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Episode Summary
Barbara Weltman shares some of her “big ideas for small business” on this episode of The Wealthy Wellthy Life. Author of The Complete Idiot’s Guide to Starting a Home-Based Business, J.K. Lasser’s Small Business Taxes, and The Rational Guide to Building Small Business Credit, Barbara tells Krisstina what small businesses must know about the new tax codes, about tax deductions, and about common – and costly — record-keeping mistakes that small businesses make.
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What We Covered
- [04:35] – Barbara’s background as a tax and business attorney
- [09:25] – The importance of forming an LLC
- [16:40] – How does the new tax plan affect small businesses?
- [23:42] – What’s the worst mistake a small business can make?
- [26:00] – What is good recordkeeping?
- [28:00] – The importance of staffing
- [32:30] – Setting up a good retirement plan
- [34:40] – The best place to get tax advice
- [37:40] – Finding a good CPA
- [38:25] – Independent contractors and freelancers
- [42:50] – Tax-deduction opportunities for small businesses
- [48:50] – Tax myths debunked
Tweetables
[Tweet “When you abdicate, it can come with consequences.”]
[Tweet “Taxes are our responsibility.”]
[Tweet “You have to look at the totality of running your business.”]
[Tweet “Separate your business life from your personal life.”]
Links Mentioned
Big Ideas for Small Business Website
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