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Business Finances 101: Money Topics Every Entrepreneur Should Understand
Manage episode 405986957 series 3551022
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In the previous episode of Get Profitable HQ, Laura discussed the top five financial mistakes that every entrepreneur makes. If you’ve made one or more of those mistakes in your business, don’t sweat it! You’re not alone! In this episode, Laura breaks down the financial basics that every online business owner needs to understand. Learn the top 3 financial terms you should be familiar with, as well as everything there is to know about filing taxes, including the benefits of filing your business as an S-Corp. If you’re ready to stop saying, “I’m not good at numbers,” then tune into this episode to achieve clarity and start feeling more financially confident running your business!
Key Topics:
- (01:23) Three important terms to know; revenue, expenses & profit
- (05:52) Paying taxes on profit
- (06:45) Taxes we pay in the U.S.
- (09:06) Paying local and state taxes
- (10:26) Standard deduction vs. itemization; when and which one to use
- (14:22) Explaining the graduated income tax system
- (18:17) The effective tax rate; taking all your taxes into account
- (18:46) Operating your business as a S-Corp
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