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Podcast S3E48 – FB Live 60 – Building your virtual team, part 3: Taxes

 

Listen to this episode in podcast/audio format here

Transcript of this podcast episode available here

In this week’s episode of the Legal Road Map® podcast, I talk about what you need to know about taxes for a virtual or location-independent businesses from a legal standpoint. Whether you’re running an online business, or you have locations or customers in other states, one fact remains the same, your business has to pay taxes!In this week’s Facebook Live video and podcast episode I cover:

– The different types of taxes your business may have to pay (so you can make sure you don’t miss one!)- What you need to prepare for if you sell to customers in a state outside the state where your business is registered- Paying taxes in other states where you have employees or customers- The consequences you could face if you don’t pay your taxes- Free resources to help figure out what taxes your business needs to pay

Key takeaway: No matter which state your business calls home, you have to pay taxes, and it may be in more than one state if you’re selling or have employees or contractors in other states. Make sure you’re not at risk for a potentially costly audit by seeking the advice of a professional.

www.awbfirm.com/podcast48

This podcast is information, not legal advice specific to your situation.

July 25, 2018

Podcast S3E43 – FB Live 55 with Heather Pranitis – Bookkeeping

 

Listen to this episode in podcast/audio format here

Transcript of this podcast episode available here

Bookkeeper and financial advisor Heather Pranitis from Number Nerd Bookkeeping Solutions and I talked about why you need to know the numbers in your business if you want to scale to seven-figures.

We talked about what numbers you should be keeping your eye on (overhead! profitability!) as you grow. Heather also explained what a bookkeeper can help with, and why it’s worth talking with one early in your business, when you’re still keeping your own books, to make sure you are set up and recording things correctly.

We also chatted about when is the right time to hire a bookkeeper, and how to find someone who understands YOUR business’s revenue streams and systems. Heather stressed how your professional advisors (attorney, CPA, bookkeeper) should work together and be able to talk to each other to support your growing business.

Heather outlined the benefits to working with a bookkeeper, including understanding what your numbers really mean, getting time back by outsourcing bookkeeping, and gaining an outsider’s perspective and analysis of your business’s finances.

Then we went down the rabbit hole of how it might cost you more in the long run to keep your own books once your revenues reach a certain point, especially if you are using Paypal or Stripe or running payroll.

Find Heather’s business workflow templates (they’re awesome) here:

Business Workflow Templates

I’ll be interviewing more of my favorite pros in these categories later this month; you don’t want to miss it!

Number Nerd Bookkeeping Solutions is a full-service virtual bookkeeping firm that helps individuals and businesses of all sizes get their numbers in order. Number Nerd offers monthly bookkeeping and payroll packages, QuickBooks file reviews, QuickBooks training, accounting software setup, accounting cleanup, and business process consulting services to their clients around the world. Owned and operated by experienced bookkeeper and accounting workflow consultant, Heather Pranitis, Number Nerd excels at delivering customized solutions to bookkeeping challenges, easy-to-read financial reports, and simple answers to tough finance-related questions. The Number Nerd team partners with their clients to improve bookkeeping processes and establish good accounting habits.

Sign up below to get a free 5 Minute Intellectual Property Audit.  You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This podcast is information, not legal advice specific to your situation.  

June 20, 2018

Podcast S3E42 – FB Live 54 – Melissa Whaley – financial planning

 

Listen to this episode in podcast/audio format here

Transcript of this podcast episode available here

Tax advisor and financial strategist Melissa Whaley and I talk about why having a tax pro on your team is essential as you grow your business towards seven- or eight-figures! Learn the benefits of working with a financial advisor, how a pro can save money both short-term and long-term, and some pitfalls of DIY’ing this area of your business.

Melissa also explained the tax advantages to filing taxes as an S corporation, and when a business owner should at least have a consultation with a financial advisor who can help with tax planning.

We even talked about how you can lose the liability protection an LLC or corporation provides for your personal assets if you are commingling personal and business funds (piercing the corporate veil).

You can find out more about Melissa and her services here: https://melissawhaley.com/

I’ll be interviewing more of my favorite pros in these categories later this month; you don’t want to miss it!

Melissa Whaley is a licensed Tax Professional, Financial Strategist, and California Momma of 4. Melissa works virtually with creative business women who light up over their work and freak out over their numbers. She helps you create accounting systems that flow easily and turn those tax panic attacks into plans of attack. Her favorite things are sipping a good latte at a coffee shop with friends and exploring outdoors with her family.https://melissawhaley.com

Sign up below to get a free 5 Minute Intellectual Property Audit.  You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This video is information, not legal advice specific to your situation.  

June 14, 2018

Podcast S3E41 – FB Live 53 – Building your professional team to grow

 

Listen to this episode in podcast/audio format here

Transcript of this podcast episode available here

This month is all about building your team of professional advisors to reach your seven- and eight-figure business goals. I’m teaching why it’s crucial to have a CPA or tax professional, bookkeeper, operations or business manager (COO), financial advisor or CFO, and yes of course a lawyer!, as well as other advisors, on your team.

In this episode I cover:

  • How new businesses can begin building your professional network of “advisors” even if you’re not ready to hire them yet
  • When business owners should hire experts
  • The types of experts a seven- or eight-figure business needs
  • How to find the right experts to work with your business
  • Why you should budget for these professional services
  • The benefits of hiring the right professionals to help you plan your business’s growth
  • How our firm works with businesses on retainer for predictable, consistent legal guidance (it may surprise you!)

Resource referenced in this episode:

I’ll also be interviewing a few of my favorite pros in these categories later this month, you don’t want to miss it!

Sign up below to get a free 5 Minute Intellectual Property Audit.  You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).

This video is information, not legal advice specific to your situation.

June 7, 2018