Matt Botkin, CFP®, CPA/PFS, J.D., LL.M – CEO and President of Building Financial Solutions Inc. and Investment Advisor Representative for HDVest Financial Services, talks to Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast. Matt shares his wealth of knowledge on what to consider when structuring your new business, how to get it properly established for tax purposes and financial considerations as a new business owner.
Episode Highlights:
- What was Matt’s upbringing and education like?
- How did Matt get involved in starting his business?
- How did he grow his business?
- Matt shares his advice for people starting a corporation.
- What do you need to know to start a clinic?
- Matt discusses his marketing efforts and how he generally lands clients.
- How should the personal finances of someone starting a business be organized before launching?
- What type of financial cushion should a business owner have?
- What should you consider in order to pay taxes properly?
- Which tax deductions can you take advantage of?
- What types of retirement plans should solopreneurs and business owners with employees be aware of?
- Keep special business accounts separate from your personal accounts.
- How should you structure your company properly from the beginning?
- Matt highlights important tips for business taxes.
- What is the 199A Deduction?
- Matt discusses the book he co-authored, Achieve Financial Freedom Big Time.
- What are Matt’s final thoughts and tips?
3 Key Points:
- Matt recommends having enough income to live on for 6-12 months while starting your business.
- Review tax returns to learn what’s deductible.
- Sole proprietors have to file a Schedule C and pay self-employment tax on their net income.
Tweetable Quotes:
- “Rely on a very strong tax professional. Whenever someone is looking to create an entity, that’s one of the earliest things to do.” – Matt Botkin
- “When you’re first starting, it’s about trying to figure out how to target the market.” – Matt Botkin
- “The first year is about getting the right professionals in place, getting the right structure in place, trying to minimize your costs, trying to generate revenue and creating an income for yourself.” – Matt Botkin
Resources Mentioned: