industry as well, and so, hey, I don't have a problem with passing those things along in order for the client to be successful and get what they need. And so placing your success before ours, I guess, is the thing that I really want people to understand about you. On business group.
Speaker 2:Very good, very good, great thing to remember. So how can we learn, or our listeners learn, more about you and the G1 Business Group?
Speaker 3:Absolutely. I'm asking that all of you visit the website at wwwg1taxcom that's G, the number one taxcom, and so there you can find the link to contact us, uh, to join our um, uh subscribe to our uh newsletters and so that we can keep you abreast of any changes that are in the tax industry and that type of thing. So so, yeah, that is the best way to go to our website and get your information and contact us.
Speaker 2:All right, we will do that. Well, Michael, I really appreciate you being on the show and and I wish you and the G1 business group and your family all the best moving forward. Thanks for being on the show absolutely.
Speaker 3:Thanks again, skip, for even having me on.
Speaker 2:I appreciate that absolutely, we'll have you back absolutely.
Speaker 1:Thank you so much thank you for listening to the good neighbor podcast. To nominate your favorite local businesses to be featured on the show, go to gnp try-citiescom. That's gnp try-Citiescom, or call 423-719-5873.