What Every Small Business Owner Should Know!

Summary

I am saddened when a potential new client comes to me & I see that their company is either a sole-proprietor or an LLC. This saddens me because their CPA or tax professional hasn’t had the conversation with them about converting to an S-Corp. I am saddened because CPA’s know better & tax professionals should know better, but nope, they are allowing their client to over pay their taxes. You see, sole-proprietors and/or LLC’s pay an additional 15% SE tax on their net income & If their net income is over $18k, they are giving too much to the IRS out of their pocket. If they were in a S-Corp, they wouldn’t have to give it away. I help small businesses understand this and reposition themselves for thousands of dollars in savings each year. I wish I had known about S-Corporations & why there is such a huge tax advantage to operating as one. For years I overpaid my taxes. It’s a struggle but at the same time it is rewarding to groom someone to take care of my clients the same way I would take care of them. It less about delegating, it’s more about team building. Unfortunately the adage “the best laid plans...” is true in my case. Sometimes I prioritize by logic and then I have to re-prioritize by fire & often that is in the same day. In my profession, I am deadline driven. Lists, lots of lists, write it down. In my office we use slack to communicate lists to each other. I also look at a task at hand & ask myself, who else can do this task? We start with long term goals: 1. Overall desire for the company 2. 2 year goal for the company 3. What do we want this time next year as a company 4. What do we have to do now to reach goals set for the beginning of next year With the advancement & availability of connecting through technology, I am able to provide my clients with the same high quality service I provided prior to COVID. I serve clients worldwide, so I have used screen-sharing technology and secure client portals for some time. On a rare occasion when a client just must come into see me, we sanitize and social distance and wear masks if need be. Not enough hours in the day. I am very passionate about helping people and that takes time. #1 by far is Spencer Johnson, author of “Who Moved My Cheese.” He wrote one line that changed my professional life & that I still draw on to this day: “What would I do if I wasn’t afraid?” Another one is T.Harv Eker - Enlightened Warrior Training: Courage is not action without fear, Courage is action in the FACE of fear. Our website is: www.carisenterprises.com and you can search us in yelp, google and LinkedIn set an appointment for a FREE 1 hour consultation HERE --- Support this podcast: https://podcasters.spotify.com/pod/show/christoph-nauer/support