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Day 31: Accounting 101 for Your New Business

Day 31 Lesson Progress:


Completed of Videos

About This Lesson:

Would you rather go to the dentist than get your accounting in order?

Have you ever said to yourself…

“I’m not good at numbers.”

“I don’t have time.”

“I don’t know what I’m doing.”

For the average small business owner, these are common refrains.

After all, taxes are often an entrepreneur’s single largest expense, which leaves even seasoned business owners filled with dread.

That’s why Josh Bauerle of CPA On Fire is here to help. His easy-to-understand lesson will ease those sweaty palms and sleepless nights. He’ll walk you through the exact steps you need to follow in order to maintain your books, keep everything on the up-and-up with the IRS, and pay the minimal amount of taxes necessary.

In today’s lesson with Josh, you’ll learn:

  • How to keep your books and why doing so is critical. You’ll learn the single-most important rule to keep in mind when bookkeeping, and you’ll discover how to reduce the risk of an audit from the IRS.
  • How to separate finances. Josh explains the three steps necessary in order to divide your personal and business finances so that you aren’t left scrambling at tax time.
  • What a business expense is and what can be deducted. You’ll learn the one question you can ask yourself to understand whether the IRS will let you deduct an expense. You’ll also know how to categorize your expenses correctly and choose a bookkeeping system that works for you.
  • How to turn personal expenses into business expenses. This strategy is completely legit and helps you reduce the amount of money you owe the IRS.
  • And finally, choose the business entity that fits your needs best. You’ll understand the different types of entities available, the pros and cons of each, and what each means for your tax returns.

If you’re ready to simplify your bookkeeping system and protect yourself against legal problems, be sure to watch this engaging lesson with Josh Bauerle.


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