In this SLP Creative Con podcourse, Rhian Dodd-Tovey, UK-trained accountant and owner of RDT Support, teaches “Bookkeeping 101” for SLP business owners, covering compliance, tax considerations, tools, and payment options.

She explains common business structures—sole proprietorship, LLC/PLLC, and S-corp election (often beneficial around $60,000 in profit)—noting that sole proprietors and single-member LLCs generally file on Schedule C, while partnerships and corporations have March 15 business-return deadlines.

Rhian details 1099 rules (services over $600 paid via cash/check/Venmo/Zelle, deadlines, penalties, and W-9s), contrasts W-2 vs 1099 contractor tax responsibilities, and defines bookkeeping as tracking income, expenses, receipts, and owner draws/contributions to determine taxable net profit.

She recommends separate business bank accounts, saving 25–30% for taxes with quarterly estimates, using tools like Wave/QuickBooks/Xero, generating core reports (P&L, balance sheet, cash flow), tracking sales tax for physical products, and using systems like Gusto for payroll.