Podcasts about sole proprietorships

In part 1 of this 2-part series, Annie and Roger dive into the complexities of the new Beneficial Ownership Information (BOI) reporting requirements. They discuss who needs to file, key deadlines, and potential risks for tax professionals assisting clients with compliance. The hosts emphasize the importance of understanding the current guidance, primarily based on FAQs, and highlight areas where interpretation could lead to legal complications.SponsorsPadgett -  Contact Padgett or Email Jeff Phillips(00:00) - Welcome to Federal Tax Updates (03:34) - Understanding the FinCEN Reporting Requirements (05:11) - Navigating the FAQs and Compliance Challenges (09:57) - Filing Requirements and Deadlines (23:37) - Who Needs to Report? Identifying Reporting Companies (27:33) - Understanding Reporting Company Criteria (29:43) - Sole Proprietorships and Reporting Requirements (30:59) - Navigating S Corps and HOAs Reporting (32:37) - Legal Implications and Attorney Involvement (33:59) - Complex Scenarios and Reporting Obligations (40:27) - Company Applicant Responsibilities (45:46) - Filing Requirements and Updates (50:44) - Conclusion and Next Steps Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Connect with the Hosts on LinkedInhttps://www.linkedin.com/in/rogerharrispbs/https://www.linkedin.com/in/annie-schwab-852418261/ReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark Media

In this week's episode of The Venue Rx podcast, our host Jonathan Aymin sits down with Brandon West, CPA and Co-Owner of 77 Financial Group. They cover the importance of separating funds owed to vendors from taxable income, advocating for the safety of a high-yield savings account over riskier options like stocks or cryptocurrency. Additionally they discuss tax planning and retirement, and touch on the needs of venue owners considering succession and what that planning process entails.  About Our Guest:  Brandon West is a certified CPA based in California, specializing in tax matters for individuals and small businesses. He earned his degrees in Accounting and Finance from Point Loma Nazarene University. Initially, Brandon gained valuable experience at CBIZ, one of the nation's top ten accounting firms. However, driven by a desire for more direct client engagement and business development opportunities, he established his own practice. Today, Brandon's clientele spans across 8 states and encompasses individuals, LLCs, S Corporations, C Corporations, and Sole Proprietorships. He is deeply passionate about supporting his clients' growth journeys, offering expert guidance through the intricate landscape of tax regulations. Find Him Here:  Email: brandon@77financialgroup.com Website: https://www.77financialgroup.com/ Instagram: https://www.instagram.com/77financialgroup/ Linkedin: https://www.linkedin.com/in/brandon-west-0814a686/ Podcast: https://open.spotify.com/show/5WdL2X4ShOSn7YrnmwOECT?si=53c44c9571324638

Learn how to choose the right business structure for financial success and legal protection as a self-employed entrepreneur with answers to common questions. How do you select the right business structure when you're self-employed?  What are the financial implications of different business structures on personal finances?  Hosts Sean Pyles and Elizabeth Ayoola help you understand how to navigate your business's legal identity by comparing business structures for self-employment. They begin with a discussion of different business structures available for self-employment, with tips and tricks on separating personal liability from business, the ease of filing taxes as a pass-through entity, and the importance of obtaining an EIN for building business credit.  Then, Elizabeth talks to Brian Jackson, certified financial planner and senior wealth advisor at Beacon Point Advisors, about the nuances of LLCs, S corporations, and traditional corporations. They discuss the pros and cons of each structure, the flexibility of LLCs in terms of membership and taxation and the more stringent requirements of S corps. How do you navigate the complex process of business formation?  What should you consider when transitioning from self-employment to business ownership?  Bryan talks through the critical questions that shape your enterprise's future, offering guidance on the implications of single versus multiple ownership, the relevance of non-U.S. partners and the significance of share transferability. He also delves into topics such as the distinction between being self-employed and a business owner, the benefits of formalizing a business early, and the different financial impacts of each business structure on personal finances. In their conversation, the Nerds discuss: business structure, entrepreneurship, LLC, S corp or S corporations, sole proprietorship, business formation, financial success, self-employed, types of corporations, liability protection, tax implications, financial planning, business entities, choosing a business structure, small businesses, business credit, pass-through taxation, business ownership, liability, taxes, legal identity, business registration, EIN number, business bank account, corporate veil of protection, liability exposure, side hustles, business credit profile, business incorporation, liability separation, SBA loans, tax preparation, self-employment journey, business liabilities, business profits, and tax filing. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

Today, we've got tax accountant and CEO of "Your Tax Coach", Barbara Schreihans, joining us. If you've got money questions, she's got the answers! We kick things off by diving into Barbara's journey of entrepreneurship. It's one of those classic tales of someone turning their passion into a successful business. Barbara's story is not just inspiring; it's a blueprint for anyone looking to make their financial dreams a reality. But here's the kicker: Barbara doesn't just talk the talk; she walks the walk. She's helped her clients save millions in taxes! Yep, you heard me right—MILLIONS! So, you might be thinking, "What's the secret?" Well, it starts with having the right financial team. Barbara emphasizes the importance of having an accountant or bookkeeper by your side. They're like your financial superheroes, swooping in to save the day when tax season rolls around. Barbara drops some knowledge about different business structures like LLCs, Sole-Proprietorships and S-Corps. Turns out, these aren't just fancy acronyms; they can actually save you big bucks. Who knew, right?! When it comes to your Business financials, it's not just about making money; it's about keeping track of it too. Barbara highlights the importance of paying attention to your numbers and tracking your expenses. It's like having a roadmap to financial success. So, whether you're a financial novice or a money-savvy pro, this episode is packed with gems that can supercharge your financial future!   Connect with Barbara @yourtaxcoach Visit Her Website: https://www.yourtaxcoach.com/   Connect with me on IG: @jessicaburgio Looking to start, launch or grow your podcast?? Follow us @mediaunscripted Check out our services: https://www.mediaunscripted.com/ Grab the insane Pastry pop tart treats from Legendary Foods - Use Code UNSCRIPTED to get 10% Off https://www.eatlegendary.com/discount/UNSCRIPTED Gut Personal Discount code: www.gutpersonal.com/jessica_10 Grab a copy of my book Come As You Are: The Art of Unbecoming Who They Told You To Be - https://a.co/d/6LSJIjK Book a 1:1 Strategy Session with Jess: https://calendly.com/beautyinspiresbeauty/1-1-coaching-session?month=2023-01

In today's Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, Esq., CFO of Anderson Business Advisors discuss a number of common tax topics including IRA to Roth conversions, real estate depreciation deductions, LLC's, S-Corps and Sole Proprietorships, gifting vs. inheriting property, and the title question about structuring your real estate business. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: "If I move money from my SDIRA, which stands for self-directed IRA, to a Roth self-directed IRA, can I use bonus depreciation from real estate owned outside of my IRAs to offset the taxes I owe from the Roth conversion?" - It's really going to depend on where that depreciation is coming from. "I'm new to real estate investing and haven't purchased the property yet. Do I need to have an LLC to claim deductions this year on real estate–related expenses already incurred?" - An LLC really has nothing to do with taxes. It is strictly for liability protection, and asset protection. "I'm a small business owner with three other employees working for me. I'm trying to open a solo 401(k) or some other retirement plan for myself as an owner. I believe I need to offer the same to my employees as well, which I can but am not interested in offering any matching contributions to other employees. How does it work? What is the best way to set this up?" - yes, you can open up a 401(k) and have your employees participate assuming they're eligible to participate. However, you can't pay yourself a match and not pay them a match. You have to treat everybody equally. "I won $10,000 worth of furniture from a raffle or gaming event. How do I report this on my income tax?" - Whoever you won it from should be issuing you a 1099 miscellaneous with $10,000 of other income on it. You'll record it on your tax return as other income. "I'm a realtor operating as a sole proprietor. Should I be operating under a different entity to minimize taxes and liability? Over the years, I've received conflicting information and just don't know." - the math is 14.1% in addition to your state income taxes, in addition to your federal income taxes. The way you nix that is you run it through an S-corp or an LLC taxed as an S-corp. "At what point in my real estate operation should I move from a single-owner LLC to S-corp for tax purposes?" - If we're talking about investment real estate and rental properties, you don't ever want to put them in an S-corporation. It's a bad idea. "If I transfer my rental property into an LLC for the purposes of depreciation, will the LLC get a step up and basis to the current market value of the property? Or will the LLC inherit my lower basis? - If you contribute property to any kind of entity that you own, it gets your basis. “Do unrelated businesses have to have separate schedule Cs or LLCs, or can I rebrand myself on my Schedule C, DBA, JL Enterprises, and put everything together? What are the advantages or disadvantages?" -...most times I don't see a whole lot of advantage to grouping unless it's a real estate activity with an operation or something like that. "In my father's will, he's leaving me a house." Yes. "I've been living in it for nine years." "If he puts my name on the title now along with his name, will I have to pay more taxes? I prefer to do that now. What would the difference be? He does have a living will." - He would have to file a gift tax return for his basis in that half, or actually its fair market value on that half. I'm not a big fan of mixing things up under these circumstances… "We are fixing the downstairs area of our home to rent out as a short-term rental. Are there any expenses that can be used in tax deductions? Should we run it under an entity?" - The repairs that you're doing down there would be deductible. If you're doing improvements to the property, it would be depreciable. Send us your questions, and check out the event schedule listed in the resources section. Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq  

What type of business structure should you use to limit your taxes and liability?    In this episode, Zacc Call and Laura Hadley discuss various business structures and their implications for your taxes and liability. They explain that most business structures are pass-through entities, except for C corporations which are subject to double taxation.  Plus they delve into sole proprietorships, partnerships, and limited liability corporations (LLCs), highlighting the risks and benefits of each.    Listen to gain insight on:   The different tax implications of Sole Proprietorships, Partnerships, and LLCs & which structure you should use in your business The benefits of S Corporations in your business structure How these different structures affect your liability (how to protect your assets if you get involved in a lawsuit!) The process of opting out of or back into Social Security as a self-employed individual And more   Connect with Capita Financial Network:   info@capitamail.com tfc@capitamail.com (801) 566-5058 Capita Financial Network LinkedIn: Zaccary Call  LinkedIn: Laura Hadley LinkedIn: Capita Financial Network Facebook: Capita Financial Network

If you started a business and didn't file any paperwork, what type of business are you??? Do you know???The IRS will automatically classify your business as a sole proprietorship and that you  will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!  If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in. In this episode we discuss:Do you need an EIN for your sole proprietorship?What expenses can you deduct (i.e. save $$ in taxes)?How do you file your business taxes?What other filing requirements do sole proprietors have?Can you be an LLC and a sole proprietorship?If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner! Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!Our CPA firm website!Purchase our new business guide!Our Instagram PageOur family page

It's Tax Tuesday again, and today we're mixing it up – this episode is hosted by Anderson Advisors' Michael Bowman, Esq, who welcomes two of Anderson's expert tax pros, Eliot Thomas, Esq., and Kurt Bergfjord, Esq. And as always we've got our talented and experienced tax advisors manning the chat questions in the office. On today's episode, the guys review all the documents and receipts that you should be gathering up in preparation for filing your taxes, and answer multiple listener questions around the pros and cons of C-Corps, S-Corps, Partnerships, and the audit magnet - Sole Proprietorships. The discussion also covers our episode title question - are there benefits to putting your primary residence in a trust - which is really only for asset protection and estate planning - there are no tax benefits to doing so. If you have a tax-related question for us, submit it to taxtuesday@andersonadvisors. Highlights/Topics: "Even if I show income on my tax return from rental and business activity as a sole proprietorship, and self-employed but no taxable income because I use my large net operating loss to cover all taxes, is my income still considered income or will it be a hindrance as far as getting an investment loan or home equity line?" – It depends - Some are going to look at this, it will ding you, and you won't be able to get a loan. Others will take it into consideration and analyze the tax return. "I currently have two LLCs in California that I file as a partnership. Should I create another LLC as a holding for both LLCs? And should that be disregarded or filed as a partnership as well? Of course, there is the additional cost of $800 for California as well. What's your suggestion?" – from the legal point of view, it might be a better idea to have that holding company and all those assets coming into it. "How can a full-time LP investor in private equity in real estate syndications as well as stock investor utilizing options for income, structure such as to offset income of these activities with expenses, syndication conferences, to vet sponsors, subscription services, travel for investment briefings, computer equipment, expenses, et cetera? Assets are held in a Wyoming LLC and property trust for the stocks. Would a management C-corp make sense having one ‘client?' I am aware of people in my circumstances that write off expenses on their schedule C, but I recall Anderson doesn't recommend that." – If we could utilize that management corp, maybe we can capture some of those benefits that you otherwise wouldn't be entitled to. "How is REPS applied to a tax return?" – If you are a real estate professional (REP)for all intents and purposes, then you can actually turn that otherwise passive income into non-passive income. I's going to be on Schedule E page one or Schedule E page two if you have a K-1 "We have seven rental properties set up with the ABA structure. My husband works full-time for the government. I manage our home and rental properties. Two properties are mortgaged, the rest are paid for. Now, both in our 50s, we're financially comfortable with a large cushion. We got retirement funds, mutual funds, properties, kids, education funds, et cetera, but we are getting killed in taxes every year. I feel like we are working to pay taxes. We don't live extravagantly, and still drive the same cars for 10–15 plus years. Taxes feel like a punishment for saving when we were younger." - Ideas to save on taxes include becoming a REP, depreciation, cost-seg study, there's even a nickname- “short-term rental loophole” "What are the tax benefits of putting my primary residence in a trust?" There is no asset protection, but if it's in the right kind of revocable trust, then we still get to take advantage of our section 121 of tax exemption from gains on the sale of your primary residence—$250,000 single, $500,000 married filing joint. "I want to be as anonymous as possible. What is the best business structure and ways to submit taxes? I do not want the tax info to flow down to my personal taxes." - When we talk about anonymity, anyone looking at your personal tax return is really not going to have too much of a purview into your business activities. “Should I do a cost seg for a condo?” It depends - Have you had it for a while? are you a REP? Are you renting it out? Have you been appreciating for a while? "What is the best corporate structure to have in place that can also allow for tax savings?" We've covered this - C-corp, S-corp, partnership, and then the worst would be sole proprietorship. "What tax incentives are there for real estate investors to not have to pay an absurd amount in taxes?" - REP status, short-term rentals, cost seg studies, 1031 exchange, keep good books! "As a real estate investor opening my first LLC, which is the best for me to use, S-corp or C-corp? - it depends - do not put appreciating property in a C-Corp, but C is good for short terms or flips. "I started my LLC last year to begin my search for buying a business or real estate. Currently, I am a W-2 employee while I get started. My question is, can I write off any expenses since I did not make any money in my LLC? We've incurred expenses, but I don't have any income.” - was it open for business, or are you in the exploratory phase? timing on when to deduct may be more important. Resources: Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/ Anderson Advisors https://andersonadvisors.com/

In this episode of Anderson Business Advisors, Toby Mathis speaks with Eliot Thomas, Managing Tax Advisor at Anderson Business Advisors. There are lots of people helping to answer questions online - Patti, Ander, Matthew, Troy, Jared, Piao, Ian, Dutch, and Dana are on. There are so many people here. You have a whole bunch of tax professionals that are here to answer your questions. You can just go into the Q&A and put in a question. You'll hear Toby and Eliot discuss several listener questions around how to report capital losses in the stock market, a few questions on real estate and business LLCs vs. S-Corps, C-Corps, and Sole Proprietorships, disregarded entities, entertainment meals vs. business meal write-offs, and an in-depth discussion about a real estate contractor not filling out a W-9 and all the difficulties that might present. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: "Hey, I'm looking to start a new business. I need to choose a correct business entity in order to maximize my tax benefits, so I need to know if starting the business as an LLC and potentially working the business out of my home would be the best option for me." – by all means, you want the LLC for that asset protection, but the S-corp or the C-corporation—have those great reimbursements. "Can I write off my stock holding loss at the end of the year to reduce my W-2 earnings?" Yes, but we're limited potentially just to $3000 of capital loss that will offset against ordinary income, that being your W-2. "What are the rules for HSAs for people over 62?" – For 2023, the amount is going to be $3850 if you're single, and I guess it'd be $7750 for a family plan. If you are on Medicare, you can not contribute tax-free to an HSA. "I became a real estate professional in 2021 and have a significant net operating loss due to depreciation. What are the limitations of carrying the NOL backward in 2020 and 2019 to use that to lower taxes in the previous year?"-- As of right now, we don't get to carry back NOLs. We just carry them forward. "If my partnership LLC did not conduct any business this year, do I still need to file a Form 1065? -- You don't have to file 1065 for that first year. I'm in the process of setting up my real estate business. I already have a Wyoming LLC as a holding company. It's treated as a disregarded entity, but I have no investment in real estate yet. If I file my taxes this year before I acquire an investment property, what is the process for changing the filing election of the LLC from disregarded to a partnership for the new property?" – You don't have to do anything but file that return, or you could file the Form 8832 and declare it as a partnership. "I am new to real estate flipping and started my first flip last year. Construction was completed this year, and it closed this year. I asked my contractor if I need to complete a W-9 last year, and he told me not until the project was complete. Now, I'm realizing that I should have had him complete the form in 2021 for the amount I paid him and again this year. Can I now ask him to complete the W-9 and file the form for 2021 and 2022? The other issue is I had issues with this contractor for faulty workmanship he did on the flip and in the process of filing suit. What if he refuses to complete the W-9?" If you're dealing with a contractor who's organized as a business, chances are you still want that W-9 to prove that they're a business. "What forms do I need to fill out for my accountant to show capital loss in the stock market?" – Usually, you're going to get a 1099-B from your brokerage house. They can just use that, and that's really all you need. "As an owner-operator trucking company designated as an LLC, can you write off 100% of the operating fuel costs?" – If the truck that was burning that fuel was used 100% for business, absolutely. "I am a lender on a note to an LLC. What are the best practices for collecting payments and tracking interest payments for reporting purposes; separate bank account for the payments or create an end-of-the-year interest statement for myself?" - I like the separate bank account. Keep it separate from your personal obviously. "I attended your Las Vegas event. Please confirm if we are to refrain from listing items as entertainment when filing taxes." - They're probably referring to the Tax Cuts and Jobs Act getting rid of entertainment. There is no deduction for entertainment. If you are getting a meal that is for entertainment purposes, you cannot write it off. Business meals only for 2022. "I'm looking to convert from an LLC-S to a C-corp in 2023. Should I stay on a calendar or fiscal year schedule? What are the pros and cons?" – I like the fiscal year for C-corp because it tends to give you more flexibility, especially when it comes to payroll items or contributing to, say, Solo 401(k)s or something like that. Visit us at andersonadvisors.com. Grab one of the free events. We're going to do a ton of them this year. Resources: Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw

1) Succession Planning Defined. 2) Beginning Your Succession Plan. 3) Sole Proprietorships and Partnerships. 4) Common Exit Strategies for a CCPC. 5) Funding Strategies. 6) Estate Freezes. 7) Capital Gains Exemption. Guest: Irfanali Moledina Irfanali started his accounting practice in 2011 after completing his designation with Deloitte. As an entrepreneur at heart he feels the foundation of a strong business lies in its numbers and that is what drove him to accounting. His passion has allowed him to scale his firm, RMI Professional Corporation to a team of over 25 staff and servicing over 1500 clients annually. He has extensive knowledge in small business accounting working with various corporations and individuals including some financial advisors. Irfanali tries to live a balanced life as he is a proud husband and father of two, in his spare time he enjoys all things business and sports, mainly hockey. Irfanali Moledina Managing Partner RMI Professional Corporation 203 - 2916 19th St. NE Calgary, AB T2E 6Y9 Phone: (403) 457-4232 Email: info@rmiassociates.com Website: www.accountantscalgary.com

When, and how, you incorporate your business is key to growing Indestructible Wealth.In this episode we're talking about the pros and cons of LLCs, S-Corps, Sole Proprietorships and beyond... How to choose, how to do it, when to do it, and what to look out for.Ready to make, KEEP and grow your wealth? Tune in.Follow me on Instagram: @indestructiblewealth and visit me at www.myindestructiblewealth.comReady for more? Learn how to create multiple streams of passive income in my book, Building Indestructible Wealth. You can also access The Indestructible Wealth Builder, (the system I used to go from $300 to $8 million in net worth), and ...

We complete our interview with attorney, Carolita Oliveros, this week.  Michelle and Carolita discuss Sole Proprietorships vs LLCs.  Plus, Carolita gives you the “Big Picture” by talking about retirement and estate planning and how to protect your assets, tax them, put them in a safe place so that your beneficiaries can avoid Probate altogether and, hopefully, pay little or no taxes on your estate while they easily transfer to them after your death.  Listen to Part Three this week.  We've got Show Notes and Extras on our website at www.BNB-Boss.com .  So please take a look!We would very much appreciate it if you could head over to iTunes and SUBSCRIBE to our show and leave us a 5-Star Review. This helps us to find better sponsors & new listeners. Thank you! Michelle may be taking a break but she's left you with a great series of articles for you BNB's and some amazing sale prices on our courses. Head to BNBBosses.com or BNB-Boss.com to take advantage! We'll see you in November!

What is the difference between a sole proprietorship and an LLC. And, more importantly, when should you consider one over the other as your business structure?  John Augustus Kim, tax attorney, comes on and explains the differences and when it is worth it to switch over. This episode is for anyone debating which business structure to go with.

According to a recent report, sole proprietorships suffered the most during the COVID-19 pandemic. On today's Business Beat, Jeff discusses the impact of coronavirus on these smallest of small businesses.

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In Iowa, sole proprietorships are more or less the “basis” format for a business. Sole proprietorships aren't a legal business entity. It is considered one and the same from the person operating the entity. Read the full article here: http://www.oflaherty-law.com/learn-about-law/iowa-business-structures-sole-proprietorships O'Flaherty Law now serves over 105 counties across Illinois, Iowa, and Indiana. If you have any questions regarding a case or would like to speak to one of our attorneys after watching a #LearnAboutLaw video, give us a call at (630) 324-6666 or send us an email at info@oflaherty-law.com to get in contact with someone from our team. Subscribe to our channel for daily videos dedicated to all things law and leave a comment with any questions about this topic. Find us online for more legal content and to stay connected with our team - Website: https://www.oflaherty-law.com/ - LinkedIn: https://www.linkedin.com/company/oflahertylaw - Instagram: https://www.instagram.com/oflahertylaw - Facebook: https://www.facebook.com/oflahertylawGroup/ Because there is no difference between the individual and the business, sole proprietors do not need to file business tax returns. The business's profits or loses will be on their personal tax returns. As for liability, because there is no difference between you and the business, you are liable for anything the business is, whether it be a contract you make on behalf of the business or any litigation against the business. **None of the content in this series is intended as paid legal advice.

Coming at you live from America's Podcast Studio, Eric "The Turf Teacher" Jones. The Landscape Contractor and Green Industry Platform for success, this is "The Podscape" brought to you by LMN Software. In this episode The Turf Teacher discusses the differences between LLC's, C Corporations, S Corporations and Sole Proprietorships. Check out www.turfteacher.com for more information on how you can earn your irrigation, landscape and pesticide credits all online or in person. We also have a Christmas Lighting class coming to a town near you! For more information on LMN Software and to try it out free visit www.golmn.com/free and use referral code 8957743.

You asked, we answered! This week we’re tackling the most common and most interesting questions asked on the rookie request line! If you’ve sent in a voicemail, you may be featured on this week’s episode!Questions such as:What is better, LLCs vs. Sole Proprietorships for buying properties?How to find a great real estate agentWhat do you do after you’ve bought your first rental?The best investment types that AREN’T real estateHow to start buying rentals after bankruptcyAnd many more great questions!These will all be answered by our two experienced co-hosts, plus a special cameo from our senior producer, Kevin!If you’ve been wondering about a certain aspect of real estate or just want to know what you can do to get started, this is the episode for you!In This Episode We Cover:How LLCs can limit or expand your financing for rental properties What factors make a great agent (and which one’s definitely don’t)The importance of shopping around for many different financing optionsWhat other asset classes real estate professionals invest inSubletting and AirBnB arbitragingHow lenders look at income when two different partners are in on a dealWhether you should pay off debt or add more investmentsAnd SO much more!Links from the ShowReal Estate Rookie Facebook GroupBiggerPockets Find an AgentRookie Podcast 43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline SmithDave RamseyDebt Free Community on InstagramBiggerPockets MoneyRookie Podcast 23: From Dave Ramsey Disciple to No-Money-Down Real Estate Investor with Sarah BrandenbergerBiggerPockets Keyword AlertsHow I Used Real Estate to Pay for My Newborn Daughter’s College Education (Brandon Turner's Blog Post)Cashflow Board GameBe a Guest on the Podcast!Check the full show notes here: http://biggerpockets.com/rookie44

Turf Teacher discusses Sole Proprietorships and business entities this week on Turf's Up Radio, Your Industry, Your Station.

In this show, Jason and Alex talk about the importance of integrating and closing the circle of advisers for a client. It is extremely important for a financial adviser to be working with the CPA to collaborate on behalf of the client to make sure their financial lives are maximized. Clayton “Clay Willits” was a guest speaker on the show, and he is IDA’s newest member of the team and leader of IDA Tax. He got his CPA license back in 1984 in CA and has been working in public accounting, tax, and then went back into the private industry as a CFO for several industries. The last 18 years, he has been working with individuals completing their tax returns and assisting with various levels of tax planning. Clay was a board certified flight-instructor.Jason explains that incorporating the tax advice and financial planning together as a one stop shop is so beneficial for our clients. Alex explained how we always bring the CPA in as much as possible even when they are not in house to make sure that the best possible decisions are being made. IDA Tax is the in-house IDA tax division. Jason and Clay explain that this is a powerful proposal to be able to offer a sit-down meeting with both the financial adviser and the CPA in one meeting to maximize the time for the client.Jason, Alex and Clay discuss specific end of the year tax strategies. End of the year is the perfect time for tax planning, especially for business owners that have businesses and business entities such at S-Corps, LLCs, Sole Proprietorships, etc., as they are the individuals that are able to utilize more complex tax planning strategies. Clay explained further that W-2 employees are more limited with their options to save money on taxes. He also stressed the importance of meeting with the CPA in November or December to discuss transactions they may enter into for business purposes such as purchasing a new vehicle or purchasing other capital expenditures to take advantage of bonus depreciation. Jason explains that it is also important for younger individuals making large sums of money to start planning for their retirement now, and there are more complex savings strategies that can be implemented to save much more money on taxes than the traditional 401(k), IRA, or SEP IRA account structures. In the proper situation, a solo 401(k)/profit sharing plan, Cash Balance plan, or Defined Benefit plan can be included, and this could allow clients to save hundreds of thousands of dollars in tax savings over an extended period of time, and also save MUCH more for retirement. These more complex plans must be setup sooner, and the funding doesn’t have to happen by year end. A lot of times this can happen by the time they file their tax return, even if they file an extension.Clay talks about some of the biggest pitfalls for financial advisers in relation to tax planning. One of the biggest mistakes that he has seen is in the timing of realizing capital gains and capital losses. He had a client that sold a piece of real estate for a large gain in one year, but didn’t tell the financial adviser about the transaction, and there were substantial temporary capital losses that could have been realized in the taxable account. Clay emphasized that these losses MUST be realized in the year the gain occurs. This is also known as tax loss harvesting, which this strategy is utilized every day at IDA for our clients.In this show you will learn about:- Introduction to Clayton “Clay” Willits, Lead CPA of IDA Tax- The importance of collaboration between a client’s Financial Adviser and CPA.- Specific strategies for business owners to save money on taxes, and the best time for tax planning.- Some of the biggest pitfalls in tax planning for Financial Advisers and CPAs

In this show, Jason and Alex talk about the importance of integrating and closing the circle of advisers for a client. It is extremely important for a financial adviser to be working with the CPA to collaborate on behalf of the client to make sure their financial lives are maximized. Clayton “Clay Willits” was a guest speaker on the show, and he is IDA’s newest member of the team and leader of IDA Tax. He got his CPA license back in 1984 in CA and has been working in public accounting, tax, and then went back into the private industry as a CFO for several industries. The last 18 years, he has been working with individuals completing their tax returns and assisting with various levels of tax planning. Clay was a board certified flight-instructor.Jason explains that incorporating the tax advice and financial planning together as a one stop shop is so beneficial for our clients. Alex explained how we always bring the CPA in as much as possible even when they are not in house to make sure that the best possible decisions are being made. IDA Tax is the in-house IDA tax division. Jason and Clay explain that this is a powerful proposal to be able to offer a sit-down meeting with both the financial adviser and the CPA in one meeting to maximize the time for the client.Jason, Alex and Clay discuss specific end of the year tax strategies. End of the year is the perfect time for tax planning, especially for business owners that have businesses and business entities such at S-Corps, LLCs, Sole Proprietorships, etc., as they are the individuals that are able to utilize more complex tax planning strategies. Clay explained further that W-2 employees are more limited with their options to save money on taxes. He also stressed the importance of meeting with the CPA in November or December to discuss transactions they may enter into for business purposes such as purchasing a new vehicle or purchasing other capital expenditures to take advantage of bonus depreciation. Jason explains that it is also important for younger individuals making large sums of money to start planning for their retirement now, and there are more complex savings strategies that can be implemented to save much more money on taxes than the traditional 401(k), IRA, or SEP IRA account structures. In the proper situation, a solo 401(k)/profit sharing plan, Cash Balance plan, or Defined Benefit plan can be included, and this could allow clients to save hundreds of thousands of dollars in tax savings over an extended period of time, and also save MUCH more for retirement. These more complex plans must be setup sooner, and the funding doesn’t have to happen by year end. A lot of times this can happen by the time they file their tax return, even if they file an extension.Clay talks about some of the biggest pitfalls for financial advisers in relation to tax planning. One of the biggest mistakes that he has seen is in the timing of realizing capital gains and capital losses. He had a client that sold a piece of real estate for a large gain in one year, but didn’t tell the financial adviser about the transaction, and there were substantial temporary capital losses that could have been realized in the taxable account. Clay emphasized that these losses MUST be realized in the year the gain occurs. This is also known as tax loss harvesting, which this strategy is utilized every day at IDA for our clients.In this show you will learn about:- Introduction to Clayton “Clay” Willits, Lead CPA of IDA Tax- The importance of collaboration between a client’s Financial Adviser and CPA.- Specific strategies for business owners to save money on taxes, and the best time for tax planning.- Some of the biggest pitfalls in tax planning for Financial Advisers and CPAs

As creatives, our minds do not naturally go to the practical side of things, and these tasks may even overwhelm us. But it is incredibly important to realize that when you are a photographer, you are a business owner as well, which means you have to make the necessary provisions for your venture to thrive. Today's guest, Paige Griffith, is the owner of The Legal Paige, a virtual law firm, where she teaches small business owners the legal way to run their operations. As a photographer herself, Paige has used her law degree to fill a gap in the market by providing legal advice and educational material for photographers. In this episode, Paige outlines some pertinent legal issues photographers need to be aware of. We discuss how LLCs are different from Sole Proprietorships and the importance of separating your business from your personal assets. The liability protection an LLC offers is crucial in ensuring that you, as an individual, stay safe. We also cover contracts, why you cannot share them with other photographers, and how to ensure you get reputable ones. Throughout the conversation, Paige highlights the importance of getting sound legal advice and paying the necessary costs. As photographers, we would happily spend thousands of dollars on lenses and our legal protection is as important as our equipment. We round the show off by talking about copyright and watermarks. Be sure to tune in today!

A sole proprietorship is just a fancy way of saying a person is doing business as an individual. If a carpenter went out and just started doing woodwork for people without setting up an LLC or Corporation, that person is just a sole proprietor. We discuss the pros and cons to this type of business.

Interested in setting up an online business? Great! Setting up a business online is easier than it's ever been, however there is no clear rule book on how to do it since there are so many variables while creating it. To make matters worse, there are not many (if any) warnings that tell you you've done something wrong until you start to get fined. In this episode, we'll discuss how we setup each of our businesses and what we learned along our bumpy path. You'll hear our stories about the following (not legal advice):The difference between Sole Proprietorships, LLCs, S Corporations, C Corporations, & B Corporations and what each means to youThe separation and flow of money from your business to your personal bank accounts in each structureThe difference that your person and your business have in the eyes of the law in each structureWe'll also share the incredible resource that is https://www.llcuniversity.com/ with you. Our goal in this episode is to bring the complicated business knowledge that lives online into a personal story so that it's more relatable. After this episode you should be able to read about setting up your style of business, in your state, and have a more clear understanding about what the legal terms are referring to. Contact UsMajor Impact Media - Facebook, WebsiteOutside ROI - Facebook, Website

This week, Dave travels to Rexburg to speak with Will Jenson, the Director of Business Research at the Research & Business Development Center. We talk about his college life at Utah State, how Economists see the world, and his favorite book about Nike. Also in this show, we have a special Research & Development edition of Five by Five, and our listeners attempt to stump McCauley with questions about Online vs. Brick and Mortar clothing stores, Instagram Marketing, Cocktail Parties and Sole Proprietorships vs. LLCs.Learn more about the RBDC from today's show:http://www.rbdcenter.orgFor all of your Idaho BizCast needs, check out our new website here: https://idahosbdc.org/resources/podcasts/As always, tweet us your questions and feedback @IdahoBizCast, or send us an email at BizCast@idahosbdc.org.

We complete our interview with attorney, Carolita Oliveros, this week. Michelle and Carolita discuss Sole Proprietorships vs LLCs. Plus, Carolita gives you the “Big Picture” by talking about retirement and estate planning and how to protect your assets, tax them, put them in a safe place so that your beneficiaries can avoid Probate altogether and, hopefully, pay little or no taxes on your estate while they easily transfer to them after your death. Listen to Part Three this week. We’ve got Show Notes and Extras on our website at https://www.ShortTermRentalRevenue.com. So please take a look!Support the show (https://www.patreon.com/STRRevenuePodcast)

Rodgers & Hammerstein make beautiful music about Dennis Hof, Saudi Arabia, Trump & Leslie, Pocahontas, Barry O, Energy Reparations, Toenail Clipping-Eating Dogs, LLCs &Sole Proprietorships & Corporations, Iceberg Slim, Money F*cks Up ALL Relationships, and a veritable whole f*ckload MORE!!!!!!!!!!!!

Not everyone needs to be incorporated to have a business. There are advantages and disadvantages of both situations and in Episode 41, I address these questions and give some examples why each situation may work better for some.   Want to build a high converting website? We are loving Thrive Themes! In this episode: 01:42 […] The post 41. Comparing Corporations to Sole Proprietorships in Speech Therapy Private Practice appeared first on PrivateSLP.

Not everyone needs to be incorporated to have a business. There are advantages and disadvantages of both situations and in Episode 41, I address these questions and give some examples why each situation may work better for some.   Want to build a high converting website? We are loving Thrive Themes! In this episode: 01:42 […] The post 41. Comparing Corporations to Sole Proprietorships in Speech Therapy Private Practice appeared first on PrivateSLP.

Sole Proprietorships are the worst structure for dynamic business growth. If you are a sole prop listen to the critical reasons why you are holding your own business growth back and more importantly how you change it! Listen. Take notes and take action.

There is so much conflicting information about when and how to legally start your business and the answer is . . . .(drumroll . . . ) there is no right answer . . . IT DEPENDS! Yes, that's right, it depends on the state in which you start your business, depends on what assets you may want to protect, and what your short term and long term business goals are. In this episode, I thoroughly explain Sole Proprietorships, Limited Liability Companies, and Corporations. I break down the advantages and disadvantages of each and how to evaluate your own situation and conclude on which entity best suits your needs personally and will help you start and grow your business. Enjoy! All information on this podcast and on the artsteele.co website – including downloads are for informational and educational purposes only. Your listening to this podcast, or downloading the worksheets does not create an attorney-client relationship with me, artsteele.co or my law firm. If you have any specific questions, please consult with an attorney authorized to practice law in your jurisdiction.

This week on The Str8OutDaDen Podcast we discuss Building & Protecting Your Brand. We break down the importance of brainstorming, why your domain name and social media handles should be the same and talk Sole Proprietorships vs. LLCs. We are joined by Rod McCoy & Synik as the two discuss starting and running their own independent label, Audible Hustle. Of course we got bars during our #VinylConversations segment. So you know the drill...sit back...Relax and Listen! Today's podcast is brought to you by LANDR. Based in Montreal, Canada, LANDR is the world's first intelligent drag-and-drop instant mastering service, by MixGenius. Use the link below to receive a free trial. landr.com/promo/SODD

In this episode of Startup Daddy, I talk about the differences between business entities.  I explain Sole Proprietorships, Partnerships, Limited Liability Companies (LLC), and Corporations, and why it is so important to protect yourself. In the Time Saver Quick Tip, I recommend a virtual phone system to give you a professional image without the cost […]