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Run Your Business Like a Business
Manage episode 307148672 series 3003631
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Not treating your business like a business could be costing you tens of thousands of dollars in taxes every year.
First, you need to separate your finances. Keep your business account separate from your personal account. Mixing finances is called “piercing the corporate veil,” and that can render your LLC protection essentially useless.
Also, if you aren’t keeping business expenses separate, you could be missing a LOT of tax deductions come tax time. If you can’t tell what expenses are personal and which ones are business, how can you deduct them? You can’t!
When making business decisions, are you looking at your numbers first? What if the one offer you weren’t excited about anymore turned out to be your #1 bestseller and you dropped it and lost all those sales? Do you understand where your profits are coming from?
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DISCLAIMER: I am not a financial advisor and this is not financial advice. My podcast is for educational purposes and is my personal opinion only. To make the best financial decision for your situation, please do your own research and if needed, seek the advice of a fee-based, fiduciary.
Music credit: Neon Fairies by Wolves
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