Are you making about less than 10-15K dollars monthly, or at least one 100K on an annual basis and not yet ready to hire accounting firms? In this new episode, learn these valuable tips to get out of the dark and extract IMPORTANT and wise advice to help you go forward on what to do and watch out for after selecting your business entity.

KEY TAKEAWAYS: 

✔️ Do not assume that you automatically become an S-CORP when filing FORM 2553. Get confirmation after you faxed your documentation over to the IRS within seventy-five days, or else you will end up overpaying your taxes because you are the wrong entity.  

✔️ Open a bank book to your new entity ASAP.  This can be pretty common sense, but many business owners do not know. Inform your vendors to start paying you to that account Also all of the income would be reported under your entity name.

✔️ Excel versus QuickBooks for your small business. If you're not making that much money yet, Excel may be better where you report your income and expenses, and you're good as you start growing. You want to delegate and outsource this piece later on, to not waste a lot of time on software that you don't need to learn because you're not an accountant. 

✔️ Business owners should not decide how much the payroll should be. Your accountant should tell you how much your payroll is based on your living expenses to look at accurate financials to make proper decisions. The problem is, a lot of these bookkeeping software companies do incorrect bookkeeping. 

✔️ Ensure that you are legally protected and can save the most money in taxes. So many attorneys don't understand tax rules because they only understand legal protection. It would be best to speak to a tax expert who would tell you to reduce tax liability by making sure you are the correct entity.

Did you ever imagine spending this much time on your financials

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