In the past decade that I have been helping clients; I have seen how most entrepreneurs do not concern themselves with the business structure's nitty-gritty until a problem arises and is discovered during tax season. In this episode of Empire Tax Professionals, we will discuss the small business entity's specific advantages and disadvantages and strategies needed to work around the confusion and potential liabilities. KEY TAKEAWAYS: ● I cannot emphasize enough to accurately know your estimated tax payments every quarter is a necessity. For an S-corporation (S-Corp) taxation structure, know the reasonable compensation you need to pay since all officers of a corporation need to be on payroll and don't want to overpay the IRS. ● When you're working in the business, you're the employee. Be careful how you allocate your income, and it should be with specific advice depending on different tax rates because reasonable compensation must be paid when you're an S-Corp. ● The financial and emotional costs of a potential IRS audit and penalties entail more enormous costs than getting CFO services. Be smart and protect yourself by managing your taxes with the help of experts. Get in Touch with Empire Tax Professionals: Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

To err is human, and making mistakes along the entrepreneurial journey may involve tax accidents that can be costly for every business owner. In this episode of Empire Tax Professionals, we will talk about small business owners' most common tax mistakes and how to prevent these issues. KEY TAKEAWAYS: ● Wrong selection: If you're making 10 to 30K dollars annually, you do not want to be a Sole Proprietor because you're not protected. You're paying more taxes, your assets are at stake, and anybody could come after what you own. ● Monthly bookkeeping: Estimated tax payments are among the most important things that businesses need to do to make sure that there are always current taxes. Some people have significant tax bills and close their businesses mainly because they don't do the bookkeeping on a monthly basis. ● Not getting experienced tax professionals: A bookkeeping company is utterly useless if they give you the profit and loss (P&L) reports, and they don't look at it from a financial standpoint. Guidance is the essential key in this whole thing; if your accountant does not guide you, then you're hiring a robotic company to do the job for you where there's no advice. The IRS encourages business owners to specialists who can help with tax situations and avoid common errors from the get-go. Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

So you're ready to add new people on board and increase staffing for your business. The cost of hiring new employees may cost you new expenses, liabilities, and legal obligations if you fail to do your homework. As employers, there is so much that you need to do for you to be compliant per IRS standards, per your state standards, and then there are city and local state requirements that every single employer needs to comply with. And if you don't comply with it, then you get penalties from every single direction. In this episode of Empire Tax Professionals, we will talk about what you need to do when hiring your first employee. KEY TAKEAWAYS: ● First things first. When hiring a new employee, you need to ensure that you collect the proper documentation. ● Make sure that you get worker's compensation insurance (it varies in every state in the US). Discuss details with your insurance broker. If you don't, you get a fine of two thousand dollars every ten days for not complying. ● Register with the Department of Labor before you hire your first employee. Once you register, the state permits you to start collecting payroll taxes on behalf of the employee. You become like a trust fund. ● Pay every single independent contractor to their corporation name versus to their individual name so you can avoid any red flags and reduce any audits. ● Depending on the type of business you're in, you would want to collect Non-Disclosure & Non-Compete Agreements. Get In Touch With Empire Tax Professionals: Did you ever imagine spending this much time on your financials? IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

Like many business owners, do you get confused or overwhelmed by your financials? OK, so you may already have a great bookkeeper and accountant, but tell me -- are you sure that you are paying just the right amount to the IRS? 

Do you actually know if your bookkeeper and accountant help you SAVE MONEY or maybe unknowingly incur your business tax liabilities?

In this new episode of The Wealthy CEO Accelerator Podcast, we will talk about tax basics that you should know. Watch the full show and figure out how we can help your business legally grow. 

Key takeaways from the episode:

✔️ Bear in mind that you should not be overpaying in taxes, especially if you have a bookkeeper all year round. Understand your financials with the help of a virtual CFO. 

✔️ Instead of relying upon just one person, it is wise to entrust your business to a team of specialists that will back you up. You wouldn't want to scramble looking for several years' worth of tax returns, not knowing what was filed and not filed if your go-to person passes away and nobody picks up the phone. 

✔️ Seek guidance from a tax professional on how to choose the correct business entity for your business. A lot of people that come to us and they register online and they are the wrong entity. They've been overpaying in taxes for the past two or three years because they've been registered online and do their taxes on their own. 

Save tens of thousands 💸💸💸 on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

Are You A Tax Dummy? Here Are Basics You Should Know Years ago, my dad didn't pay his taxes. I saw him writing a check of $1.2 million in charges because his accountant did not give him proper guidance. 

I witnessed the harsh result of how an innocent mistake or lack of an informed decision can throw you into substantial financial liabilities. It was such an expensive mistake and a bitter lesson to learn. The money lost could have been used for essential needs and other aspects of business-building. 

I became an accountant and made it my life's purpose to ensure that other people, given the proper education and high-level strategies, will precisely know what they need to do. So no client ever, ever falls into the same trap that my dad did. 

So if you consider yourself a tax dummy or in dire need of complex tax knowledge made simple,  I've put together in this episode of The Empire Tax Professionals the basic things you should know to avoid the tragedy of making that costly tax mistake.

Key takeaways from the episode: 

• Tax horror stories stem from not having a consistent bookkeeping process which is a scary, risky business. You may result from overpaying or underpaying the IRS, which translates to losses on your side. So you want to make sure that you're paying the right amount. And the only way that you would know exactly how much to pay is to have perfect and clean books and make sure that all your accounts are reconciled.
• It is in your best interest to find specialists who do not just do the robotic tasks but can provide sound advice specific to your business's nature. Companies in the e-commerce or digital marketing space require specific know-how of expenses to be deducted and lessen your legal liabilities.  

• Working with various departments; bookkeeping, accounting, payroll, tax planning can be confusing and energy-expensive for the busy business owner. Allow Virtual Chief Financial Officer or virtual accounting services to help you look at the entire picture, handle the nitty-gritty, and become your business's best investment. 

PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.

📚 👓 

Virtual CFO Services For Small Businesses The underlying reason you need to employ a virtual CFO is to provide you with strategic financial knowledge and maneuverability that will result in increased profitability for your business.

In today's dynamic market, any organization may profit from the expertise of a specialist who can monitor and administer a company's financing, set budgets, oversee estimates, reconcile books, handle tax planning, and formulate plans consistent with business goals. In other words, regardless of the scale and nature of your business, a Chief Financial Officer will be a valuable asset.

Join me as I bring you another episode of The Wealthy CEO Accelerator Podcast. Watch the full show and figure out how we can help your business legally grow. 

Key takeaways from the episode:

• Soak up to the reality that there's a lot of wrong information. Ensure that you trust your business to people who are licensed, experienced, and have a team to back up everything to help you. 
• Be conscious that most business owners are so confused and overwhelmed because they're speaking to many various departments; bookkeeping, accounting, payroll, tax planning, etc. Virtual CFO or virtual accounting services focus on the entire picture.
• Understand that you can't do the bookkeeping yourself, especially if you don't understand the tax law. Bookkeeping is making sure that you're deducting every single expense legally possible.
• Acquire the technique of not paying a thousand dollars for data entry services—partner with those concerned about strategy and helping you reduce the risks of an audit.
• Bear in mind that giving money to the IRS gives you no ROI. Instead, invest your money in someone who can provide you with guidance to save on taxes and get you fully protected from an audit.

Save tens of thousands and dollars on taxes and get in touch with Empire Tax Professionals: https://empiretaxusa.com/

Selecting the best type of business entity for your business is the most significant decision that you need to make as a business owner. How you choose your business entity may have long-lasting tax and legal repercussions, so it is crucial to get it entirely right.

Taking your lawyer's advice in choosing a business entity may get you protected but not save you thousands of dollars in taxes. In the same way, your accountant may help, but you may end up saving in taxes but not be protected. 

Rachel Michaelov and Empire Tax professionals understand that you want to hit two birds with one stone. What you want to happen is choose the best business entity that will suit your need of getting protected and saving money in taxes. 

Tune in to this week's episode of the Empire Tax Professional's show and get guidance in choosing the best entity for your business. 

Key takeaways from the episode:

• Figure out that if you choose the wrong business entity, it costs at least $10,000 to $15,000 every year. Imagine if you select the correct entity from the very beginning, you would have had so much money.
• Be mindful that attorneys don't understand the tax advantages; they only understand the protection. Many bookkeeper's don't know tax rules, and most local accountants are giving bad advice. You have to be careful of who you go to and who you listen to.
• Know for certain that when you have many people on your team, you as a business owner suffer—you overpay. 
• Understand the situation that if your bookkeeping is wrong, your tax return will be incorrect, and then you may get audited. It would be best if you had guidance from a specific professional to do things legally. 

Watch the full episode on Youtube: https://youtu.be/dfijAFgs_LE

Business taxation can be overwhelming, and you're sure to have some doubts as a business owner: 

How much could I pay? 

Why am I obligated to pay this sum? 

How can I minimize my tax liability?

Understanding how to legally minimize taxes and eliminate pitfalls is crucial and can deliver fantastic rewards.

Unfortunately, many business owners overpay their taxes by losing out on such deductions or handling your company and investment assets in a manner that is not effective for tax reasons. Logically, business owners and sometimes even accountants have difficulty navigating the taxation process since the U.S. tax policy is over 70,000 pages in length.

When seeking to curtail your tax payment, there are also complexities to contend with. Yet you can save money overall with the correct strategies, thus, making you a little less stressed out throughout the tax season.

Just in case you forget the worth of a hard-earned dollar, The Empire Tax Professionals come up with a bunch of money-saving strategies to raise your business's bottom line from cutting your legal costs to reasonable ways to save at least $10,000 in fees and taxes every single year.

Key takeaways from the episode:

• Be reminded that once every tax obligation is reconciled, don't thoroughly think that it's done! As the business owner, you want to review the profit and loss reports. See what expenses you can remove, and make decisions.
• Develop the habit of diligence in checking and assessing your progress as a business. According to Rachel Michaelov’s advice, “As business owners, review your profit and loss reports. See what's hurting you and what's serving you. I highly recommend you do this every month because, after two or three months, you end up wasting so much money, it's just too late to make decisions.”
• Open your eyes to the underlying truth that when you hire three people to do your payroll, accounting, and tax requirements, you need to pay three people instead of one, and you're working more because you're communicating between three people. That's not saving you money, and that's not efficient either! You are 100% overpaying in your taxes, and you're overpaying in fees.
• Never allow your accountant to leave you hanging midway in the air. Accountants take off after April 15th; they're entirely unavailable. So, when you get an IRS notice after tax season, what happens?
• Remember that if you don't have a person to ask, you may end up losing money, you may end up losing opportunities. It's always best for you to have experts that give you that solid advice.
• Everything is in Google but, rise above these profanities and understand that information on Google is not 100% accurate. Work with someone who knows the tax process from the inside out.

Watch the full episode on Youtube: https://youtu.be/Ka73Q-qGLpA

Get in Touch with Empire Tax Professionals:

Did you ever imagine spending this much time on your financials? 

It’s okay. Let us help you get it off your plate. Contact us today: https://empiretaxusa.com/

Who's not guilty of procrastination? I bet we all have at some point, delayed some vital tasks. Yet one thing most people enjoy holding off on before the last minute is filling out income tax returns. 

In 2019,  roughly 34 million taxpayers deferred a week before April 15th to submit their income tax returns. That's almost the same amount of tax returns submitted in the whole month of March. This explains why many individuals and business owners are so stressed out during the tax season. 

However, with more than 70% of taxpayers enjoying an annual income tax refund of about $2,800 per year, you might want to file your taxes earlier.

Your Income Tax Returns are statements of your revenue, investments, gains, and expenses throughout the financial year.  Prompt filing of your tax returns will help you build a consistent record of income earnings and other information. Consequently, you can claim predefined tax incentives if you have consistently filed your income returns.

In today's episode of Empire Tax Professionals, Rachel Michaelov, will share some valuable "Small Business Tax Tips and Strategies" to save you from the Internal Revenue Services. 

Key takeaways from the episode;

• Gain timely and valuable tips on how you can avoid a possible audit from the Internal Revenue Services as a business owner, or a tax-paying individual. 
• Realize the importance of collecting, documenting, and backing up all of your income expenses to make sure that you have all of the info so you can file a complete tax return.
• Understand what expenses, forms, and documents you should be incorporating in filing your Income Tasks Returns. This would guarantee that you avoid any complications, and you include every single expense possible.
• Get a grip on what you should look out for in working with a professional accountant to ensure you have reliable and streamlined bookkeeping and accounting system. 
• Correct the common misconception that you don't have to file income tax returns when you're unemployed. Unemployment is 100% taxable! 
• Peace of mind is essential, especially during these Covid times. Early filing of your ITRs is the key to achieving that sought state of not having to worry about your taxes. 
• "After April 15th, you're going to start paying, interest and penalties and getting notices. It's much harder to get on track with the IRS, especially because everything is so behind because of Covid," says Rachel. Listen to the podcast or watch the full show to save yourself from these pitfalls. 
• Declaring the expenses you've paid for the daycare center is not enough. Some specifications need to be followed. Learn how to do it properly by tuning in to this episode. 

References for the stats:

• https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-october-18-2019
• https://www.irs.gov/newsroom/filing-season-statistics-by-year

Watch the full episode on Youtube: https://youtu.be/LZq22nEXAYY

Welcome to the Wealthy CEO Accelerator Podcast. I’m Rachel Michaelov, corporate Tax Specialist turned CEO of a 7-figure business. But, it wasn’t too long ago I didn’t have the luxury to be there for my four children. There I decided to start my own business. Fast forward through many failures, I have more freedom, wealth and success than I ever thought possible. I created the Wealthy CEO Accelerator Podcast to give you actionable step-by-step strategies to do the same. If you are an entrepreneur ready to elevate your business and have everything you need to be set up the right way, this podcast is perfect for you!

Some key areas we will cover in this podcast are helping you save thousands in taxes, gain more freedom, and create financial hacks to make your money work for you. 

Here’s how it works: every Tuesday, we will launch a new podcast episode at 8 am Pacific. You will be able to find it on iTunes, Spotify, Amazon Music, and more of your favorite podcast apps.

I’ll explain how specific strategies can save you so much time, money, and headache in the future. This isn’t based on theory. It’s real, actionable strategies to take your business and life to the next level. 

By the end of the episode, you’ll be able to identify the exact steps you need to take next. So, let’s get started!