Learning to Succeed

I went to the event with my daughter and learned the importance of maintaining a very well organized accounting book. That people who receive retirement or other types of benefits, could be more protected opening their own business and using a W9 form, instead of being paid directly with a 1099 form.

QuickBooks elite was recommended for businesses doing their own accounting without professional help. And instead of just paying the expenses of the business out of pocket, those payments should be documented as investment or loans to be returned with interest. It is also very important to report the hours worked by the owner(s), to declare the salary as expenses.

As more expenses are documented, the tax amount to pay is reduced.

That is the best motivation to log every payment and activity, as it happen.

Excellent conversation topic to engage with other businesses or entrepreneurs.

The most interesting section was at the end, about Grants. Yes, the free money that does not need to be repaid. From government agencies, organizations and businesses. But most of the applications are discarded because one of the requirements is not included. A word of caution was to keep that money in a separate account and to document every expense. Abusers are usually jailed. And to renew the grant, demonstrate the efforts made to be self-sustainable.

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