EP16: What Every Single Business Owner Needs To Do

<p>So many business owners are consistently making the same mistakes over and over again because they don't know any better way. Nobody's guiding them, and nobody's telling them what they need to make a significant change in their business and finances.<br /> <br /> In this Wealthy CEO Accelerator podcast episode, learn the main mistakes that businesses make every year and know how you should avoid them.<br /> <br /> KEY TAKEAWAYS:<br /> <br /> ✔️ Entrusting your entity selection to Google. A few weeks ago, we signed up a couple in business as Amazon sellers making 700-800K dollars. They came up with being a multi member LLC as husband and wife. They said, "oh, we just Googled it. We just followed the instructions online". In their specific situation, multi member LLC is not the best entity and will lose a lot of money. They said, "We wish that we had the proper guidance." After assessing, we decided to convert them to an S-CORP as soon as possible. We helped them, on average, save 18-25K dollars every year by converting to S-CORP. That varies based on your specific situation, but a lot of businesses, again, come to us, and they say they chose their entity because they just Googled it and got the wrong information.<br /> <br /> ✔️ DIY Bookkeeping. The second mistake that we're seeing as business owners are doing their bookkeeping themselves. They don't know what's deductible and what's not deductible. They don't understand how they can deduct their expenses, like their home office, mileage, and car expenses for business and personal. They don't know how to split the costs. They don't know how to hire their children or specifically lower their taxable liability and allocate specific transactions into Quickbooks. They think they know, but they don't have someone reviewing it.<br /> <br /> ✔️ Business owners are not paying their estimates quarterly. So you need to know how much you need to pay quarterly and want to make the payments every quarter based on the exact numbers you have.<br /> <br /> ✔️ Lack of tax plann