Start-ups, small businesses, and self-employed workers pride themselves on their scrappy money-saving tactics and innovative growth hacks. But many of these people don’t fully understand or may not even be aware of all the tax breaks and benefits available to them. All of these could end up costing these people hundreds or even thousands of dollars each year.
Josh Alballero, tax expert and founder of IOOGO, and his wife and co-founder of IOOGO want to change that! So they’re sharing how to get financially ahead in 2021.
What’s the biggest piece of advice you have for people looking to get ahead financially?
Josh Alballero: We all have to pay taxes, but we don’t want to overpay taxes because of a lack of knowledge. Tax and accountant professionals can help you understand deductions/credits for your company to legally lower your tax liability. These professionals help you save, so your lack of knowledge doesn’t cost you money. If Amazon can benefit and get tax relief, so should you and your company!
How can professionals help you save money and get ahead financially?
Josh Alballero: Here’s an example of how financial professionals can help you…
It’s no surprise that most business owners classify their business as self-employed or as a single-owner business. And although this may seem like the right move for many people, you’ll end up spending more on taxes in the long run. For instance, as an LLC/LLP, your personal and business assets are combined, leaving you unprotected and costing you money by paying Social Security and Medicare taxes as both an employer and employee. Reach out to a professional, and they’ll have the best financial option for you, depending on your situation.
Do you have any other advice for people looking to get ahead financially?
Josh Alballero: Yes, don’t put off doing your taxes and accounting! When you leave these things to the last minute, you’re almost always going to lose money because of it. Obviously, running your business is the priority, but so is your cash flow! If you have no cash flow, you have no business! Keeping records is a great way to make things easier for you down the road. And the good news is taxes and accounting for small businesses, entrepreneurs, and the self-employed don’t have to be overwhelming, confusing, or frustrating with IOOGO Accounting. Our team of experts use IOOGO’S innovative technology to help you track expenses, send invoices, manage payroll, and create reports, ultimately saving you time and money!
Hiring an accountant professional can help you take your business to the next level, in much less time. To learn more about hiring an accounting expert to support your start-up’s financial needs, visit www.ioogo.com.