BF 045 – Andrew Newman – Interview 2
PODCAST
Show Notes
Andrew Newman – Newman Associates, CPA
Newman Associates, CPA
anewman@na-cpa.com
(530) 757-7402
Listen to our second interview with Andrew Newman, a Certified Public Account (CPA) in Davis, California. Whether you’re starting a side or full-time business, it is imperative that you understand local, state and federal laws associated with starting any venture.
Even though Andrew Newman cannot give legal advice he discusses the importance of seeking out legal counsel to answer questions that every business need answered. What Andrew is an expert at is the tax implications and how to maximize deductions while avoiding costly mistakes due to misinformation. Part of your business is understanding how to take advantage and minimizing costs that are crucial to your success.
Podcast Highlights
- Understanding your local requirements when starting a business and registering with your county using a Fictitious Business Name
- Notifying your home insurance carrier if working out of your home.
- How to differentiate what type of business entity you are.
- As your business changes so can the entity you become.
- The reason to keep your business simple when you start and focus on maximizing your tax benefits.
- Everyone’s situation is different so always seek out professional help.
- Realize that hiring a CPA and legal counsel is an investment in your business to make sure everything is in order.
- Why getting an insurance policy instead of forming a Limited Liability Company (L.L.C.) is a better strategy for sole proprietorship or small companies.
- The importance of keeping detailed records from the start.
- When and how to deal with self-employment tax in your business.
- How long can you go without showing income and still call it a business. The difference between a business and a hobby as defined by the IRS.
