Mentorship  Topics

for discussion during your session

topic 1: Choosing your business structure

In this section, we will cover the five entity types and equip you with the knowledge to choose the best organizational structure for your business. After this module, you'll understand:

Which entity type is right for you 
The pros and cons of each entity type
Legal requirements and tax consequences 
How to obtain a federal entity identification number
Why you should separate your business & personal bank accounts

Topic 2: The basics of bookkeeping 

Bookkeeping is one of the most stressful and confusing tasks for independent contracts and small business owners, when in reality, it should take you no more than one to two hours per month. In this section, I'll break down:

The four different types of Quickbooks software
How to utilize CRMs if Quickbooks isn't for you
My receipt & bank statement organization workflow
Easy methods for tracking business mileage
What you need to know about business meals and client gifts
Why quarterly bookkeeping is a hard and fast requirement
How to know when it's time to outsource bookkeeping

Topic 3: understanding your Profit and loss statement

I'll demonstrate how to use the data from your financial statements make educated business decisions. Have you ever found yourself wondering what you've made year to date but not knowing how to figure that out? Have you ever been in the middle of a business purchase and wondered if you can actually afford the item you're purchasing? If so, you are going to benefit greatly from this! I'll teach you:

How to assemble and interpret a profit and loss statement
Understanding the difference between revenue and profit and why it matters
Why financial statements are the number one decision making tool in my business
When to depreciation versus expense big purchases
Why you feel cash strapped when you know you've made money
How to account for money you've contributed to your business

Topic 5: Paying yourself first

No matter how much you love what you do, ultimately, a paycheck is important!  Here we will cover:

Employee vs independent contractor status
What FICA tax is and why it matters
Understanding business distributions
Implications of setting up payroll
The reasonable compensation test
How to offset income with expenses
Types of retirement accounts

Topic 4: your cost of doing Business

Every business owner and contractor should know their most profitable service or product. Together, we'll review the difference between variable expenses, fixed expenses, and why it matters. We'll also discuss how outsourcing certain tasks in your business can actually lead to making more money.  In summary, you'll learn:

How variable and fixed expenses differ and why it matters
How to calculate which products or services generate the most profit
What you need to make to break even
When outsourcing can lead to higher profits

Topic 6: Understanding Individual income taxes

Expanding your team and hiring employees adds another layer of complexity to your business, and should be executed carefully. We will discuss:

The different ways to pay individuals who contribute to your craft
Which method is best for you as the business owner
What forms you need to file if you hire contractors
What forms you need to file if you hire employees
When to hire a CPA, lawyer, or tax preparer

Topic 7: Business Taxes, Sales Taxes, and whether theY apply to you

Module 8: When to expand your team & How to pay others 

Did you know that not all businesses are taxed the same? I'll walk you through:

The different types of business tax returns
Which entities are required to file what
When to collect sales taxes
How to bundle your offers to save clients money on sales tax
Implications of interstate commerce 
Sales tax filing thresholds and frequency
Digital download implications

Let's dive into  everyone's favorite subject...taxes!  This topic typically takes an entire mentorship session as we will cover:

How the income tax system works in the United States
Common misunderstandings about tax brackets and marginal tax rates
The basics of an individual tax return
The difference between tax deductions and tax credits, and which is more valuable
Common tax deductions that you might not be taking advantage of
The difference between a tax return, a tax refund, and an overpayment applied
State filing considerations and which states do not currently impose income taxes on their residents
How to calculate and pay your estimated tax payments
Common tax forms that every business owner should have on file