How Can I Setup My Business for Success in 2023?
Do you want to set up your small business for success in 2023? On this episode of the Small Business Tax Savings Podcast, we discuss key steps and action items to make sure you are ready to make a major impact. In this episode, Mike discusses how small business owners can set up their businesses for success in 2023. Mike emphasizes the importance of bookkeeping and provides tips on how to do it regularly, keep separate business and personal financial accounts, and maintain accurate records and receipts. Mike also advises creating a budget, reviewing financial statements, and setting goals for the future. Other tips include automating tasks, staying organized, and seeking professional help when needed. [00:00] 3 Key Bookkeeping Tips to Help You Grow and Pay Less in Taxes• Bookkeeping is the backbone to every business and should be done regularly (monthly at a minimum). • Set up a separate bank account and/or credit card for your business and avoid commingling personal and business expenses. • Keep great records and receipts to ensure accuracy in bookkeeping. [04:07] Maximize Your Tax Savings in 2023• Record business expenses as an owner's draw or reimburse yourself• Create a spreadsheet of business expenses on personal accounts• Utilize an accountable plan for personal expenses related to the business• Keep great records and receipts digitally • Consider using cloud-based accounting software • Budgeting is important for understanding your business's financial performance and setting goals [08:07] Start the Year Right• Implement strategies while they are fresh in your mind• Join our tax minimization program or hire a tax strategist• Think about tax planning first, then tax filing and preparation• Strategic planning is important for business success [12:15] Strategic Planning and Tax Savings Tips• Read and listen to the resources that our podcast offer• Take bookkeeping seriously and update it regularly • Don't have any commingling of business and personal items • Keep receipts and documentation • File digitally and keep on file • Research, listen, read, and implement ideas • Put a strategic plan together • Get an accountability partner [12:59] Closing Segment• Final words Key Quotes “Bookkeeping is the backbone to every business.” – Mike Jesowshek “If you keep up with your bookkeeping on a regular basis, you keep business and personal items separate, and you file all necessary documents in a digital file as soon as you receive them, you will have less stress, be on top of your business and pay less in taxes”. – Mike Jesowshek Resources Mentioned Blog Posts: · https://www.taxsavingspodcast.com/bookkeeping --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844