Are You an Entrepreneur Flying Under the Radar?

What do you mean by flying under the radar? If you were a pilot, you would fly under the radar so you don’t get spotted. As an entrepreneur, you’re operating your business just enough that you don’t get noticed by the governmental agencies.

In my 28+ years of practice as a CPA, the increase in more entrepreneurs to open up their own businesses had grown 60% since 2011 or total around 29 million. In addition, there are more do-it-yourself software programs that attempt to help people save money. In reality, it will end up costing you more; not only in time and money but in being able to reach your highest potential for success in business.

How can it end up costing me? The lack of understanding will cost you in the end by paying higher taxes and wasting time because it takes more of your efforts away from you operating your business; and can eventually cause loss of your customers due to lack of professionalism.

Let me paint a scenario that may apply to you or a friend that you know. One day, you decide “I’d really love to have my own business”. Based upon what friends tell you, you decide to start a side business while you still have your day job. Not knowing what your local regulations are or investigating what all is required for you to be in compliance with all Federal, State and Local government agencies, you decide to start soliciting for business. You start to tell your friends and family and they recommend that you start an LLC (Limited Liability Company) to protect yourself. You decide that an attorney is going to cost way too much, so you use an online company to help you get your LLC. You learn how to build your own website, and get inexpensive business cards printed. After that, you’re ready to go and start operating and at the end of the year you try and save money by preparing your own tax return. Sound familiar? Let’s take an in-depth look at what was just created.

Some of the biggest mistakes that entrepreneurs fail to check out are the following:

Governmental Compliance
If I’m operating out of my home, do I need a permit?
What required tax filings am I responsible for at the end of the year?
Did I file for a FBN (Fictitious Business Name)
Did I file for a City Business License?
What’s the purpose of a FEIN (Federal Tax ID Number)
Understanding when you must put a person on payroll versus a 1099 contractor

The next scenario is :
You don’t have enough funds to hire a professional to help you set up your bookkeeping properly so you take a poll and ask your friends what they suggest that you use. You buy the software and get frustrated because it takes you too long to learn so you sporadically try to enter the data or you just give up and begin to accumulate receipts in a box.

Setting up Your Business for Success
Have you carefully thought out a plan for the business; a business or success plan?
What’s my available resources; money, time, and people?
Do you mix your personal funds with your business funds?
Do you properly account for you income and expenses and how often do your review it?

The last scenario is:
It’s the end of the year and now it’s time to do your taxes. You attempt to put all of your receipts together and decide that preparing your taxes on your own shouldn’t be a problem. You begin to fill out the schedule C but don’t know all of the tax laws so rather than get caught on something you don’t understand about, you don’t want to get audited and claim less expenses than you are entitled.

Maximizing Your Profits and Paying Taxes
What kinds of deductions am I entitled?
How come I have to pay so much in taxes?
Why am I being penalized?
Why does it show that I made so much money but don’t have the money in my bank account?

Do these things sound familiar?  Some of the items listed above are actually things that subconsciously hold you back from reaching your highest potential in business.

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© 2015 | Crystal Clear Profits, Inc. | All Rights Reserved

Who is The Transformational CPA™?

An overview

I used to…never speak up about what I really wanted
I used to…not speak honestly about the truth to someone I really cared about, hoping they liked me
I used to…think that I had to run my business all by myself
I used to…believe what the media told people about abundance or the lack of

Then I met…a life coach; and started to change…the way I look at life and became a life coach myself to help my clients
Then I met…a friend who could honestly tell me the truth; and started to change…how I viewed peoples thoughts about me when they did it from a place of love
Then I met…business mentors I sought out to help me and believed in my vision; and I started to change…the way I look at other people in business as collaborators rather than competitors
Then I met…coaches who taught about abundance and really began to learn who God really is and the benefits of his love; and started to change…the way I look at my mindset and abundance

And little by little…I have better communication and relationships with my family, friends and clients
And little by little…I was able to intuitively tell if someone was telling me truth and direction from a place of love or evil
And little by little…I can support other people in their visions because I have a better understanding that relationships are the most important thing in our lives, and without them, we would die
And little by little…I’m in a state of consciousness that allows the abundance to flow, and have a heart of gratitude for every little thing that comes into my life

And now I’m…blessed because I have great people in my life
And now I’m…more compassionate because I genuinely care about people and help them face life’s challenges
And now I’m…changing the face of my accounting practice to be proactive with people in their finances
And now I’m…heading out to teach financial literacy to the masses

Can you imagine your life transformed?  Do you see how transformation takes time, a willingness to be vulnerable, love and acceptance of yourself and surround yourself with people who believe in you?

Would you care enough to be a part of a movement to help raise the consciousness of the planet or to transform your own life, through financial literacy?

Come and join me and see the benefits of how financial literacy can change your life!  Contact me at: nancy@crystalclearprofits.com or connect with me at one of the following:

facebook: Nancy Lee Ma

twitter:@nancyleema

Linkedin: NancyLeeMa

© 2015 | Crystal Clear Profits, Inc. | All Rights Reserved