Episode 04: Run Your Business Like A Business
Not treating your business like a business could be costing you tens of thousands of dollars in taxes every year. First, separate your finances – keep your business account separate from your personal account. Mixing finances is called “piercing the corporate veil,” which can render your LLC protection essentially useless. If you aren't keeping business expenses separate, you could be missing a lot of tax deductions come tax time. When making business decisions, are you looking at your numbers first? Do you understand where your profits are actually coming from?
Key Takeaways
Mixing personal and business finances can pierce the corporate veil and void LLC protection.
Separating expenses is required to properly claim tax deductions.
Business decisions should be made by looking at the numbers, not just instinct.
Understanding where your profit actually comes from prevents costly missteps.
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DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.
Music credit: Neon Fairies by Wolves
Note: This episode is from our previous podcast, Confident Money.
