The video addresses a critical and often overlooked financial mistake that many entrepreneurs make, particularly highlighting the potential legal and tax repercussions. The direct and urgent tone, coupled with practical advice and a clear call to action, resonates with the target audience seeking to protect and grow their businesses.
Summary
The video advises entrepreneurs, particularly those in black businesses, on the importance of separating personal and business finances to avoid legal and tax issues. It highlights common mistakes like commingling funds and not properly employing or paying oneself, leading to potential loss of business status and tax deductions. The creator recommends hiring a CPA and using accounting software like QuickBooks to manage finances correctly and take advantage of tax benefits.
Structure
1Introduction to a common entrepreneurial mistake
2Explanation of commingling finances and its consequences
Original caption
🚨 Entrepreneurs, don’t let THIS mistake get you caught up! Separate your business + personal finances NOW. Hire a CPA. Use QuickBooks. Protect yourself. 👉 Save this post & tag a business owner who needs it! #EntrepreneurTips #BusinessCredit #CPA #SmallBusinessOwner #QuickBooks
More from @jazzy_funds
More breakout videos from this creator.
3
The importance of proper employment and payment practices
4The need for tax deductions and the role of a CPA
5Recommendation to use QuickBooks for financial management
6Advice on paying employees, including family members, correctly
7Emphasis on writing off business expenses
8Call to action to do business the right way and seek help
Product placement
QuickBooks is mentioned as a tool for paying oneself and managing finances, and the video emphasizes its ease of use for separating business and personal finances.
Call to action
Save this post & tag a business owner who needs it!
On-screen text
Commingling your business & personal finances = FEDERAL TROUBLE
IRS does NOT play about this 💸
Pay yourself like an EMPLOYEE
Use tools like QuickBooks ✅
Separate your $$$ or lose your business 👎
Hire a CPA = PROTECTION
Save this & share with an entrepreneur friend 💡
Transcript
my entrepreneurs please I need you to stop and listen to this if you do not listen to anything else I tell you please stop and listen to this y'all the problem and this is for everybody not black people but specifically in black businesses our biggest issue is that we do not employ people and when we don't even really properly employ or pay ourselves we literally are commingling our personal finances and our business Commingling your business & personal finances = FEDERAL TROUBLE IRS does NOT play about this 💸 we literally are commingling our personal finances and our business and we are losing y'all even us who have businesses where we are employing people we not even giving these people w nines where they have to pay taxes now we not even giving these people w nines where they have to pay taxes now we not even getting the tax deductions that we should be getting in our businesses because we don't know and the problem is when we find out something we don't fucking help each other I don't understand it I had to learn this like almost two years ago now and I thought I told everybody I know but let me say this if you are doing business and you working for your business please please please I don't care if you use QuickBooks QuickBooks is the easiest way to pay yourself and separate your business and personal finances because y'all if you once you have a business and you take that business debit card and you use something for your personal you've now commingled your finances and your business is no longer acknowledge as a business in the eyes of the law anybody can sue you and your business right y'all please please please us black people when you are doing business in anybody who's doing business get a good CPA from day one I don't care if you not making a dollar get a good CPA so that you know how money works in business how taxes work y'all with Donald Trump now in office you're gonna have to be 100% on track when it comes to your business when it comes to taxes when it comes you gotta be on track y'all so get a CPA my biggest advice is get a good CPA and get one tax prepare and keep them if they good keep them hold their ass accountable and y'all for real for real you have anybody working for you even your kids and you paying them W-9 their asses even if they don't file taxes on it you give them a 1099 at the end of the year and that's on them whether they file it or not you getting a tax deduction anybody that you pay to do a job you invoice them literally I don't care what it is you need a tax deduction on it y'all damn we are already this country is already messed up the information that we need to keep as much money in our pockets as we possibly can to even survive in business Separate your $$$ or lose your business 👎 get a good CPA do not commingle your finances write off as much shit as you possibly can if you paying your kids to come work for you on the weekends write it off same thing if you pay somebody to come and clean your building write it off y'all I am stress because I felt like I told as many people as I could I'm gonna tell TikTok and I hope this spread around to the world y'all we gotta do this shit right if we gonna be opening businesses we gotta do it the right way and I'm here to help you like let's grow let's go I love y'all
