In this episode, Jeff discusses:Keeping personal and business records separateBusiness structures and their implicationsSole proprietorship vs s corporationKey Takeaways:Using a separate business account makes tracking business expenses much easier for tax purposes.Consider your options carefully. You need to pick an appropriate business structure that offers you the right balance of legal protections and benefits.An S corporation requires significantly more paperwork and regulation, but it may provide tax benefits and liability protections that are more advantageous than a sole proprietorship.“I think a lot of times we fail to do things in life out of fear, and I believe the scare of payroll is what keeps most people in the sole proprietor industry." —  Jeff Hockett   Connect with Jeff:Website: https://www.hocketttax.com/Email: [email protected] Twitter: https://twitter.com/taxgamecoachFacebook:  https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 LinkedIn: www.linkedin.com/in/hocketttaxInstagram:  https://www.instagram.com/hocketttax/

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