Steps to take control of your bookkeeping and create a process for monthly close and reconciliation of accounts.
It’s the end of the month, and you have no idea if your financial reports are correct or showing the right numbers. If you’re asking yourself, is this right?! Then, you need to create a process to make sure all accounts and transactions are categorized and reconciled on a monthly basis. So, how do you build confidence in the numbers your accounting system is showing you?
When I’ve shown clients how to do their bookkeeping, I try to keep the process simple and something that doesn’t take over their time or brain space. It’s not a good look for me if the client walks out overwhelmed.
Steps to take control of your bookkeeping:
One day each week to categorize for 1 hour
First week of the month to finalize reconciliation
Second week of the month to review financial reports
One Day Each Week
One hour each week to be on top of your transactions. If you keep this time sacred and focus for 45 minutes to 1 hour to ensure the weekly transactions are categorized, then it won’t feel so overwhelming by the end of the month. I’ve worked for companies that had 100s of transactions each month, and when I didn’t stick to this rule, I spent days at the end of each month catching up. It didn’t feel good, and I don’t wish the experience on anyone. So, do yourself a favor and keep this hour each week. Your future self will thank you.
First Week of the Month
Once you’ve finished categorizing your transactions, you’ll use the first week of the month to reconcile your accounts for the previous month. Reconciliation is where you make sure your accounting system matches your statements. Ending balances for the account in your accounting system should match ending balances from your account statements. Sometimes, there may be differences due to the timing of the ending date, but it shouldn’t be massive. Reconciliation ensures every account on your balance sheet statement is correct, and you can defend the numbers shown.
Second Week of the Month
The second week of the month is when you can review your financial reports with yourself or your team. Your numbers finally look right to you, and you know it’s right, so the next steps are to analyze your numbers to see if you spent too much on expenses, made enough sales, or have enough cash flow. This is where the fun begins, and you can use your numbers to plan for the next month or quarter.
Depending on how many transactions you have in a month, you can definitely truncate the steps and combine your reconciliation and financial review weeks into one. Having a repeatable process will make sure you’re confident in the numbers your reports show. If you start as a one-person team, this process makes sure that you can transition the work to another employee week by week until they can do it.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
All you need to know to navigate Excel and Google Sheets as a business owner with little to no experience in spreadsheets.
At some point in your business, you’ll need to open up a spreadsheet to do some calculations, build your financial model, answer questions about your sales, analyze your expenses, determine how much to pay your employees and determine how to price your product.
Before you can use any functions, all formulas start with the equals (=) symbol at the beginning. Once you have this, you’re letting Excel or Google Sheets know you want it to calculate something. You can use many different functions in Excel and Google Sheets, but you only really need to know how to use the following functions to do everything.
Basic Math Functions: Plus (+), Minus (-), Multiplication (*), Division (/)
SUM
COUNT
AVERAGE
IF
Basic Math Functions
Like any calculator, you can use basic math functions such as Plus (+), Minus (-), Multiplication (*), and Division (/) within any cell in your spreadsheet. Once you start with an equals sign, you can reference any cell by clicking on it and then going forward with the basic math functions. If you don’t have a cell you want to reference, you can always type in the numbers you want in the cell and then press enter. The result will show in whatever cell you choose to put the formula in.
SUM
Instead of manually using the plus sign for every cell you want to add up, you can use the SUM function to add up a row or column of cells quickly. The SUM function can add your total annual sales and expenses.
COUNT
If you have an inventory list in a spreadsheet and want to count how many of a particular product you have left, you can use the COUNT function to show the result automatically. This way, you won’t have to count it yourself manually!
AVERAGE
You can use the AVERAGE functions to see, on average, how much you spent on expenses this year or how much you sell monthly. Once you know your average, you can use this number to forecast for the future months what you can expect to make.
IF
The IF function is the more advanced function on this list. It’s unnecessary for you to know as a beginner, but it is necessary if you want to use logical formulas. If your business gives out commissions to employees based on sales, you can use the IF function to tell your spreadsheet to calculate the commission amount if sales reach a certain amount. You can also use the IF function to calculate referral fees based on the number of new customers you closed that month.
As your business demands grow, you may need to use even more advanced functions, but the goal is not to show how much advanced Excel knowledge you know; it’s to analyze what story your financials are saying about your business. As long as you can get to the answer, it doesn’t matter if you only use basic functions. All that matters is what answers you can get to determine your next steps in business.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
It’s a lot better to prepare for them than to get a surprise tax bill.
Taxes. They’re a necessary part of doing business, and you need to make sure you’re aware and are planning for when you’ll eventually have to cough up the money you owe the government. Tax planning is an essential part of running your business, and you need to ensure you save a portion of your net income every month when the payments are due. This post is not for non-profits — except for your annual 990 filing to let the government know you’re still alive as an organization and you won’t owe the government money.
Here are the five most common paid taxes by small business owners:
Income Tax
Sales Tax
Payroll Tax (includes Unemployment Tax)
Franchise Tax
Property Tax
Income Tax
Frequency: Annual
Mandatory: Yes
This annual tax is due in March (for corporations) or April for everybody else. Work with a CPA to ensure you’re paying the right amount and you’ve taken advantage of any deductions. If you’re an LLC, your business income tax is filed with your personal income tax. Yes, just because you have a business doesn’t mean you get out of filing your own personal taxes. I’m not a tax accountant, so I always refer clients to a CPA.
Sales Tax
Frequency: Annual/Quarterly/Monthly
Mandatory: Depends on the business industry
For sales tax, I suggest you call your local sales tax office for answers. If you have no idea if you’re supposed to pay sales tax, call the local office to get a quick answer. It will save you hours scrolling through Google. This can be a cumbersome thing to figure out, depending on where you make sales. The last time I called the local office, they were very helpful and answered all my questions — no matter how stupid I thought they were. If you’re a bigger corporation, you can also work with sales tax firms or use software that tracks sales tax payments to make sure things are aligned and filed correctly.
Payroll Tax
Frequency: Quarterly/Monthly
Mandatory: Yes
If you have full-time W2 employees, you must file and pay payroll and unemployment taxes. A payroll system such as Gusto will remove the stress from these filings. Make sure you’re registered with your state’s Workforce Commission so you can connect your tax account number with your payroll system so all payments can be correctly allocated.
Franchise Tax
Frequency: Annual
Mandatory: Yes
Everyone is required to file the Franchise Tax report. The threshold for Texas is $2,470,000 in revenue, and even if you don’t have that revenue, you’re still required to file the Public Information Report or Ownership Information Report. If your company issues shares, your franchise tax report can use your share counts and amounts—this is easier, especially if you use a cap table software such as Carta.
Property Tax
Frequency: Annual
Mandatory: Depends on if you own property
If you owe any property, you’re required to pay property tax. Properties include land, buildings, and any improvements you’ve made. It also includes tangible personal property used in the “production of income,” such as furniture, inventory, machinery, supplies, etc. Due dates vary based on county, so call your local office to confirm the date.
So, if you don’t want to be hit with a tax bill that the government thinks you owe them, be proactive with your filings. There’s nothing more shock-inducing than getting a bill for $100K when you know that number couldn’t be right. Also, form a relationship with a CPA (Tax Accountant) at the beginning of your business so they can make sure you pay the right amount of taxes and show you how to achieve that as a business.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
The Balance Sheet is also known as the Statement of Financial Position (nonprofits), and this shows you the balance between how much you own (assets), how much you owe other people/companies (liabilities), and the book value of your company (equity). Like the income statement, you read it from the top and then move down the report. It tells you the ending balance of your accounts at a singular moment in time. Most business owners ignore this report and focus on the income statement, which causes you to be short-sighted with your business. If you can’t tell how much debt you have, how often you can turn your assets into cash, and any other future payments you may have, then you will always feel behind. Your balance sheet should always balance—Assets always equal liabilities plus equity.
When you’re reading your balance sheet report, you’re looking for months that break the trend you see. What’s weird? Why’s one month significantly lower or higher than the rest? Why are your total assets lower? Why are your total liabilities higher? Why is your total equity higher? You should be able to determine the answers to these questions as you review your balance sheet. All three financial statements are connected, and you shouldn’t favor one report over the other. Your net income from your profit and loss statement is connected to your balance sheet in the equity section. A monthly review of all three financial statements helps give you a complete picture of your business.
There are three main sections to a balance sheet:
Assets
Current Assets
Long-Term Assets
Liabilities
Current Liabilities
Long-Term Liabilities
Equity
Owner’s pay & investments
Investments from others
Retained Earnings
Assets
Your assets are divided into current and long-term assets. Your current assets include your bank balances, accounts receivables, and inventory. Your current assets mean that you can quickly access your cash immediately, or if you need cash within 12 months, it’s possible for you to sell more inventory and call on your customers who owe you money (accounts receivables). Long-term assets include purchases such as equipment, vehicles, and properties. These assets will take longer than 12 months to turn into cash. It’ll be harder for you to access cash for immediate needs quickly.
Liabilities
Current liabilities include your credit card balance, lines of credit, and accounts payable (vendors/contractors that you owe) — bills/debt you must pay within 12 months. Long-term liabilities include your larger loans and other long-term debt you may have. These loans usually don’t need you to pay the full balance within 12 months. Some debt is good to help you grow your business, but being over leveraged (having more liabilities than assets) will cause you to constantly be scrambling for cash to keep up with your interest and principal payments and may eventually go bankrupt. So, be careful when taking on debt, and always have a plan of how you’re going to pay your debt back while growing your business.
Equity
Equity has three main sub-sections: owner’s pay or investments, investments from others, and retained earnings. As the business owner, any dividends or transfers from the business account to your personal account will be recorded here. Unless you legally turn yourself into an employee, all the money you pay yourself as the owner is recorded on the balance sheet, which doesn’t show up as an operating expense on the income statement! Also, if you invest in the company with your personal money, it’s recorded in the equity section, as well as any other investments you receive from others. Retained earnings are the cumulative net income from starting your business. So, if you’ve lost money from the beginning, your retained earnings will be negative, and if you’ve been net positive, your retained earnings will be positive.
The balance sheet reports help you see your business as a whole, while the income statement only shows you one portion of your business. Having a positive net income means your retained earnings increase, which in turn means you have more cash in your bank. But you may have to use some of that cash to pay your liabilities. Next week, we’ll talk about how reviewing your cash flow statement will help you confidently see if you have enough cash to pay your expenses for next month.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
In the realm of small business management, one critical yet often overlooked aspect is succession planning. This process ensures the smooth transition of business ownership, safeguarding the enterprise’s future and legacy. In an episode of EGBI’s Podcast, hosted by David Fuentes of the Economic Growth Business Incubator (EGBI), Miranda Barcena, a financial advisor from Barcena Financial Group, delved into the intricacies of succession planning. This article synthesizes key points from the podcast, providing a comprehensive understanding of succession planning and its importance for small business owners.
Introduction to Succession Planning
Succession planning is the strategic process of preparing to transition business ownership from one party to another. This can involve passing the business to a family member, selling it to a third party, or even merging with another company. As Miranda Barcena explains, the goal is to transfer the business to the right person at the right time for the right amount of money. This ensures the continuity of the business and secures the financial future of the outgoing owner.
Importance of Succession Planning for Small Businesses
Small businesses form the backbone of the U.S. economy, with over 90% of all businesses falling into this category. However, less than a third of these businesses survive beyond ten years. One of the primary reasons for this high failure rate is the lack of proper succession planning. Small business owners are often caught up in daily operations, leaving little time to consider long-term strategies. Miranda points out that succession planning is essential not only for the business’s longevity but also for the owner’s retirement and overall financial health.
Common Challenges in Succession Planning
Starting Too Late
One of the most significant challenges small business owners face is starting the succession planning process too late. Many owners dream of selling their business for a substantial amount and retiring comfortably but underestimate the time and effort required to achieve this. Proper succession planning can take years, and starting early is crucial to effectively navigating unforeseen challenges.
Lack of Knowledge
Another common hurdle is the lack of knowledge about where to begin with succession planning. As Miranda mentions, many business owners are experts in their fields but not in financial planning or business valuations. This lack of knowledge often leads to procrastination, further complicating the planning process.
Understanding Business Value
A critical aspect of succession planning is accurately valuing the business. Many owners are unaware of the true value of their business, especially how it might change when they are no longer involved. Miranda provides an example of a surgeon whose business was valued at $3.2 million with him actively working but dropped to $800,000 without him. This stark difference underscores the importance of understanding and planning for business value changes over time. By starting early and working with advisors, the surgeon could have developed strategies to increase the business’s value independent of his presence, ensuring a better outcome for his retirement.
Steps in Succession Planning
Assessing the Business
The first step in succession planning is a thorough assessment of the business’s current state and future potential. This involves evaluating financial health, market position, and internal processes. Understanding these factors helps in making informed decisions about the future.
Identifying Successors
Identifying potential successors is a crucial part of the process. This could be a family member, an employee, or an external buyer. Each option has its own set of considerations, and the choice depends on the business’s specific circumstances and the owner’s preferences.
Developing a Transition Plan
A detailed transition plan outlines the steps needed to transfer ownership smoothly. This includes setting a timeline, defining roles and responsibilities, and ensuring that the successor is adequately prepared to take over. This plan should be flexible to accommodate unexpected changes.
Financial Planning
Financial planning is integral to succession planning. This includes valuing the business accurately, planning for taxes, and ensuring that the owner’s retirement needs are met.
Legal Considerations
Legal aspects of succession planning, such as contracts, estate planning, and regulatory compliance, must be addressed to avoid future disputes and ensure a smooth transition. To do this, engaging with legal professionals is advisable.
The Role of External Advisors
Small business owners often wear many hats and may not have the expertise to handle all aspects of succession planning. Engaging external advisors, such as financial planners, attorneys, and accountants, can provide the necessary support and expertise. In the podcast, Miranda emphasizes the importance of having a team of experts to guide business owners through the process, ensuring that all legal, financial, and strategic aspects are covered.
Conclusion
Succession planning is a critical component of small business management, often overlooked due to the daily pressures of running a business. However, as Miranda Barcena articulates, early and strategic planning can significantly impact the business’s future and the owner’s financial security. By understanding the process, recognizing common challenges, and engaging with external advisors, small business owners can ensure a smooth and successful transition, securing their business legacy for the future.
La Incubadora Podcast is part of the Economic Growth Business Incubator, a local non-profit with the mission of providing training, coaching, and support to aspiring and existing business owners who face barriers to growing a successful business. La Incubadora Podcast is born out of the need to put in video and audio a lot of the success stories we see here at the business incubator. We also want to answer frequently asked questions and connect with small business owners with the resources to succeed in business on your own time and wherever you are while you have access to a mobile device.
For today’s episode we’ll cover a little bit more information about Facebook Marketplace. We will unravel the intriguing concept of unwittingly owning a Business and its tax implications, particularly in the realm of online selling through platforms like Facebook Marketplace. We will explore scenarios where individuals may unknowingly find themselves in business roles and repercussions that it means for their taxes from understanding IRS criteria to proactive compliance.
Meet our speakers:
Our host, David Fuentes, will be diving deep into today’s topic with our guest speaker, Andrea Harrington. Andrea Harrington is a lawyer and team manager at Texas Rio Grande Legal Aid small business and nonprofits team based in TRLA Austin Offices. Andrea works throughout Texas to serve the areas representing micro entrepreneurs facilitating Pro Bono small business legal clinics and providing Community Legal education on legal issues relevant to micro entrepreneurs. Andrea represents domestic violence survivors in family law cases and in protective order cases. Andrea obtained her Bachelor of Arts at Harvard University in 1998 and completed her Log Degree at the University Texas school of law in 2003. Andrea offers invaluable guidance to navigate this terrain with essential knowledge and be prepared to manage your tax responsibilities effectively in the digital marketplace.
What work does the Texas Rio Grande Legal Aid do?
Andrea Harrington says,
“Texas Rio grande Legal Aid is a non profit law firm and we provide assistance through a wide variety of areas of law from family law to public benefits, housing issues, landlord/tenant issues. We do have eligibility guidelines that we have to meet for our clients.
You can go to www.trla.org/gethelp and there are prompts that can let you know what our legal intake hotline is that can get you started, if you need assistance. To go to through our eligibility screening and get some legal assistance and ,of course, we also offer legal advice to small businesses!
It is a service to the community ,all of our services are free to the community for eligible clients and we have offices here in Austin, all the way west to El Paso and all the way south to Brownsville!”
How does selling on Facebook Marketplace classify someone as a business owner? Does it affect me on my taxes?
Andrea Harrington says,
“The interesting thing about Facebook Marketplace is that people use it for various reasons. For example, if you have a new couch or you’re moving your baby from a crib to a toddler bed and you have to get rid of the old furniture and pull in the new furniture, that is NOT a business.
Other folks are using Facebook marketplace as a way to make some extra money, for example you may go to Goodwill on the buy by the pound day and you receive your items to resell them on Facebook Marketplace.
OR
You purchase furniture or toys, that may be a little bit beaten up, and refurbish them and sell them on Facebook Marketplace. You may be using that extra bit of income to top off your grocery budget, to be able to pay your car insurance
The MAIN thing to know is if you are regularly selling items via Facebook Marketplace, Craigslist, eBay, Etsy, or any online platform. The IRS may consider these activities of you being engaged in a business. With that comes tax implications because the IRS is very clear that all businesses income should be reported and is taxable.”
What are KEY FACTORS that the IRS or tax authorities consider when determining whether someone is running a business?
Andrea Harrington says,
“It is considered a business once the intent is to earn more moneythan I spend, then that is considered running a business.
One should also take into consideration the regularity of operations. For example if you are listing one/two new items a week or one new item a day, then that’s a regularity of engagement of a platform for a business activity/ economic activity and it will be taken into consideration by the IRS.
Additionally, the production of income and ongoing efforts the person may take to improve their profits of the business. For instance if I am selling on Facebook marketplace but I am also advertising items on Instagram, those are going to be other efforts to further the interest of my business. Which would make it look more like business activity than just a personal transaction.”
David Fuentes: “That makes perfect sense, so there’s profit and then the regularity of operations. Right?”
Andrea Harrington: “Yes and the production of income. If you are bringing in income regularly, then it will become a factor.”
“For a long time people could sell on Craigslist , Facebook Marketplace, and eBay and you would get paid via PayPal or Cashapp and that was the end of the transaction but that’s changing.”
Are there specific thresholds or criteria that individuals should be aware of when it comes to selling goods online and triggering business tax obligations?
Andrea Harrington says,
“The big change that is happening this year, that is really important for people to know, is that these transactions that you’re doing if getting paid by Venmo, Cashapp, PayPal, or through Zelle. These payment providers are going to be sending out 1099-s to you. There has been a big change in the law, starting in 2024 if you make more than $600 in income through one of these payment apps you will be getting a 1099 that is reporting your income. If you think about it, what you have been selling on Facebook Marketplace. if you make more than $600 in a year which is not a lot, this is 50 bucks a month!
This year in 2024, which is the first quarter is already done, the threshold for receiving the 1099 is $5,000.
What does this mean?
If you make $5,000 in just one payment platform you will get a 1099. Something to keep in mind is that 1099-s are given per payment platform, so for those of you that maybe selling higher priced items such as jewelry or furniture you may hit that threshold in several payment providers, you will be receiving 1099-s from each payment provider. It is not aggregate for your whole business since it’s per payment provider so it’s really important to be aware that this hasn’t been an issue for a lot of Facebook Marketplace sellers for a very long time because the threshold used to be $220,000 and in 2024 it is dropping down $5,000 and further down to $600 for this upcoming year 2025.”
What piece of advice would you give to Facebook Marketplace users?
Andrea Harrington says,
“One piece of advice I would give is to start keeping records as soon as possible.
It is really important that you guys who are selling on Facebook Marketplace that you take the steps to at least start keeping records so you can deduct your business expenses from the money you are making reselling these items. If you’re going to a store and you’re buying by the pound and then you’re reselling some of these items of Facebook Marketplace, you NEED to get receipts of your cost of goods sold.
Another thing that folks need to be really aware of is if you are selling online on Facebook Marketplace or any other platform you should have a sales tax permit from the state of Texas and be collecting sales tax because it is another mandatory rule of the law and it affects all sellers.
It is crucial for everyone to learn what items you are selling are taxable and collect the sales tax on that, collect them, and turn them over on your filing deadlines.”
David Fuentes says,
“It really does operate similarly as a business? It is really useful because I have some clients here, for example someone who owned a tire shop and so they would resell used tires on Facebook Marketplace and that counts as a separate business operation in itself so it’s kind of wrapping our heads around this and specifically for tax implications.”
Andrea Harrington says,
“Yes absolutely!”
How can individuals who sell items online proactively ensure compliance with tax regulations and avoid unintended tax liabilities?
Andrea Harrington says,
“The MAIN way to ensure compliance there’s two big things that folks need to do, one is keep records. You will hear this from your business count to lenders at the bank from anyone who works with small businesses will tell you how important it is to keep good records of the money you spend for your business and keep records of the money that you’re earning from your business. This is because any tax compliance is going to be reliant on the quality of your records.
The other MAIN way to ensure compliance is to report because there is no way around it. You have to report your income, you’re able to deduct your but you must be aware and accept that there will be taxes due on your profit that you’re making from your operations.
Additionally you must research what your state sales tax obligations are and make sure that you’re going to be compliant with those as well. It’s the cheapest way to go about doing this otherwise you might get audited at a state level and on the federal level, which is expensive, if you are going to be having someone representing or helping you and any back taxes that were found to be owed you are going to have to pay as well as interests and penalties. In hindsight, the cheapest way to do this is to do it right from the beginning.”
What are some common misconceptions or pitfalls that people may encounter when it comes to understanding their tax obligations related to online selling?
Andrea Harrington says,
“So a big one is that people think that because they’re selling online, that they don’t have a real business so they don’t have any tax obligations. Additionally some haven’t formed a corporation or an LLC (Limited Liability Corporation) or filed a DBA (Doing Business As) so they haven’t formed a business, that is not a threshold that the state or federal government uses to determine whether or not you’re going to owe taxes on business income. What they’re looking at is the reality of the situation, are you engaged in economic activity that’s making you a profit? They are NOT looking at the formalities of whether you filed this paper or that paper. Like we said before, they are looking at the reality of what’s going on. The thing is that when you’re doing stuff online that is a record of itself, that’s evidence that’s out there. You can’t claim that you weren’t doing those activities when posts are up there, so it is essential to have that reality check of yourself and set a budget for these taxes. “
David Fuentes says,
“It’s really important to know before you start doing these things right otherwise you can find yourself in a hard place even without knowing this.”
As a lawyer specializing in this area, what advice do you have for individuals who may be uncertain about their tax status as online sellers?
Andrea Harrington says,
“In my experience people generally have a pretty good idea of what their status is whether or not they have a business, it just may be not the answer you wish it was. So my advice would be to be really honest with yourself about your selling activities online, whether its baby clothes, toys, clothes, etc, then you have a business. Like we said beforehand, if you are selling online to make a profit and you have come to terms with the reality of your situation, if you are uncertain do your record keeping because then you may not know if you are making a profit every month. With that you will find out whether or not you have a business. If you really aren’t sure, I can give you information you need. It may not be a huge profit, you might make $100 or $80 a month so I need to take care of this so you don’t get yourself into hot water. “
Additionally if you want more information specifically about taxes, the IRS has an excellent website, a YouTube channel, and a whole web page dedicated to small businesses tax issues!
The Texas Comptroller offers a lot of information on sales tax issues, so if you have any questions you can contact them if you are not sure whether you should be collecting sales taxes you can do that reading online.
Austin has a lot of resources for small businesses and for entrepreneurs! The City of Austin has a department dedicated to small businesses and there are lots of profits here in town that are also dedicated to assisting small businesses.”
David Fuentes says,
Perfect! We have several resources here in the city of Austin such as the IRS, and they also have a Small business and Self-Employed Tax Center which is a great resource and is the first website that popped up.
Appreciation
Huge thanks to Andrea Harrington for being our guest speaker, especially with all of these new changes and folks will have to adapt. None of us desire to deal with tax issues or the IRS, so it’s better to keep records before getting into trouble. It’s been a pleasure once again chatting with you and we hope that you find this episode entertaining and informative!
This episode was produced by Raycast media to be able to launch our podcast. Huge thanks to Raycast Media for this amazing partnership!
If you know someone else that could benefit from this episode share this article with them or share the Incubadora YouTube podcast! Remember that the Incubadora Podcast is part of the Economic Growth Business Incubator, a business incubator in Central Texas that offers training, coaching, and support to small business owners with barriers to achieving success.
If you would like to learn more about the economic growth business incubator and our services visit our website: https://egbi.org/ Thanks for listening!
