Master Your Business Finances: Your Financial Road Map To Success PART 1

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This class is designed for business professionals who are interested in mastering their business finances. The class will help you gain a better understanding of the things you need to do and know when you either start a business or if you are currently in business but still need business financial help.

By the end of the third day of the class, you will have a much clear understanding of your business finances and a clear plan on how to reach your goal(s).

Class Goals

Students that complete this class will successfully be able to maintain their own financial records with simplicity and ease. Students will leave this class with free access to several tools that will guide you to your business’s financial success. You will always be ready for tax season because your income and expenses will be tracked and sorted all year round (if you follow my plan). The goal is to simplify your business’s financial processes so you can focus on the operations of your business.

A BRIEF OVERVIEW OF SELECTING A BUSINESS STRUCTURE

• 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 TIPS FOR THIS AND NEXT YEAR

• 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.

WORKER MISCLASSIFICATION

• 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

MAPPING OUT YOUR YEARLY ESTIMATED TAXES

Master Your Business Finances: Your Financial Road Map To Success PART 1

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