• Everyday Accounting for Small Business, Understanding Taxes & Managing Expenses with David Gergis | The Entrepreneurial Journey, Business Structures, Organization of Your Income Statement & the Importance of Asking Questions

  • Jul 1 2024
  • Length: 49 mins
  • Podcast

Everyday Accounting for Small Business, Understanding Taxes & Managing Expenses with David Gergis | The Entrepreneurial Journey, Business Structures, Organization of Your Income Statement & the Importance of Asking Questions

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  • Summary

  • Do you have a passion that you want to make a full-time job? You may be talented in photography, music, or baking, but there's one thing that all early-stage entrepreneurs need to understand — accounting.

    Sabrina Schielein sits down with David Gergis, owner of Everyday Accounting, designed to help take businesses to new horizons. They discuss the importance of financial wellness, accounting and taxation for small businesses, and seeking professional advice at the start of your entrepreneurial journey. David discusses the different business structures you might fall into and how they affect taxes and the types of expenses that can be deducted. He highlights the importance of organization and good financial practices. They share their personal experiences starting their own businesses and the need for mentorship and asking questions. They also dive into the impact of technology and AI on the accounting industry.

    With over 12 years of accounting experience, David deeply understands personal and business finances, budgeting, and tax planning. He specializes in providing strategic counsel to clients that enable them to increase their financial literacy and accomplish their financial goals. David holds a Bachelor's of Science in Accountancy from Berkeley College and a Master's of Science in Accountancy from St. Peter's University, with affiliations including the American Accounting Associations and National Society of Accountants.

    CONNECT

    Follow I’m Well Aware on Instagram for podcast updates: ⁠⁠HERE⁠⁠

    Connect with Sabrina Schielein on Instagram: ⁠⁠HERE

    Connect on LinkedIn: HERE

    RESOURCES

    Read the How to Claim Tax Deductions Like a Boss e-book

    Check out the Everyday Accounting website

    Connect with David Gergis on Instagram: HERE

    Produced by Saschi Productions

    Music by Gus Culpo

    CHAPTERS

    00:00 Introduction and Overview

    01:00 The Importance of Financial Wellness

    05:24 Guest's Career Journey and Pursuing Passion

    06:53 The Importance of Learning Tax

    09:43 Following Your Passion and Ignoring Doubters

    13:37 Starting an LLC: When and How to Protect Your Business

    19:26 The Role of a Business Plan

    24:55 Optimizing Business Structures for Tax Efficiency

    26:50 Maximizing Deductible Expenses for Small Businesses

    29:11 The Importance of Organization in Accounting

    31:33 Staying Informed About Tax Laws and Changes

    35:17 The Impact of Technology on the Accounting Industry

    43:53 Educating Adults and Children about Personal Finance and Entrepreneurship
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