Use the Appropriate Tax Status for Your Business Phase and Entity.

The words “entity” or “status” of your business may be used in two ways:  (1) to describe the legal entity of your business (sole proprietor, partnership, LLC, S-Corporation, C-Corporation) or, (2) to describe status of your business for tax purposes (pass-through or corporation).  In the following post we will be discussing which legal entity is appropriate for your business for asset protection purposes; here, we are evaluating what status you should be using for tax purposes. 

Generally, either a business is a pass-through tax entity or it is taxed as a corporation.  If a business is pass-through, the profits or losses are passed-through to the tax return of the owners.   The owner owes taxes for any profits, even if those profits are not actually taken home by the owner.

If the business is taxed as a corporation, the corporation files its own tax return and pays taxes on its profits.  Money may be paid to owners as salaries for work performed and the owner will pay taxes on his/her salary, just like any employee.  Other money may be paid to owners as dividends on their stock and the owner will pay taxes on dividends, just like any dividends received on stock.  Read more

Are you stepping up to your own brilliance?

Just wanted to sharing an amazing post from Wendy Piersall, former eMom, now CEO of Sparkplugging, on "What do American Idol & the Butterfly Effect Have to do With Your Destiny?"  Wendy does an amazing job of analyzing the subtle differences between those who are talented and moderately successful, and those who crack through to the top — it’s not just based on being the best, but on a mental change …

And I realized that even now, when someone gives me a compliment, or acknowledges what I have accomplished, I still squirm a little and will even sometimes downplay it.  Tiny, self-depreciating indications that I haven’t quite owned my own truth - that I am here to change lives. End of sentence. No explanations, no justifications.

Are you still playing small? 

Ep #42 Facebook Fortunes - How to Explode Your Online Profits Using Social Media

Elizabeth invites Mari Smith, Relationship Marketing Specialist and Facebook Business Coach, to share her top reasons why you need to be active on Facebook and how being active in social networks can establish you as a leader in your industry.  Elizabeth then answers a listener question of the week regarding the bare minimum legal and financial practices you need in your business, even if you’re just starting out.  Elizabeth also shares her Entreprenuer’s Success Tip of the Week:  Take a Stand.

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Revelation! No More Waiting; Live the Vision Today

About 6 months ago I started journaling again. From when I got a bit an agist at age 10 all the way throughout law school, I always kept a diary/ journal to complain about life, discuss my heartaches, and brainstorm ideas for the future.

When I moved in with my husband I stopped journaling. Why? I think I was scared he would read it. As if a man would really want to read the ramblings of the inner workings of my woman brain … only a fellow chick would be noisy/curious about a journal. And for those of you who know Mark, he’s such a Mr. Integrity he would never violate my confidence. What a nut I am.

Anyway, while reading my friend Sandy Grason’s book, Journalution, I started journaling again. Bought an adorable lime green journal, and wrote in it with an archive-quality black pen whenever the idea took me — both for serious journaling and just for notes about ideas for my business. Recently I wrote an entry in response to the following "prompt" from Sandy’s book — "describe your perfect day."  Read more

Your Exit Strategy: Creating Passive Revenue Streams in Your Business

Passive revenue streams not only gradually take you out of needing to work hours-for-dollars, but also provides an asset that can be sold, individually or as part of your business. 

One principal of passive revenue streams is to convert whatever service or expertise you provide into a product.  This information product teaches your system for providing your service.  You may sell this product to the people who would have been your clients as a do-it-yourself system or to other professionals in your industry as a franchise, business-in-a-box, or consulting program.  Read more

Back to Basics - What is this blog anyway?

Last week I was in Las Vegas for my Mastermind Meeting (through Alexandria Brown) — a transformational time both personally and for my business (oh, and I also did a bit of partying, ask me about the pole dancing story …). 

But as I was reflecting on my business strategy, I got to thinking about this blog.  Chronicles of a Mompreneur was originally designed as a sort-of-personal blog, sharing my adventures as a mom business owner.  But somewhere along the way I stopped posting about my personal adventure, and just wrote articles and tips about internet marketing and business strategy.  Read more

Ep #41 Website Marketing Secrets Guaranteed to Get Thousands of Warm, Hungry Leads to Your Site

Ep 40 Three Steps to Creating Compelling Copy That Speaks Your Client’s Language

Elizabeth talks with Tracy Needham of Compelling Communications about why it’s important to speak your client’s language.  Tracy offers her top tips on how to create compelling copy and why it is so important to speak in terms that your clients understand.  Elizabeth answers several listener questions about the legal bits and pieces you need to take your business to the next level and shares her Entrepreneur’s Success Tip of the Week:  Learning How to Let Go and Live in the Now.

Click here to download the show.

Tracy offered listeners of The Wealth Spa Radio Show a special, limited time offer!  Visit www.compellingcomm.com/wealthspa for more information…but hurry the offer won’t last long!

Transcript:  Read more

How to Avoid the 4 Cash Flow Mistakes, part 4

Cash Flow Mistake #4 - Missing a System. 

Have you:  Created a beautiful, highly detailed cash flow projection spreadsheet — never to look at it again?  Been six months or more behind in your bookkeeping, until your tax accountant is ready to fire you as a client?  Spent hundreds of dollars on advertising that got you nowhere fast?  Decide if you can afford something by today’s balance in your checking account?  Been crazy-busy with clients, and all of a sudden, your business completely dries up?

Here’s the Truth:  You need a system.  Managing your cash flow must become a habit.  Each week set an appointment on your calendar for a "Money Meeting" with yourself to review the finances of your business.  Schedule this appointment & commit to it just like a client meeting or doctor’s appointment.  Could be as little as 10-20 minutes per week — if it overwhelms you, set a timer for just 15 focused minutes and give yourself permission to stop when the timer says "buzz."

Having accountability issues?  Hook up with another member of the Mastermind and schedule your appointments together.  At the set time call each other to confirm you are reviewing your finances, and send up a follow-up email afterwards to celebrate your progress (no need to share the exact financial details). 

Is Distraction Inevitable? 6 Tips to Get It Done

As a mompreneur, I’m constantly engaging in the failing strategy of multi-tasking. Responding to emails while helping my daughter with a puzzle and answering a question from my husband. And then a twitter direct message pops up. And the UPS guy rings the doorbell. And the cat jumps up to knock over a drink on the table. Then the phone rings — it’s my mom who wants to talk about my sister’s upcoming wedding in September.

How is it possible to get work done in this environment? How can we be productive … when we’re working at home, running a household, and taking care of our kids? Here are a few tips: Read more

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