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
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