Aug. 18, 2025

Starting a Successful Business

Starting a Successful Business
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Season 2

TaxTalk4u : Starting a Successful Business. business startup checklist. : A comprehensive checklist for starting a business includes key steps like conducting market research, creating a business plan, securing funding, choosing a business structure, and registering the business, licenses and permits, securing an EIN, opening a business bank account, and establishing business credit, etting up bookkeeping, deciding on compensation, S-Corp, Website, Tax Compliance, Pricing, Payroll Services.

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements radio show programs, services, or

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products mentioned on air or on our web. No liability

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explicitor implies shall be extended to W FOURCY Radio or

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its employees are affiliates. Any questions or comments should be

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directed to those show hosts. Thank you for choosing W

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FOURCY Radio.

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Barry gen Fowler EA brings you tax talk for you

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right here on W four CY Radio and talk for TV.

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As an enrolled agent and a national leader.

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In tax resolution as well as Trucker bookkeeping and tax planning.

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With over thirty years of experience.

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Barry will break down taxes, bookkeeping, tax planning, and tax

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relief for.

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Individuals and businesses just like you. So let's have some

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tax talk for you with your host, Barry G. Fowler.

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Hey, good, welcome, and it was really a wonderful weekend.

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Well hot, we got out to do a bunch of

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good things around the ranch and actually working on some

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guys out there digging ponds. So and the existing pond

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that we had, which was just a little pond that

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somebody else had dug and wasn't very deep, actually had

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fish in it, which we were early surprised. So that's

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good news, and they'll keep working on it today. As

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matter of fact, talking about being prepared and getting out early,

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these guys were out there at six o'clock this morning

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already working on the pond, so you know they got

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an early start. We had to get an early start

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to get prepared for the show. In today's show, you know,

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we're talking about starting a successful business. You know, whether

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you're trucking, consulting, retail. Let's say you're even starting gas

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station or donuts, chat ice cream, whatever it may be

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that suit your fancy that you're going to get out

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and do even ranching, raising cattle or raising chickens, whatever

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it may be. In business, you've got to start your

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business correctly because you have a goal of what be successful.

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Nobody plans to fail. People just fail to plan. You know,

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that's the hard part in everything that happens in business.

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So when you're sitting down and you're saying, hey, I'm

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going to be in business and I am going to

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run a what successful business or you going to run

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a business that you plan to fail at.

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You know, it.

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Becomes a really hard thing because, like I said, nobody

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comes into starting business with the goal of failure. So

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what you first need to do is what I would

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tell you is start a checklist the things that you

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need to prepare and do before you ever get to

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the point of opening the doors in your business. I mean,

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you may need to start with market research, understanding what

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your target audience is, what your competition is, what the

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demand is for what you are going to offer. You

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know that sounds difficult, it really does, but that is

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the basis of where you're going to start, whether you're

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running and maybe an accounting firm or a tax firm

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or a trucking company. What's your competition doing? What are

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you going to be able to charge? What is the

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market for what you're providing? So, if you're going into

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trucking business, are you going to all hasmath? Are you

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going to be just pulling refer trail? What are you

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going to be doing in this business? If you're offering

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let's say you're going to put an ice cream shop,

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a little shop down the road here from US is

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about to open. Matter of fact, they've had a little

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shop somewhere else and so they have determined that they're

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opening a second shop. The market demand is high enough

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to put that shop into place and get it going.

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So they've done their research. They understand what their target

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audience is, what their competition is, and then what their

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demand is. Now part of the next step is let's

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put together a business plan. We covered business plans in

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one of our previous podcasts and shows. Should go back

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and look at that. We went into it in depth

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doing business plans. But your business plan is a comprehensive

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plan outlining your goals, your strategies, your financial projections, and

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there's places that can help you with this. SBA, a

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small business association, has a group called I Believe It's Score,

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and you know, they have their steps to developing a

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business plan and they actually have business plan models out

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there for you. So go take a look at some

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of that stuff to see how you can put together

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the right business plan. Again, planning for success, and that's

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what we always want to be when we go into business.

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We want to be a success. So you need to

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plan for that and how you're going to get there

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how you're going to define success. It's not just being

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able to reach into your pocket and pull a dollar

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out or ten dollars or one hundred dollars, whatever it

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may be. You have to have a defined goal and

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then reach those goals. Hey, you've got a question here,

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Frank SBA Small Business Association. You know you can go

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in log into the Small Business Association. They got ten

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steps to start your business. They've got sample business plans

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in there. There's a lot of others things, and then

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there's a group called score And I forgot what those

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at acronym is for, but you can see that over

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at the SBA. The next thing you're going to want

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to do is choose your business structure. Now, when I

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talk about business structures, we always look at business structures

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from a tax standpoint because we do tax advising. Now

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you may look at it from a legal standpoint. And

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when you're talking about a legal standpoint, you want to

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reach out and talk to an attorney. I'm not an attorney,

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never wanted to be an attorney, and don't charge legal fees.

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So you want to reach out to attorney in local area.

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It's good to have somebody that you might call a

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friend as an attorney, somebody that will be on your

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side that can help you. But it's also good to

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have an attorney that when you do need one, it's

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somebody you know. It's just like having a tax preprayer,

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a tax advisor, bookkeeping business advisor on your side, somebody

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when you reach out and you need help, they know

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about you and your business. It's not somebody you're reaching

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out to at the last minute to get some advice

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and they're going to not have any clue what you're

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doing in your business or how you're structured or anything else.

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And it's a beautiful part about having business people on

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your side that you work with and you guys can

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also refer back and forth because it's great you know

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people that I know in business, we refer people to

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when they're looking for that service or that product, and

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the same goes when they get to meeting other people

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and they want somebody that's professional in tax business, bookkeeping

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business and such, they refer back to us. Or if

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somebody has a tax problem, maybe they forgot to pay

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their payroll taxes in their business and they need help,

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they reach out to us at Taxation Solutions, Tax relief.

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As a matter of fact, if you got a tax problem,

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you know you can call us and Taxation Solutions tax Relief.

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Go to Taxation Solutions dot net, or you can call

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us at eight eight eight nine three zero one zero

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one six again eight eight eight nine three zero one

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zero one six and get the help you need with

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your tax problem. Whether it's an individual business, we're here

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to help. So now that you've got you know, hey,

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you've talked about your business plan, you've talked about what

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kind of structure you're looking. Before you can get that structure,

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you need to choose a business name. You know, you

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got to choose a name that's available, memorable, inappropriate for

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your business. Sometimes you choose names that you know it's

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it's really hard to get the website for, or the

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names really long, like Taxation Solutions dot net. You know,

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two big words out there. A lot of mistakes can

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happen putting in those names. Maybe you want a shorter name.

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Those things you can find our more memorable name. So

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when we work with bookkeeping and taxes for truckers, we

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do that under the name of Trucker tax Tools dot com.

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Something easy to remember. Trucker Tax Tools dot com. So

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if you're in a trucking business and you're looking for

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bookkeeping or tax help, that's an easy website to go

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to and be able to look us up and connect

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with us so that we can do bookkeeping and taxes.

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So business name can really make a difference. Well, he

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asked a question, name comes before structure or is it

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the structure. Well, you could start working on the business

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name when you're talking about determining the structure. Now, you

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cannot go and get the structure for your business, like

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you can't go to the Secretary of State and put

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your business in and have the structure until you come

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up with a business name. So you're kind of working

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on these things simultaneously. So when you're going through you

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know just this first step the planning and preparation, you know,

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you're doing your market research. You're kind of researching names too.

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You're putting your business plan together, you're putting the name

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to it, you're determining structure, you're determining what you're looking

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at your income and you're planning for profit. And then

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you're choosing the actual structure, putting that into the business

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plan as well, and getting that final name out there.

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So you know, these are all things about planning phase

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of doing this business. And we're going to continue talking

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about starting up your business. And we're going to talk

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right after this break registration and more legal will do

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that right after this.

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We have only scratched the surface of play's show.

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Please stand by as Paraging Power will be right back

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with tax talk for you. If you owe the IRS

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or are going through an IRS audit, don't go at

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it alone.

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Called Taxation Solutions tax.

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Relief at eight eight eight nine three zero one zero

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one six. We are your solution for IRS TETs, audits,

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back taxes, garnishments, leans and levees. Whether you're an individual

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or business, you need a solution and a strong, aggressive

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tax resolution. Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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net now for a free no obligation consultation.

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Let's get back to tax talk for.

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You with more tax tock once again. Here's your host,

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Barry G.

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Fowler back.

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I've got phone's going off, everything else forgot to put

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things on to not to start for the show. Hey,

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things happen when you're sitting here and getting ready for

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a show, and you kind of forget that, Hey, there

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are certain things that you've got to go through and do.

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It's kind of like starting a new business. You're doing planning,

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you're doing preparation. Part of that planning and preparation might

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be thinking about securing initial funding. Where is the money

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going to come from? Is it all your money? You're

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going to bring in outside sources. So when you're doing

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your business plan, you start planning for what the funding

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is going to be for your business, any business loans,

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what is it going to take to get this business

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started off the ground going. So you've gone through and

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done your planning, you've kind of figured out what your

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name of your business is going to be. As we

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tell people, always think about the possible other names of

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the business just in case your business name is already

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taken and if that's the case, then you might need

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to move in a different direction or a different name.

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But the next step is you start looking at your

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registration and legal so you can contact hopefully to your

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attorney to get you set up with the right structure

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and register your company with the Secretary of State. So

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your state is where you go to register your company.

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So we went to the Texas Secretary of State's office

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and registered Taxation Solutions, Inc. Tax Relief, and we put

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our DBAs underneath that name as well, so that the

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business structure was set up correctly from the beginning. Then

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you're going to go to the IRS. You can work

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with your tax profession'll do this, but you can go

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online and get your Employer Identification number that's the ei

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N and you'll file the SS four. You can do

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that online. When you're doing that, make sure you're reading

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the form and the boxes, because when you put the

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structure together, the IRS will send you a letter telling

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you exactly what you need to start filing for your

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business this year. So if you are in LLC and

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you're a single member, then you would end up filing

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as a schedule CEE ten forty. But you may have

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checked the box that you have employees, are going to

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have employees soon, and they would require you to start

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filing nine to forty once payroll tax returns or nine

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forty threes or nine to forty five. You got to

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read the form to see what they are going to

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acquire of you, or if you were multi member then

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they would make you file as a ten sixty five

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a partnership if you were inc. Taxation Solutions, Inc. When

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you first filed, you would be required to file an

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eleven twenty which is a corporate tax return, and then

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you would have to apply to become recognized as an

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ES corporate through the federal government the IRS, and then

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you would file eleven twenty s. So you've got to

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follow all the guidelines and the hoops. You're going through

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this all right, So we had a question here, Secretary

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of State needs the EI in before the articles are filed.

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Now you're going to file first with the Secretary of State,

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get the name of your business. Then you're going to

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turn around and file with the federal government through the

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IRS for your employer identification. So that is the order

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that you have to go through, no matter what your

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state's says. You can't get an employer identification number until

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you absolutely have the company name. That is the way

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it works. And then you can go to the IRS

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and say, hey, I've got Lucky's Bar and Grill, Inc.

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And I need an employer identification number, and then you

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can go and get The next step would be your

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licenses permits, so Lucky's Bar and Grail. You then have

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to go out and get license and permits, your liquor

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licenses and everything that you would be required. Or if

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you were running an ice cream place or other food establishment,

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you would have to do licenses. If you're running another,

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let's say retail business, you may have to get licenses

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in your state, such as sales tax and so forth.

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All those things would you would have to go through

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in fall in place so that you could then go

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in and be closer and ready to start up the

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business and open the doors. Now, once you've got that

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employer identification number, you're going to have a lot of

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steps you've got to continue to fillow you know, getting

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your license and permits. Of course, you're going to have

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to open up your business bank account. Whether you are

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at LLC, DBA, Inc. General Partnership, you need a separate

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business bank account, something that you're going to run only

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business transactions through. You do not want to run personal

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transactions to through your business account. You want to keep

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everything separate. It's easier for accounting, it's easier for taxes,

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it's easier if you were to go through an audit

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that you did not commingle things, and then as lawyers

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00:18:04.160 --> 00:18:07.920
tell me, it keeps that corporate veil in place to

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protect you from anything that happens within the business. Hey,

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that that's up to lawyers and you to discuss. We

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just recommend you follow through. Hey, good question here. What

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00:18:20.599 --> 00:18:23.599
were you saying about the S thing and what is

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that S corp sub Chapter S. What is is it's

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a different style of taxing your business. So when you

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open up Taxation Solutions, Inc. If you were taxed on

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eleven twenty, the business would pay a tax and then

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dividends would come out to you. You're running it like

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a major corporation out there. Es Corp allows all the

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net income to pass through to you and be taxed

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on your tax return without double taxation. So INC has

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double taxation. Es Corp only has passed through whatever the

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00:19:00.759 --> 00:19:03.920
net income is it's passed to you. Is what your

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00:19:03.960 --> 00:19:06.799
taxes are going to be. It's more complicated than that

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00:19:06.880 --> 00:19:09.799
because you know in distributions and other things that can

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happen in the business. But that's something to talk to

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your tax advisor about as you're getting set up. Also

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question came in, do all businesses need licenses and permits.

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You know, a lot of times it depends on where

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you live, depends on your state, locality, you know, location,

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and the types of business that you may be in.

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Certain businesses require more permits and more licenses than others.

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Some businesses don't require a permit or a license at

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00:19:44.039 --> 00:19:48.039
all that you can open it up and go into business.

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There are some things you look at and go just

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doesn't make sense to have a license. You know, I

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00:19:53.480 --> 00:19:56.039
would say kind of like fishing. It doesn't make sense

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to have a license to go fishing. You should be

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able to go fish and feed your family with fish,

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if that'd so be it. But hey, that's another day

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soapbox about licensing and how these governments, whether it's state, local,

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00:20:10.160 --> 00:20:14.400
or federal, have too much red tape sometimes getting people

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into business much less being able to just live your life. Hey,

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00:20:18.599 --> 00:20:20.240
good news. When you live out on a ranch, there

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00:20:20.240 --> 00:20:22.839
are certain things that you don't need licenses for or

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00:20:22.920 --> 00:20:26.759
permits for, such as taking upond Now, if I was

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00:20:26.799 --> 00:20:29.720
a little bit closer into town or in the zone

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00:20:29.920 --> 00:20:32.960
restricted area, yes, I'd have to go get another permit

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00:20:33.599 --> 00:20:36.680
or a license to do that. So you know, there's

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each business that has its own thing so now you're

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00:20:40.839 --> 00:20:43.359
setting up, you set up your business and you're getting

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00:20:43.400 --> 00:20:46.640
ready for financial operational you might want to get own

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00:20:46.880 --> 00:20:53.119
business credit card. American Express discover places like that don't

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00:20:53.160 --> 00:20:57.000
necessarily need timel and business. They're going to grant you

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00:20:57.440 --> 00:20:59.519
that credit card. Some of the banks that you go

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00:20:59.559 --> 00:21:01.759
to work with would grant you that line of credit

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00:21:01.839 --> 00:21:05.640
or that business credit card. Although the line of credit

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00:21:05.680 --> 00:21:08.720
on that business card may be limited, but it is

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something that could be available to You need to discuss

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that with your bank. You're definitely going to want to

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make sure you've got bookkeeping. You set up a system

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for tracking all your expenses. You know, we go through

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and cover bookkeeping in depth for trucking companies and small businesses.

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To go back and listen to some of those podcasts

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out there that we have about bookkeeping and taxes, and

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you know, you start establishing these things and you need

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to make sure that you're following through. Now there's a

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lot of things that happen in business structure, a lot

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of things that operational set up. We're going to keep

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talking about starting this new business and making sure that

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you've gotten off on right foot. Right after this, we.

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Have only scratched the surface of today show.

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00:22:01.039 --> 00:22:04.319
Please stand by as Barry Gee Fowler will be right

348
00:22:04.400 --> 00:22:10.480
back with tax talk for you. As an owner operator,

349
00:22:10.599 --> 00:22:13.279
you already spend too much time away from your family.

350
00:22:14.000 --> 00:22:17.359
Trucker Tax Tools handles all your bookkeeping and taxes.

351
00:22:17.400 --> 00:22:19.319
No matter what level trucker you are.

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00:22:19.559 --> 00:22:22.720
Life on the road can be taxing, but that doesn't

353
00:22:22.759 --> 00:22:26.160
mean that your wallet or time with your family should suffer.

354
00:22:26.680 --> 00:22:29.839
Trucker Tax Tools makes your life run smoothly.

355
00:22:30.359 --> 00:22:32.880
Go to Trucker Tax Tools dot com.

356
00:22:32.480 --> 00:22:35.200
For a free guide that will give you the tools

357
00:22:35.519 --> 00:22:39.480
to never worry about your taxes again. Call Trucker Tax

358
00:22:39.559 --> 00:22:44.000
Tools eight seven seven nine sixty six two four seven

359
00:22:44.119 --> 00:22:47.720
seven or go to Trucker tax Tools dot com now

360
00:22:47.759 --> 00:22:54.160
and let the experts keep you trucking. Let's get back

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00:22:54.200 --> 00:22:58.160
to tax talk for you with more tax tock once again.

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Here's your host, RYG. Fallum.

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Hey, welcome back man. I love all the questions we're

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getting today. It's makes the show easier if this is

365
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supposed to be interactive. So if you've got the questions,

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we try to give you the answers the best we

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can here in the limited time we get to talk

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about uh you know, startup to do business and trying

369
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to be successful at your business. You know, and we

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look at it that you know, statistics are out there

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roughly fifty percent of businesses fail in the first five

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years as a result of not planning. And that's what

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today is about planning, planning to be successful in your business.

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So we got a question here does the credit get

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issued on a personal Social Security number or a company? Now,

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first off, you've got to remember your startup. So depending

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on the bank that you are dealing with, you may

378
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be able to get a loan in the business name

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or credit card in the business name with you as

380
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a co signer. So when you're setting up the structure

381
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and you're working with your bank, you want to talk

382
00:24:12.720 --> 00:24:16.000
to them to determine, you know, if they're able to

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00:24:16.039 --> 00:24:21.599
do it. Now, sometimes the banks will refuse to do

384
00:24:21.759 --> 00:24:25.759
a credit card for a new startup or line of

385
00:24:25.799 --> 00:24:28.240
credit out there. You're going to have to have a

386
00:24:28.279 --> 00:24:31.279
good business plan. Maybe you need to go and get

387
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a small business loan through the SBA, which your bank

388
00:24:36.359 --> 00:24:40.920
may or may not offer, and then you know, you

389
00:24:40.960 --> 00:24:45.720
can get that through the business, but sometimes you can't.

390
00:24:46.359 --> 00:24:50.920
Sometimes you're getting set up and it goes through and

391
00:24:51.200 --> 00:24:53.079
you're not going to be able to get that loan

392
00:24:53.160 --> 00:24:55.480
or a line of credit or the credit card and

393
00:24:55.519 --> 00:24:58.799
you're going to have to use a personal card. I

394
00:24:58.839 --> 00:25:02.960
have not had any buddy from attorney, friends or say hey,

395
00:25:03.079 --> 00:25:07.920
that is a no go. We're doing bookkeeping, we're going

396
00:25:07.960 --> 00:25:11.200
to be mostly looking at as a loan from owner,

397
00:25:12.240 --> 00:25:15.519
not tying that personal credit card out there. We also

398
00:25:15.680 --> 00:25:19.759
ask you to use that card just for business so

399
00:25:19.880 --> 00:25:23.839
that there's not a commingling there of like interest expense

400
00:25:23.920 --> 00:25:26.519
and when we're trying to write off interest saying a

401
00:25:26.599 --> 00:25:29.640
portion of it went to these expenses that were charged

402
00:25:29.640 --> 00:25:33.640
on there for the business and a portional personal So

403
00:25:34.240 --> 00:25:36.279
you know, you kind of got to look at it.

404
00:25:36.519 --> 00:25:38.200
How are you going to be able to operate your

405
00:25:38.240 --> 00:25:42.759
business and then differentiate business and personal. Keep that one

406
00:25:42.839 --> 00:25:46.759
card to the side that's just then used only for

407
00:25:46.799 --> 00:25:50.880
the business, and it makes it easier somebody who's asking

408
00:25:50.960 --> 00:25:54.039
on business set up, is it better to go with

409
00:25:54.160 --> 00:26:00.680
an LLC or an escort? Well, an LLC can used

410
00:26:00.759 --> 00:26:04.759
and structured to become an escorp. So remember escorp is

411
00:26:04.799 --> 00:26:09.480
an election that you make through the irs. Now that

412
00:26:09.839 --> 00:26:13.000
es corp election, whether you are an INK or a

413
00:26:13.160 --> 00:26:17.279
LLLC is basically the same. And then when you make

414
00:26:17.359 --> 00:26:21.880
that es CORP election, then business owners that are working

415
00:26:21.920 --> 00:26:24.440
in the business have to be on payroll as well,

416
00:26:24.680 --> 00:26:27.079
a lot of complications. We have a great whole show

417
00:26:27.640 --> 00:26:31.279
about escorps and how escorpse operate. So go back and

418
00:26:31.319 --> 00:26:33.799
look at the podcast. Go to tax Talk for you

419
00:26:34.079 --> 00:26:36.759
dot com and you can see all of our podcasts there,

420
00:26:37.319 --> 00:26:40.000
or you can go on iHeart and look up tax

421
00:26:40.039 --> 00:26:42.680
Talk for you dot com and see the podcast. You

422
00:26:42.680 --> 00:26:46.920
can see the escort podcast out there. I'll give you

423
00:26:47.000 --> 00:26:50.319
all the information about ESCORP and rules and regulations and

424
00:26:50.400 --> 00:26:53.000
being an escorp. We can't talk about all those rules

425
00:26:53.000 --> 00:26:56.119
today because of how much time we have to actually

426
00:26:57.279 --> 00:26:59.960
get through the show. They only give me an hour.

427
00:27:00.480 --> 00:27:02.599
I could be on here for hours and hours and

428
00:27:02.720 --> 00:27:06.240
talking about business startups and answering all the questions that

429
00:27:06.279 --> 00:27:11.039
we've got here today. You know, when we talk about

430
00:27:11.279 --> 00:27:14.720
you know, structure, and we're talking now about you're going

431
00:27:14.799 --> 00:27:19.200
to be up and operating. Just talk about employees and payroll.

432
00:27:19.680 --> 00:27:23.920
I will recommend it is worth every dime you spend

433
00:27:24.000 --> 00:27:29.000
to have a payroll service. I can't tell you how

434
00:27:29.119 --> 00:27:34.839
much payroll services benefit you as a business owner when

435
00:27:34.880 --> 00:27:39.000
you have some a service out there, payroll relief that's

436
00:27:39.039 --> 00:27:43.319
offered by you know, truck or tax tools and some

437
00:27:43.359 --> 00:27:47.319
of the other ones that are out there. They're filing

438
00:27:47.319 --> 00:27:49.920
your nine forty ones for you. They're filing your nine

439
00:27:50.039 --> 00:27:52.279
forties for you. They're going to file your W two's

440
00:27:52.359 --> 00:27:55.519
for you. That you don't miss deadlines. They make the

441
00:27:55.559 --> 00:28:01.079
tax payments with each of your payrolls or monthly, depending

442
00:28:01.079 --> 00:28:04.599
on how it's going and what the rules are by

443
00:28:04.640 --> 00:28:07.839
the IRS. When you set up payroll from the get

444
00:28:07.839 --> 00:28:14.240
go and then choose how everybody's going to get paid,

445
00:28:14.759 --> 00:28:19.599
and then that way you have the structure in place,

446
00:28:19.920 --> 00:28:23.319
how much everybody's getting paid, getting the taxes being paid,

447
00:28:23.319 --> 00:28:26.279
and you're not missing deadlines. So one of the worst

448
00:28:26.279 --> 00:28:31.319
things a business does, especially startups or maybe when business

449
00:28:31.359 --> 00:28:33.640
gets a little bit slow, it's the easiest thing to

450
00:28:33.720 --> 00:28:37.160
do is avoid pay and payroll taxes because they don't

451
00:28:37.200 --> 00:28:39.559
see it right away that you didn't pay, and they

452
00:28:39.599 --> 00:28:42.519
don't hit you for three six months down the road,

453
00:28:42.559 --> 00:28:44.519
and then all of a sudden, the fines and penalties

454
00:28:44.839 --> 00:28:46.960
are out of this world and you're wondering what had

455
00:28:47.079 --> 00:28:50.799
happened to you. Using a payroll service and making sure

456
00:28:50.880 --> 00:28:54.720
those taxes are being paid is extremely extremely important. A

457
00:28:54.759 --> 00:28:57.480
matter of fact, as I tell people, if you refuse

458
00:28:57.559 --> 00:29:00.559
to do payroll with us, do it so where with

459
00:29:00.599 --> 00:29:04.640
somebody else, and don't do it yourself because of the

460
00:29:04.680 --> 00:29:08.480
fees to get payroll done are much cheaper than the

461
00:29:08.559 --> 00:29:12.599
fees to get you out of the problem with payroll

462
00:29:13.000 --> 00:29:18.119
by far. So the question is would payroll be through

463
00:29:18.160 --> 00:29:22.000
your bookkeeping service? It can be so here at Trucker

464
00:29:22.119 --> 00:29:26.440
Tax Tools, we offer bookkeeping tax service and then we

465
00:29:26.480 --> 00:29:29.240
will offer payroll services to our clients that need it,

466
00:29:29.680 --> 00:29:33.079
and we are cheaper than a lot of the other

467
00:29:33.160 --> 00:29:36.559
payroll services that are out there. But you can do

468
00:29:36.640 --> 00:29:43.039
it through Gusto or Patriot Software. Those will offer it.

469
00:29:43.200 --> 00:29:46.920
Matter of fact, our bookkeeping software we now use, which

470
00:29:46.960 --> 00:29:51.519
is Zero, is now integrating with Gusto, so we'll be

471
00:29:51.559 --> 00:29:56.240
able to work with Gusto to provide payroll services to

472
00:29:56.559 --> 00:30:01.799
our clients right through our bookkeeping program that we're doing already.

473
00:30:02.359 --> 00:30:05.880
So maybe you choosing to do bookkeeping yourself, maybe you

474
00:30:05.960 --> 00:30:09.720
choose Zero and starting I think probably next year, they'll

475
00:30:09.720 --> 00:30:13.839
have Gusto offered as part of right there with zero

476
00:30:13.960 --> 00:30:17.720
as an add on as well, so you can choose

477
00:30:18.039 --> 00:30:22.960
how you wanna set up your bookkeeping services and then

478
00:30:23.000 --> 00:30:26.920
payroll services as well. But if you're a trucking company,

479
00:30:27.480 --> 00:30:29.799
make sure you reach out to truck or tax tools

480
00:30:29.839 --> 00:30:32.599
dot com. Give us a call here at eight seven

481
00:30:32.759 --> 00:30:36.680
seven six two four seven seven and we'll be able

482
00:30:36.720 --> 00:30:39.039
to get you set up with your bookkeeping and then

483
00:30:39.640 --> 00:30:41.880
talk about whether you should be an es corp or

484
00:30:42.960 --> 00:30:46.319
or not. What are the benefits, especially like if you're

485
00:30:46.319 --> 00:30:50.880
an LLC, we go through and look at how it

486
00:30:50.880 --> 00:30:53.240
would benefit you to be an es corp or multi

487
00:30:53.279 --> 00:30:58.480
member LLC versus being a single member reporting on schedules.

488
00:30:58.519 --> 00:31:02.960
See another question came in, is it different if you

489
00:31:03.079 --> 00:31:06.960
don't have employees or if you have ten ninety nine people? Well,

490
00:31:07.480 --> 00:31:10.200
contractors are ten ninety nine.

491
00:31:10.559 --> 00:31:10.720
Now.

492
00:31:10.759 --> 00:31:13.519
The IRS has a lot of rules and regulations and

493
00:31:13.559 --> 00:31:17.079
what dictates is an employee. I always break it down

494
00:31:17.160 --> 00:31:22.480
to control. Who controls the person doing work, controls their time,

495
00:31:22.759 --> 00:31:25.920
the way they do it, how they do it, the

496
00:31:25.960 --> 00:31:29.039
tools they use to do their work. Are they coming

497
00:31:29.079 --> 00:31:33.559
into your office? Are they what do they have to

498
00:31:33.799 --> 00:31:37.480
follow as a person out there. If you have control

499
00:31:37.559 --> 00:31:41.480
over that person. They are an employee. Put them on payroll.

500
00:31:41.920 --> 00:31:47.400
If you've contracted out, let's say bookkeeping services, they're contractors.

501
00:31:47.920 --> 00:31:50.400
You're not dictating how, who, what, where, when or how

502
00:31:50.440 --> 00:31:56.039
they're doing it. Therefore, they are contractors. Somebody comes in

503
00:31:56.079 --> 00:31:59.799
and just provides a service or time here and fixes

504
00:31:59.839 --> 00:32:02.759
the and goes does a little bit of consulting for you,

505
00:32:02.880 --> 00:32:05.279
and goes does it for other people as well. They're

506
00:32:05.319 --> 00:32:08.119
going to be contractors, not employees. But if they're working

507
00:32:08.240 --> 00:32:10.920
just for you and you're controlling their hours and their time,

508
00:32:11.279 --> 00:32:15.440
they're an employee. Fam as an employee. Lots of things.

509
00:32:15.440 --> 00:32:19.920
When you're setting up business and you're planning for success, plan,

510
00:32:20.480 --> 00:32:24.559
plan for your future, plan to be successful. Do the

511
00:32:24.640 --> 00:32:26.960
planning that you need. When we come back, we're going

512
00:32:27.000 --> 00:32:30.000
to talk about some additional considerations as you're going into

513
00:32:30.039 --> 00:32:34.720
business and operating your future successful business.

514
00:32:34.880 --> 00:32:38.960
Right after this, we have only scratched the surface of

515
00:32:39.039 --> 00:32:42.960
today's show. Please stand by as Barry G. Fowler will

516
00:32:43.000 --> 00:32:48.559
be right back with tax talk for you as an

517
00:32:48.599 --> 00:32:52.079
owner operator. You already spend too much time away from

518
00:32:52.079 --> 00:32:56.319
your family. Stop spending time during paperwork. Go to truck

519
00:32:56.400 --> 00:33:00.279
or tax tools dot com A solution built specific please

520
00:33:00.319 --> 00:33:03.839
for truckers. Trucker tax Tools dot com makes your life

521
00:33:04.200 --> 00:33:09.960
run smoothly. Let's get back to tax Talk for You

522
00:33:10.000 --> 00:33:12.599
with more tax Talk once again.

523
00:33:13.079 --> 00:33:15.599
Here's your host, BARRYG. Foller.

524
00:33:18.200 --> 00:33:21.160
Hey, by the way, we've got great news. We just

525
00:33:21.160 --> 00:33:23.400
got ritten the huge for a whole other season here

526
00:33:23.480 --> 00:33:26.519
at W four c Y Radio. So you get to

527
00:33:26.759 --> 00:33:31.720
have me boring you with taxes and bookkeeping talk and uh,

528
00:33:32.319 --> 00:33:35.920
starting your businesses, and hey, the topics you want to

529
00:33:35.920 --> 00:33:38.200
hear is what we want to get out to you.

530
00:33:38.359 --> 00:33:40.480
So if you've got ideas, you can go over to

531
00:33:40.519 --> 00:33:44.200
tax Talk for You dot com messages and hey, we'll

532
00:33:44.200 --> 00:33:47.160
probably try to put a show around your questions and

533
00:33:47.279 --> 00:33:52.759
getting your answers out there for businesses all across the board. Again,

534
00:33:52.880 --> 00:33:55.759
you can go to tax Talk for You dot com

535
00:33:56.359 --> 00:34:00.119
and follow us. You can follow us on Facebook and

536
00:34:00.200 --> 00:34:04.880
follow us Instagram, different social media sites. Just go in

537
00:34:05.079 --> 00:34:07.960
and fillow tax Talk for you. See you never miss

538
00:34:07.960 --> 00:34:11.119
an episode and then message us. Let us get something

539
00:34:11.119 --> 00:34:14.079
that you want to hear on the air. And like

540
00:34:14.119 --> 00:34:16.320
I said, it's great news. We've just been renewed for

541
00:34:16.320 --> 00:34:19.440
a whole nother year on W four CY radio, and

542
00:34:19.599 --> 00:34:23.079
we'll continue to pushing these podcasts out to use. You

543
00:34:23.079 --> 00:34:27.400
can help yourself in your business, your personal life, and

544
00:34:27.519 --> 00:34:31.239
help with your taxes. Now we're talking about additional factors.

545
00:34:31.639 --> 00:34:34.320
So we've talked about the payroll, we've talked about you're

546
00:34:34.320 --> 00:34:37.960
getting ready to open your doors. Make sure you're thinking

547
00:34:38.000 --> 00:34:41.519
about tax compliance. Hey, there's only a couple of things

548
00:34:41.559 --> 00:34:44.400
for sure in life, and that is death and taxes.

549
00:34:44.679 --> 00:34:48.719
And we get to address taxes here. Tax compliance. You

550
00:34:48.760 --> 00:34:52.199
need to understand what your future tax obligations will be

551
00:34:52.239 --> 00:34:58.880
from sales tax, income tax, payroll taxes, use tax, heavy

552
00:34:58.960 --> 00:35:05.800
highway tax, fuel tax, you name it. If there's a

553
00:35:06.000 --> 00:35:08.840
way to tax it, the governments try to find a

554
00:35:08.880 --> 00:35:14.239
way to tax it. Beverage tax, the fixed beverage, you

555
00:35:14.320 --> 00:35:19.920
name it. It's there as taxes, both federal, state, and local.

556
00:35:20.440 --> 00:35:22.440
So you know you've gone into business. You got to

557
00:35:22.480 --> 00:35:24.840
remember you're not just dealing with the federal government and

558
00:35:24.880 --> 00:35:27.079
the state government. You got to deal with your local

559
00:35:27.239 --> 00:35:32.480
governments and regulations as well. Now you're building the business, now,

560
00:35:33.000 --> 00:35:38.800
you know you need to define your company culture, identify

561
00:35:38.880 --> 00:35:43.559
key roles, right job descriptions, hire employees where necessary, get

562
00:35:43.559 --> 00:35:49.000
your supply chain in order identifying established relationships with your

563
00:35:49.000 --> 00:35:56.039
suppliers to meet your requirements for quality, price delivery products.

564
00:35:56.079 --> 00:35:59.519
You're going to be offered your sales channels, you know,

565
00:35:59.599 --> 00:36:04.320
was going to be in person online, whether you're going

566
00:36:04.400 --> 00:36:07.480
to have a brick and mortar business or a digital

567
00:36:07.519 --> 00:36:12.079
online business. You know, the great question just came in.

568
00:36:12.679 --> 00:36:14.880
Is there a difference between a brick and mortar business

569
00:36:14.960 --> 00:36:20.360
and a digital line business? The building really a funny story.

570
00:36:20.400 --> 00:36:23.920
I had a magician, I believe it or not, that

571
00:36:24.159 --> 00:36:30.519
contacted us years ago, called then asked our receptionist, are

572
00:36:30.559 --> 00:36:33.800
you in a brick and mortar building? She goes a

573
00:36:33.800 --> 00:36:36.000
whole lot a minute, let me go outside and look.

574
00:36:36.440 --> 00:36:38.119
And she came back in and she goes, no, it's

575
00:36:38.159 --> 00:36:41.920
actually looks like wood or heartody plank on the outside

576
00:36:41.920 --> 00:36:45.280
of the building, but there's no brick. Magician just shook

577
00:36:45.320 --> 00:36:48.639
his head and laughed, and she is, well, then you're

578
00:36:48.639 --> 00:36:53.599
in a brick and mortar building. So they started using this.

579
00:36:53.719 --> 00:36:57.159
They've been a client of IRUs for twenty five years now.

580
00:36:58.079 --> 00:37:02.159
It's fantastic, but nothing like having a magician and then

581
00:37:02.199 --> 00:37:04.320
I get to do the magic tricks and helping him

582
00:37:04.400 --> 00:37:07.119
save money on his taxes and watching his taxes get

583
00:37:07.159 --> 00:37:09.960
reduced down as far as possible. So we all have

584
00:37:10.079 --> 00:37:14.199
a little bit of magic in us. But as far

585
00:37:14.360 --> 00:37:17.360
as the business structure know, there's not going to be

586
00:37:18.159 --> 00:37:22.400
your digital online business isn't going to have a local presence.

587
00:37:22.440 --> 00:37:25.239
They're just going to have a name presence. Which brings

588
00:37:25.320 --> 00:37:27.679
us to making sure that whether you're a brick and

589
00:37:27.719 --> 00:37:33.440
mortar business or you are online business, it comes down

590
00:37:33.480 --> 00:37:37.679
to a lot of times website, having a good website,

591
00:37:37.679 --> 00:37:40.119
whether it's just for e commerce, and even if you've

592
00:37:40.119 --> 00:37:42.880
got brick and mortar, you do an e commerce as well,

593
00:37:43.320 --> 00:37:45.000
so you're going to want to make sure you have

594
00:37:45.039 --> 00:37:50.360
a very functional, global friendly website, have a good e

595
00:37:50.400 --> 00:37:54.400
commerce platform that can handle all your online sales and

596
00:37:54.480 --> 00:38:01.719
payment processing. Now, payment processing, choose your payment processing under correctly,

597
00:38:01.760 --> 00:38:05.039
because you've got to remember the payment processing vendor is

598
00:38:05.119 --> 00:38:08.840
going to be taking three percent of your money, depending

599
00:38:08.880 --> 00:38:10.679
on how you're set up, could be as high as

600
00:38:10.679 --> 00:38:16.039
four percent with American Express, and you know, maybe you

601
00:38:16.079 --> 00:38:18.159
don't want to be that way. Maybe you want to

602
00:38:18.199 --> 00:38:22.880
get more through your debit card transactions. Maybe you want

603
00:38:22.880 --> 00:38:26.920
to pass that three percent on to people buying decisions

604
00:38:26.960 --> 00:38:30.920
you've got to make and look at with your marketing

605
00:38:30.960 --> 00:38:35.480
and your planning so that you're set up, you know,

606
00:38:35.679 --> 00:38:41.199
correctly for these people and that your cost is going

607
00:38:41.239 --> 00:38:43.880
to be it. Sometimes I don't like going into stores

608
00:38:43.920 --> 00:38:47.840
where they're going to charge me three percent more for

609
00:38:48.079 --> 00:38:53.079
using my credit card, where another store doesn't charge me

610
00:38:53.559 --> 00:38:56.679
that same fee, and sometimes their prices are are lower,

611
00:38:57.119 --> 00:38:59.320
and so I'm going to head to that store that

612
00:38:59.480 --> 00:39:04.039
givens same product and not charging me that three percent

613
00:39:04.159 --> 00:39:08.639
for using my credit card. That's where I'm going to

614
00:39:08.679 --> 00:39:12.679
head to sometimes, even if it's not as convenient as

615
00:39:12.719 --> 00:39:16.559
stopping it at the other store. So you kind of

616
00:39:16.559 --> 00:39:19.039
got to watch that and look at how you're going

617
00:39:19.159 --> 00:39:25.840
to plan and price in your business. You're also going

618
00:39:25.920 --> 00:39:28.440
to want to look at your business software CRMs and

619
00:39:28.480 --> 00:39:34.039
everything else, your customer relationship management system, project management, inventory management,

620
00:39:35.280 --> 00:39:38.559
and other needs you may have for software out there.

621
00:39:38.760 --> 00:39:40.840
You want to make sure that you have the right

622
00:39:40.920 --> 00:39:44.119
software for the right type of business and it manages

623
00:39:44.199 --> 00:39:49.519
everything to manage and not having complications by having the

624
00:39:49.559 --> 00:39:53.199
wrong software. Sometimes the right software makes your life heck

625
00:39:53.239 --> 00:39:57.840
of a lot easier than running the wrong software within

626
00:39:58.199 --> 00:40:02.719
your business. To me, bard needs. Now you also got

627
00:40:02.719 --> 00:40:05.960
to start looking at ongoing management. You know you're getting

628
00:40:06.039 --> 00:40:09.480
ready to launch your business. You're announced, you're opening. Get

629
00:40:09.519 --> 00:40:13.280
out social media. Blast social media that you are open.

630
00:40:13.440 --> 00:40:18.159
You are here. Open your storefront online, Open your storefront

631
00:40:18.159 --> 00:40:23.039
there in the building. Launch your products online they're in

632
00:40:23.079 --> 00:40:26.639
the store. Do some kind of huge promotion to make

633
00:40:26.679 --> 00:40:29.280
yourself this success. I mean, it's kind of like I said,

634
00:40:29.320 --> 00:40:32.639
Trucker tax Tools dot Com. When we launched, we went

635
00:40:33.360 --> 00:40:39.480
crazy across social media, crazy across the internet, and even

636
00:40:39.480 --> 00:40:43.280
at local and national truck shows. We were out there

637
00:40:43.400 --> 00:40:47.760
offering prices that are unbelievable, which we still now offer today.

638
00:40:48.119 --> 00:40:50.480
If you're a trucker and you need low cost bookkeeping

639
00:40:50.519 --> 00:40:53.880
but great truck or bookkeeping experts in the trucking industry,

640
00:40:54.239 --> 00:40:56.440
go to Trucker tax tools dot Com. We started twenty

641
00:40:56.480 --> 00:41:00.239
five dollars a week and make it simple, make it easy.

642
00:41:00.480 --> 00:41:04.480
Other pricing than is all inclusive. Call us today and

643
00:41:04.639 --> 00:41:08.679
eight seven seven nine nine six six four seven seven

644
00:41:08.719 --> 00:41:11.639
eight seven seven nine nine six six four seven seven

645
00:41:11.679 --> 00:41:15.400
and get started here today with us. We've launched business

646
00:41:15.400 --> 00:41:20.599
many many years ago, but we keep launching successful daily

647
00:41:21.039 --> 00:41:26.400
bookkeeping for truckers. Have fun in your business, enjoy it,

648
00:41:26.840 --> 00:41:29.920
make it something you enjoy. Now, if you're trucking, you're

649
00:41:29.960 --> 00:41:33.199
thinking about going into business, we're talking about business startups here.

650
00:41:33.239 --> 00:41:36.760
All this stuff applies to you. There is a fantastic

651
00:41:36.840 --> 00:41:39.639
program that you should be at, especially if you're thinking

652
00:41:39.679 --> 00:41:42.440
of getting started in the trucking industry running your own

653
00:41:43.119 --> 00:41:49.800
trucking business. Owner Operator. Truck to Success is there for truckers.

654
00:41:49.960 --> 00:41:53.480
It's put on by oh IDA Owner Operator Independent Drivers

655
00:41:53.559 --> 00:41:57.639
Association in Blue Springs, Missouri. They talk about everything from

656
00:41:57.679 --> 00:42:03.199
getting your authority, establishing your business is, to bookkeeping to taxes. Yes,

657
00:42:03.360 --> 00:42:05.320
that's what I'm going to be there talking about with

658
00:42:05.480 --> 00:42:11.000
you in depth, entity structures. All that gets discussed at

659
00:42:11.360 --> 00:42:14.280
truck to Success. So make sure you get in register

660
00:42:14.400 --> 00:42:18.239
and be there. Join us at truck to Success. Hey,

661
00:42:18.239 --> 00:42:21.960
I got a question here. Does that price only apply

662
00:42:22.079 --> 00:42:27.320
to truckers? Yes, that price applies to truckers. Now, we

663
00:42:27.360 --> 00:42:33.360
do service other industries and stuff for bookkeeping and taxes

664
00:42:34.280 --> 00:42:39.800
done through taxation Solutions dot Net. Taxation Solutions has different

665
00:42:39.840 --> 00:42:42.559
prices depending on the type of business that you're in.

666
00:42:43.239 --> 00:42:48.920
Trucker tax Tools is all designed around truckers to get

667
00:42:48.960 --> 00:42:54.239
them at rate deduction possible. Taxation Solutions. If you've got

668
00:42:54.599 --> 00:43:03.159
bookkeeping or taxes for your business, whether you're consulting, retail bar, online,

669
00:43:03.719 --> 00:43:06.599
you name it, Taxation Solutions can help you through there.

670
00:43:06.679 --> 00:43:10.199
And they've got special programs for you as well. So

671
00:43:10.280 --> 00:43:14.119
you go to Taxation Solutions dot net. You can contact

672
00:43:14.119 --> 00:43:16.760
them at eight eight eight ninth three zero one zero

673
00:43:16.840 --> 00:43:20.159
one six eight eight eight ninth three zero one zero

674
00:43:20.280 --> 00:43:24.679
one six help you get started. Hey, you know top flies.

675
00:43:24.679 --> 00:43:27.960
When you're having fun, remember you need to go to

676
00:43:28.079 --> 00:43:31.360
tax Talk for you dot com. Follow us over there,

677
00:43:31.559 --> 00:43:35.199
follow us on Facebook, never miss an episode, put your

678
00:43:35.320 --> 00:43:38.679
questions in, let us put a program around what you want. Again,

679
00:43:38.760 --> 00:43:43.079
we've been renewed for another whole season here. It's going

680
00:43:43.159 --> 00:43:47.199
to be a fantastic year that's going to come up

681
00:43:47.719 --> 00:43:53.800
and again talking more about bookkeeping and taxes, everything that

682
00:43:53.880 --> 00:43:57.559
you need around business. You know, we had the new

683
00:43:57.639 --> 00:44:00.840
one big, beautiful bill that we talked about for several weeks.

684
00:44:01.280 --> 00:44:03.039
You can go back and listen to those podcasts and

685
00:44:03.079 --> 00:44:06.199
how it affects both you you personally and it affects

686
00:44:06.239 --> 00:44:09.639
your business, and how you can benefit from that bill.

687
00:44:10.480 --> 00:44:12.280
The only way we can continue to do. This is

688
00:44:12.320 --> 00:44:14.800
if you show up here and listen to us in

689
00:44:15.000 --> 00:44:19.719
W four CY Radio ten am Eastern time every Monday.

690
00:44:20.639 --> 00:44:23.639
Connect with us on Facebook. You can connect to track

691
00:44:23.840 --> 00:44:28.880
tax tools, taxation solutions, tax relief and of course tax

692
00:44:28.920 --> 00:44:32.199
Dog for you dot com. We make it simple, We

693
00:44:32.239 --> 00:44:34.639
make it easy for you to be a part of

694
00:44:34.639 --> 00:44:37.679
the show. For this to be your show around what

695
00:44:37.760 --> 00:44:41.079
you want to hear. Drop us a line, drop us

696
00:44:41.119 --> 00:44:44.760
a text, drop us a message, Let us know. Hey,

697
00:44:45.239 --> 00:44:49.760
I tell everybody, how would God bless glorious week? Do

698
00:44:49.920 --> 00:44:54.559
everything to the benefit of our savior, Continue to operate,

699
00:44:54.960 --> 00:44:58.800
be successful, be out there, but be here Mondays at

700
00:44:58.840 --> 00:45:02.199
ten am your time on Tax Talk for You W

701
00:45:02.320 --> 00:45:04.599
four CY Radio. We'll see you next week.

702
00:45:06.000 --> 00:45:09.159
Are you an individual or business that wants to understand

703
00:45:09.239 --> 00:45:12.599
taxes and how they affect you. Are you looking for

704
00:45:12.679 --> 00:45:18.079
specific tax advice for self employed business owners and truckers.

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Are you behind on taxes and your bookkeeping?

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Are you dealing with dirs and ready to have some relief,

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then you need Tax Talk for You, hosted by tax

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and trucker expert Barry g. Fouer EA Kenyan, ten am

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Eastern time every Monday.

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Right here on W fourcy Radio and Talk for TV.

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Don't forget to check.

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This and past episodes at tax TALKFORU dot com. See

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you next week at W fourcy dot com