It’s your first year in business and with just a couple of weeks left in the year, what tasks should you be working on? Join Dave Hamilton and Shannon Jean for this episode of the Small Business show that is dedicated to helping new Small Business owners close out their first year of business.
Listen in and learn about making sure you select the right type of entity for your business – should you choose an LLC, S corp or something different? Dave spends some time discussing how Pass-through business entities work and ways to protect yourself while saving on taxes with the entity type you select. We also spend time discussing multi-member LLC companies vs. single member and why you might select one over another.
We then jump into a discussion about meeting with or finding a good accountant, identifying and tracking expenses and if you work out of your home, what type of deductions you may be able to take. All decisions that are important to discuss with your accountant, before they get busy with tax season.
It’s also a good time to start thinking about what types of insurance you might need for your new Small Business. You’ll hear some tips on selecting an insurance broker and why you will want to add them to your Board of Advisors.
We wrap of today’s show with a discussion about reviewing and negotiating supplier contracts and being sure to give yourself some credit for everything you’ve achieved and learned during the past year.
Join us today for episode 150 of the Small Business Show and then visit the Support Group to share your story, get your questions answered or help another Small Business Owner.
- 00:00:00 Small Business Show #150 for Wednesday, December 20, 2017
- 00:02:24 Welcome to your first year in business
- 00:02:53 What type of entity should your business be?
- 00:06:03 What is a Pass-through business like an LLC or an S-Corp
- 00:06:58 Multi-member vs. Single-member LLCs
- 00:09:01 Meet with – or find – your accountant
- 00:10:00 What are profits and losses and expenses?
- 00:12:42 Expenses for working out of your home?
- Internet Access
- Home office deduction
- 00:13:36 Managing Freelancers
- 00:16:15 Administrative Fees are Fair Game
- 00:18:38 Find your deductions!
- 00:21:09 SPONSOR: Storyblocks.com/sbs gets you their Triple Bundle for just $149
- 00:24:05 Insurance
- Find a good insurance agent!
- 00:29:00 Negotiating any existing suppliercontracts
- 00:30:03 Pay all bills with your credit card
- 00:30:40 Inland Marine Insurance
- 00:31:25 Give yourself some credit
- 00:32:18 Don’t be afraid
- 00:34:59 SBS 150 Outtro