Manage episode 322254135 series 2829522
We’re going practical and tactical this week on Thinking OTB with our guest Michael Velasco from Provident Accounting and talking about something that should be on the front of every entrepreneur’s mind: properly managing your taxes. It’s one of those messy subjects where there’s so much to know that it can be paralyzing to know where even to start, but if you wait too long that has its own pitfalls too. Well, that’s where the tactical part comes in because Michael is just the agent to get the ball rolling on what you need to know as a business owner.
If you’re just starting out, you’re probably more focused on getting those early successes that will be the foundation of your business moving forward. You’ve got your license and your’re ready to take the market by storm if you can. We hear you! Success is the best motivation no matter where you’re at in your business. But you also want to be set up properly, so those successes aren’t working against you when it comes to taxes.
“I think that's probably the biggest mistake, right? Real estate agents say, ‘I want to get a real estate license and be an entrepreneur,’ but they forget that it's a small business and never set up an entity. They start commingling their real estate commissions and business expenses with their personal account, and then it's a massive liability.” – Michael Velasco
“If you're good at real estate, focus on real estate and let somebody else do the accounting. I see this a lot where people just don't budget for any type of accounting for their business, and they don't want to spend the money and then it ends up costing them.” – Michael
Our conversation with Michael is all about getting to know what you don’t know about setting up your business for long term success. The truth is that you’re expected to be a subject matter expert in your field, but you’re not expected to be an expert in all things. That’s what having a good CPA is all about. Investing in people you can partner with to help guide your business is one of those nitty gritty realities of working for yourself. That’s why we have guests like Michael on, to show that there are people out there ready to help you be the best agent you can be.
“I think I get a lot of great joy in helping people. At the end of the day, it's like, ‘Hey, I've been there before.’ We're human beings, and we're just flawed creatures to begin with. The question is, how can we try to make everyone’s lives a little bit better?” – Michael
You can find Michael Velasco at https://www.instagram.com/provident_accounting/
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