The Hidden Mistakes That Keep Your LLC Small (and How to Grow Into an S Corp) – Ep. 249 скачать в хорошем качестве

The Hidden Mistakes That Keep Your LLC Small (and How to Grow Into an S Corp) – Ep. 249

You’ve set up your LLC, you’re running an established business, and things are moving along, but are your financial habits actually helping you grow and is your LLC protecting you the way you think it is? In this episode, Danielle Hayden, reformed corporate CFO and CEO of Kickstart Accounting, Inc., breaks down the five hidden mistakes that hold LLC owners back and shows you how to build the right habits to protect your business, pay yourself confidently, and prepare to scale into an S Corp when the time is right. Topics Discussed: 00:00 Intro: What an LLC Is and Why It Matters for Your Taxes 02:32 Mistake 1: Co-Mingling Business and Personal Funds 03:40 Mistake 2: Not Taking Owner’s Draws 03:24 Mistake 3: Not Saving for Taxes 05:16 Promo Break: Kickstart’s “Check Your Books” Service 07:34 Mistake 4: Ignoring Your Numbers or Not Regularly Reviewing Financials 08:29 Deciding When to Elect for S Corp Status 09:04 Mistake 5: Not Educating Yourself 09:55 Real Life Client Success Story 11:12 Action Step: Audit Your Current Habits 11:47 Outro: Like, Share and Subscribe! Key Takeaways: 1. Separate Your Business and Personal Finances: Mixing personal and business expenses can “pierce the corporate veil” and undo your legal protections. Keeping everything separate not only protects your assets, it also keeps your books clean and your numbers clear. 2. Pay Yourself Intentionally with Owner’s Draws: If you’re not paying yourself regularly, it’s easy to dip into business funds without realizing it. Taking consistent draws helps you stay disciplined and sets the foundation for switching to payroll when you become an S Corp. 3. Save for Taxes Every Single Month: You pay taxes on your profits, not just what you take home. Setting aside 25–30% of your net income for taxes keeps you from being blindsided at tax time. 4. Review Your Numbers Monthly: If you’re not looking at your profit, cash flow, and expenses every month, you’re running blind. Regular reviews help you catch errors, make smart decisions, and identify when it’s time to level up to S Corp status. 5. Keep Educating Yourself: Knowledge is power—and profit. Understanding deductions, tax rules, and best practices can save you thousands and help you confidently step into your CEO role. Related Episodes: YouTube Playlist | Small Business Tax Tips: Deductions, Entity Types, 1099s, & IRS Strategies:    • Small Business Tax Tips: Deductions, Entit...   Ep. 189 – LLC vs. S Corp: Which Is Right for Your Business? | https://kickstartaccountinginc.com/ll... Ep. 115 – Entrepreneurs: Should You Go S Corp? Pros & Cons + Expert Insight | https://kickstartaccountinginc.com/en... Resources: Check Your Books | kickstartaccountinginc.com/checkyourbooks Book a Call with Kickstart Accounting, Inc.: https://kickstartaccountinginc.com/bo... Connect with Kickstart Accounting, Inc.: Instagram |   / kickstartaccounting   YouTube |    / @businessbythebooks   Facebook |   / kickstartaccountinginc   #LLC #SmallBusinessTips #BusinessByTheBooks #KickstartAccounting #EntrepreneurFinance #SCorp