When owning a small business, you need a bank but…are all banks the same? Dr. Joe Bergquist of Harleysville Bank says no. Dr. Berqguist joins us today to share some experience and advice when it comes to small business banking.

Choosing your bank
When choosing your bank, understand what your needs are as a business and what a bank can provide you. Not all banks offer the same options. Big Bank Corporations can oftentimes offer cheaper rates but lack when it comes to customer service or relationships. Small banks can be great for seeing the big picture and being available for you, but you might be worried you’ll outgrow them. When you’re shopping for a bank for your small business, ask around in the community or your chamber of commerce, good banks will have good reputations and no shortage of recommendations.

Building a relationship
Do not think lightly about a relationship with your banker. Dr. Bergquit shares a story about PPP loans that will make you think twice about your bank and your relationship. Building a quality relationship in which your banker knows and understands your business and you as a business owner can be the difference between securing a loan or not!

Dr. Joe Bergquist has some great advice in today’s episode and I am sure we will be hearing from him again. Don’t forget to check out our online quiz at Modern CPA Online, to find out if YOU are ready for tax time!

What’s Inside: 

• Why is choosing the right bank so important?
• Are all banks the same?
• The difference a relationship can make in banking.

Mentioned In This Episode:
Free Online Masterclass 3 Big Financial Mistakes New Business Owners Make
Take This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”
Modern CPA Online
ModernCPA - YouTube

Tax time does not have to be fear and panic-inducing, but as a new business owner, the upcoming tax season can be scary! Today Modern CPA and Kara Renninger discuss some common tax concerns and tips to help you get prepared.

1. Be Proactive! Take the time to organize your expenses whether you've started a separate business account or not. Document and keep track of all of your business expenses and income so you have what you need for your tax professional or DIY software.
2. Understand Deductions! Do you know what deductions you qualify for? Educate and be aware of the deductions you can use so you have appropriate information when filing. 
3. How will you file? Does your business need to file its own taxes or are you a single entity or independent contractor whose taxes will pass through personal taxes?
4. Understanding Taxes. In many businesses, especially independent contractors or side hustles you will pay self-employment tax on your business which is about 15.2% because you are paying both sides of what an employer would normally be responsible for half of.

So are you ready for tax time? These were just a few big tax-time tips. Check out our free online quiz, at ModernCPAOnline.com/Quiz, to find out if YOU are ready!

What’s Inside: 

• How to get ready for tax time.
• Tax tips for small businesses and independent contractors.
• Are you ready for tax time? Take the Modern CPA quiz.
• What you need to know when filing your new business taxes.
• Are you aware of the deductions your business qualifies for?
• What is self-employment tax and why do you have to pay it?

Mentioned In This Episode:
Free Online Masterclass 3 Big Financial Mistakes New Business Owners Make
Take This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”
Modern CPA Online
ModernCPA - YouTube

Are you considering purchasing commercial real estate to create a brick-and-mortar space for your business? Today we go over how you should purchase property and other key concepts to consider.

When purchasing commercial real estate, it is important that the property is purchased with an entity all its own. We recommend an LLC that is taxed as a partnership versus an S-Corp, Corporation, or even an LLC taxed as a corporation.

There are a lot of benefits to purchasing commercial real estate with a separate entity. You can structure ownership of the property differently than the structure of ownership of the operating entity. You also have the possibility to keep and rent the space if you happen to sell or close your business, creating passive income. Additionally, as the owning entity, you can rent the space to your own operating entity with a rental agreement and fair market rent for tax benefits.

In this episode, we cover all the basics when it comes to purchasing commercial real estate. Tune in and check out our online Master Class for more important information on owning your own business. And if you're unsure if your business is ready for tax time, check out ModernCPA.com/Quiz to take a 60-second quiz to find out!

What’s Inside: 

• What kind of entity can and should purchase commercial real estate?
• Creating passive income with commercial real estate. 
• How to structure ownership of property versus ownership of business.
• Renting your commercial property to your own operating entity.
• Tax benefits and concerns with owning commercial real estate.
• What do you need to purchase commercial real estate?

Mentioned In This Episode:

Free Online Masterclass 3 Big Financial Mistakes New Business Owners Make
Take This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”
Modern CPA Online
ModernCPA - YouTube