Seventy Percent, Five Kids, California discussed on The Bernard Bergan Podcast
The irs is an ambush and to do ambush. Charge it. okay. So it's that's that's funny games. So no what you wanna do or learn what you wanna do. Figure out what you wanna do and do that. It'd be successful at that as an entrepreneur. Not cut out to be an entrepreneur. I understand that as an entrepreneur. If you really like what you're doing you're far more likely to be successful. You drag yourself into it. Every day. i learned years ago. I'm not salesman. you know. I love my product. What i do and i can talk about it but if you asked me to go out every day and slog it slog and slog at. I call reluctance and after a week or so. I'm done and that's not a that's not a career path or me. I will not be successful. You will find me. You know old saying if you wanna find a salesman. Go to the pool hall. Two o'clock in the afternoon you'll find a bunch of them okay. That's awful but you know. That's where i would be. I'd be drinking beer. The pool hall at two o'clock in the afternoon if i was a salesman so find something you love to do and do that. Learn how to be successful at it now. I think that's super important. We don't necessarily feel renounced do that and just knowing someone with your track record that your leadership bracket to share them africa that's gonna be a great reminder for my audience remember yes making a live in rome or when when you put out a ball having a life making the light on quality of light. It doesn't pan out burson happen into where you want to be even at the lowest wrong. If that gets you in the door and just allow your passion your love. That industry they helped just level up in st insistent. I think that's a great reminder because it's so easy just to kind of stay stop making a live and providing for your family major. Your children have opportunities but you know we talk about leader share and just truly allowing the best of the best rise to the top and they were out of alignment from those spaces retrieval passionate about. That's why a lot of times don't rise to the top. You have when i started this business. I i didn't take a vacation for ten years. That didn't bother me okay. I got asked a panel. The other day about work life balance and i just cracked up. I mean for an entrepreneur. There is no such thing in the beginning. Okay if if work and if you don't have a spouse that understands that you got a problem. My wife and i started the together so it was a joint effort but we didn't take a vacation for at least ten years now. I'm make a very nice living. The wife is passed which is a tragedy. but it's life so it's just me now. And i still come to work and i love it and i'm able to do a lot of things now that i couldn't the i ten years because i've building a business but i have no regrets about that. You know our kids were already grown. Shed five kids when i married her. So you know. I've i've got. I've got great grandchildren. Now they were older than i've got boys in their sixties It's it's it's it's fun and if you like it the seventy eighty hour weeks don't matter it allows us exceed allows you to get ahead in. You're having fun. Doing it announced that. There's some hard time. So misunderstand me but overall i like what i do. Yeah he burnt were. Now you're latest book. The payroll will guide for small businesses and startups. And congratulations on it. Being number twenty five in small business low section on amazon now. It's not tell my audience where you can grab copy of that. And it's both payroll dot com again. That's the arul y. r. o. l. l. dot com. And we want you to pick up a copy of that. Because i know there are a lot of small mistakes that leads to bigger mistakes down the line on sapiro now. Miss marie as you have seen small business owners startups don't some of the ero- process s in their inception. I understand that those mistakes can lead to some big penalties worse. Some mistakes maybe about a re that you consistently see small business owners may over time well. The first one is understanding the requirements the tax requirements registering your business and your people calculating the taxes withholding them deposited them reporting them answered inquiries from the irs. All that thing of knowing what. The law is concerning taxes is extremely important next big error that many businesses make particularly small businesses in fact the labor department estimates that seventy percent of us businesses. Screw this up seventy percent. That's classifying your workers whether they're independent contractors or employees and whether they're subject to overtime regulations or not subject overtime regulations. Those things are missed on all the time and the third one is probably understanding. The rest of the law outside of the tax law in how it applies to payroll employees paychecks. And much more all the things you have to do to stay legal well while wow now that's rate information something else. I wanted to comment on and you know this was pretty amazing me to find out and you know. The irs issued more than thirteen billion dollars of employment tax penalties on businesses ruin the fiscal year twenty nineteen. And you know your book your team your business you help. Business leaders not only avoid those penalties. But it gets to it yet them reversed now. Do you have any safety. Share stories of this businesses. Small businesses was not the swamp by those. What really set back by some of those penalty or expecting hardship. We'll both We had a travel agency in california. And they've been misclass- fine employees as independent contractors instead of employees stated california came in did their audit and the penalties were in five figures and interest on top of that it almost put him out of business because they miss classified people because they weren't paying attention. We had an immigrant family who had a business successful but because of their culture and the way they grew up they didn't believe in paying tax and so they just didn't pay and when they got caught it was devastating and this corporation. The owner took all distribution since taking employment w to compensation because it saves tax money. Well the irs as their want to do came in and said well. You've got to pay yourself reasonable compensation. So we're gonna take a bunch of this that you claim to as distributions and reclassified as compensation subject to withholding taxes and. Here's about holding tax withholding taxes you owe fico and employer fayka fuss penalties and interest for the years. You didn't do it right. We had a doctor. He has long term bookkeeper. Quit yet another girl in the office. And said i can do this. I can be your office manager. Well she took all his tax deposits and pocketed them so a couple of years. Go by and she's getting the letters and of course destroying them. He's not saying it. Ninety one day revenue agent shows up and it all falls to pieces. She ends up going to jail but he has all taxes were do all penalties all the interest. They seized his retirement accounts. They seized his bank accounts. They seized everything was just a total disaster that he had nowhere of because he wasn't he hadn't outsourced wasn't paying attention and You know that's that's a great reason to get it. And that's not uncommon. We see that on a regular basis employee. Theft is is huge and employ. Embezzlements are huge. So yeah if you don't pay attention to what's going on and you don't follow the law. The irs is they never became the kinder gentler irs. That they were supposed to become well. This is good information. S league or small business owners and startup that they you know our business writings business magazine. Business only highlight whoa success stories. And they don't talk about some of the things that we have to navigate as small business owners as i think. That's what your book as well. Now what i liked the. What was the talk of a payroll disaster recovery plan. So i had thought about heard.