Feeling small in the big business world, I used to be intimidated.

24 Nov 2023 · 0 min

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0:19

Short conversational transcript from a YouTube video where two speakers discuss feelings of intimidation as small business owners, revenues and bookkeeping tools, and immediate tax-planning actions to save money. Speaker A reflects on earning roughly $800,000/year in earlier days and feeling like a 'peon' compared to larger industry players; Speaker B emphasizes understanding payroll/tax planning and how owners pay themselves.

I was always intimidated by you guys, the industry because I'm like, dude, I'm a peon. They talk about all these big businesses. I'm not really doing anything. Back then I was like doing 800,000 a year. But you're not keeping that much. And these are old days. Like we didn't have QuickBooks online and all that. When people are coming to you, they forgot more than we'll ever know. Did you give them the three things that they could do immediately to save some money?
Part of that is the tax planning thing. I mean, we need to understand what you're doing and how you're doing it. How are you paying yourselves out of.
The companies that you have?
You're paying yourself can be today dollars in terms of a distribution or something that goes through payroll. It could be some of the retirement plan options that may be out there for you and I think that's crucial for you to understand.