Small Business Owner 101 - The Essentials of Business Accounting and Taxes with Gary Massey

Introduction:

In this episode of Small Business 101, we explore the critical aspects of accounting and taxes with Gary Massey, the Managing Director of Massey and Company CPA based in Atlanta. Gary shares his extensive experience helping small business owners manage their finances, comply with tax regulations, and ensure their business runs smoothly.

About Gary Massey:

Gary Massey is a seasoned CPA with a wealth of accounting and tax management knowledge for small businesses. As the Managing Director of Massey and Company CPA, Gary has assisted numerous businesses in setting up proper financial systems, ensuring compliance with tax laws, and optimizing their financial health.

Career Highlights:

Gary specializes in working with small businesses, typically those with sales under a couple of million dollars. He helps business owners navigate the complexities of accounting and taxes, providing them with the tools and strategies to keep their finances in order and avoid common pitfalls.

Episode Focus: Managing Business Finances and Taxes

Gary discusses the essential steps every small business owner should take to manage their finances effectively. He emphasizes the importance of keeping personal and business finances separate, setting up a proper accounting system, and maintaining accurate records. Gary also covers critical topics such as sales tax, payroll taxes, and the significance of regular financial reconciliations.

Key Takeaways:

• Setting Up Financial Systems: Gary explains the necessity of opening a separate bank account for business transactions and obtaining an Employer Identification Number (EIN) from the IRS.
• Importance of Record-Keeping: Proper documentation of all business transactions, including receipts and expenses, is crucial for tax purposes and financial health.
• Sales Tax Compliance: Understanding and complying with state-specific sales tax laws is vital for businesses, especially those involved in e-commerce.
• Payroll Taxes: Engaging a payroll company can help ensure payroll taxes are handled correctly, avoiding personal liability for the business owner.
• Tax Planning: Regular consultation with a CPA for tax planning can help business owners identify opportunities to reduce their tax burden legally.

Conclusion:

Join us as Gary Massey provides invaluable advice on managing business finances and taxes. Whether you're just starting or have an established business, Gary's insights will help you keep your financial house in order and ensure compliance with tax regulations.

Connect with Gary Massey:

For more insights and assistance with managing your business finances and taxes, visit Massey and Company CPA:

• Website: Massey and Company CPA
• LinkedIn: https://www.linkedin.com/in/gary-massey-cpa-7034bb13/