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Transcript

Starting a Business? Get Essential Tax Tips

with CPA Jaclyn Gallagher

Starting a Business? Essential Tax Tips from a CPA

In this episode of the Launch Local podcast, host Amber Artemis sits down with Jaclyn Gallagher, an experienced certified public accountant from Buckno Lisicky & Company. Jaclyn shares invaluable insights into the intricacies of starting and running a business, including choosing the right business entity, understanding your tax filing requirements, and the importance of keeping personal and business finances separate. This episode is packed with practical advice on setting up sales tax accounts, the benefits of working with professional advisors, and ensuring compliance with tax regulations. Ideal for budding entrepreneurs and small business owners looking to navigate the complexities of business taxes, this episode is a must-listen for anyone aiming to launch and grow a successful local business.

00:00 Introduction to Jaclyn Gallagher

01:00 Understanding Tax Season

03:21 Choosing the Right Business Entity

05:06 LLC vs. S Corp: Key Differences

12:42 Setting Up Sales Tax Accounts

22:53 Becoming an Employer

32:19 Employee Benefits and Incentives

38:43 Managing Cash Flow

40:14 Understanding the Corporate Veil

41:03 Handling Cash Transactions in Your Business

43:42 Bookkeeping: From Spreadsheets to QuickBooks

44:50 Exploring Alternative Bookkeeping Software

45:59 The Importance of Monthly Reconciliation

49:36 Tracking Business Expenses and Deductions

59:57 Navigating Sales Tax and Short-Term Rentals

01:05:45 Preparing for Estimated Tax Payments

01:09:52 Charitable Contributions and Advertising Expenses

01:12:07 The Value of Professional Advisors

01:14:14 Issuing 1099s: Best Practices

01:20:53 Conclusion and Final Thoughts