Bundle Package - Master Your Business Finances: Your Financial Road Map To Success Parts 1 - 3

• Have you ever wondered what type of business legal structure you should choose for your business?

• When you decide to start a business, one of the most important decisions you have to make is choosing a legal structure for your business.

• The type of legal structure you choose holds the key to how you will ultimately run your business according to government requirements.

• Your entity type will determine the type and number of tax return(s) you are required to file, how you are required to pay yourself and your workers, the type(s) of forms, and data the government and other third-parties will request from you in the event that you have to provide financial data.

• It also determines how you handle your bookkeeping and the way you communicate with the IRS.

• Tax planning is the analysis of a financial situation or plan from a tax perspective.

• The purpose of tax planning is to ensure tax efficiency.

• Through tax planning, all your financial plans work together in the most tax-efficient manner possible.

• Tax planning is an essential part of an individual’s and a business’s financial plan.

• Reduction of tax liability and maximizing the ability to contribute to your retirement plan is crucial for success.

• Is your worker an independent contractor or an employee? Are you sure?

• According to the Economic Policy Institute, an estimated 10-15% of employers misclassify at least one worker as an independent contractor.

• That percentage is a lot higher in some industries, for example, the beauty industry.

• Intentional or not, worker misclassification is considered a crime that can result in severe financial penalties and other forms of punishment.

• So, how can you be sure that you are correctly classifying your workers?

• In this class, you will learn the two major tests used in the united states to determine worker classification

• According to federal tax law, taxes must be paid as you earn or receive income during the year.

• Taxes are paid through withholding or estimated tax payments.

• We will discuss the various ways you can determine how much to pay each quarter and the multiple ways to make your estimated payments.

• You will also be given access to a tool that will assist you in calculating your quarterly tax payments.

• You are great at what you do, but you struggle every year at tax time because you didn’t keep up with your income, expenses, or your receipts from the prior year. 

• Does this sound like you?

• If you answered yes, you are not alone.

• In this section you will learn everything you need to do to make sure you are always prepared for tax season.

• You will also receive a list with an explanation of how to take all of tax deductions you are entitled to

• Who should receive one?

• Who should give one?

• What to do if a salon owner refuses to provide you with their tax ID Number or fill out a W9 - which is needed to prepare 1099’s.

• Understanding the new 2020 form 1099

• You’ll learn how to manage your business finances before, during, and after April 15th.

• We will discuss bookkeeping resources and software from free to paid and somewhere in between.

• In order to reach your destination, you MUST have a plan.

• The plan can take several different forms (a map, a GPS, a budget, cash flow projections, etc.).

• No matter the form you choose, two things are required, 1) a strategy and 2) a way to measure your progress.

• In this section, you will learn how to set specific financial goals.

• You will also have access to a ready-made tool that will assist you in setting and meeting your goal(s)

• When setting prices for your services, there are several variables that need to be taken into consideration.

• Determining your prices based on what you think your worth, or what someone on social media says isn’t the right strategy to use when pricing your services.

• When you ask someone what they charge, you don’t know what goes into their pricing factors.

• You could be in a different location or another state where the cost of living is different. Therefore, what they charge may not necessarily be what you need to charge to make sure that you are breaking even and making a profit.

• In this section, I will discuss the four main drivers to consider when pricing your services

• You will also have access to a ready-made tool that will assist you in calculating what it costs you per hour to provide a service, and how to price that service to achieve your desired financial goals.

• Paying bills for most of us is a never-ending cycle regardless of what’s going on in our lives. COVID or no COVID, our bills were and are still due every month.

• It’s a challenge to save money when you are doing everything you can to stay ahead.

• The reality is that no matter what our financial situation looks like, emergencies are bound to occur, so we need to develop a safety net.

• This section will provide you with five things you should do to build a financial safety net.

• Where do you start?

• How to determine your retirement needs.

• Calculating your future income needs.

• Should you have an individual retirement account?

• Who do you need to contact for help with planning and setting up your retirement account?

• When preparing for tax time, you want to ensure that you received every dollar back you’re entitled to.

• With the IRS tax code being over 70,000 pages, it’s unlikely you’re aware of every deduction you may be eligible for.

• Here are 11 deductions that beauty industry professionals should not overlook.

• Do you wonder where your money goes each month and why you can’t seem to see the end of the road when it comes to your personal debt?