What Every Small Business Owner Should Know!

An episode of the Better Life, Better Business podcast, hosted by Christoph Nauer, titled "What Every Small Business Owner Should Know!" was published on September 9, 2020 and runs 20 minutes.

September 9, 2020 ·20m · Better Life, Better Business

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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

Episode Description

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.