A Series of Videos
Business Solutions by Design offers accounting support services for business owners. While we are in New Mexico, we serve clients across the country with the goal of bringing financial clarity to you so you can focus on building your business. We have put together a series of short videos covering the subjects below. We post a new one each week on our social media channels.
Check out our LinkedIn, Instagram, and/or Twitter pages to see the latest!
- 529 plan – A 529 plan is an investment account that offers tax benefits, when used to pay for qualified education expenses for a designated beneficiary. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and even student loan repayments.
- Legal Structure – The 5 main types of business structure. How is your business set up? Watch the video for details of each category and the benefits of each.
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- Sole Proprietor
- General Partnership
- LLC
- C Corp
- S Corp
- Owners Compensation – This is a good Segway from my last video because it is related to how your business is structured. As the owner of a company, you can extract funds for your personal use. It is called an Owners Draw. Or you can structure your business to pay yourself a Salary. You determine the wage and then receive a paycheck each pay period. My video explains more detail on the variances in each form and you can always email me if you have questions on what method is best for you.
- Paid Leave – It is what is sounds like. It is a form of insurance for business owners and self-employed individuals to buy into. It can be a controversial subject, as I explain in my video.
- Fixed Assets – Fixed assets are real, long-lived assets used by a company in its operations, such as machinery, factories, tools, furniture, and computers. They are listed in the noncurrent asset section on a company’s balance sheet. Fixed assets and current assets are two classifications of assets; they are distinguished from each other based on the amount of time it would take to be converted to cash. Examples include money market accounts, inventory, securities, and accounts receivable.
- Chart of Accounts – A chart of accounts is a list of all your company’s “accounts,” together in one place. It provides you with a bird’s eye view of every area of your business that spends or makes money. The main account types include Revenue, Expenses, Assets, Liabilities, and Equity
As always, if you have questions, please feel free to reach out and schedule time to talk.
