Small Business Insights from Chris Graff, CPA and Attorney Specializing in Small Service Businesses
Description
n this episode of Real Estate Talk Podcast we welcome Christopher Graff, the Principal and Consultant at The Medical Management Consulting Group in Virginia Beach, VA. Chris is a Certified Public Accountant and Attorney with over 30 years of experience with small service businesses. During the interview we delve into some common questions for new and seasoned business owners such as: - business lifecycles and how to know if a business is growing, maturing, or declining. - Tax liabilities and how to minimize them - Retirement and tax planning - Common mistakes with small businesses - Tax deductions for small businesses - How to handle and IRS Audit - Tax benefits on charitable donations - LLC vs S-Corps - How presidential election will affect small businesses For any small business starting out, Graff points out one of the best things to do is to organized and keep financial records as clean as possible such as no co-mingling of business and personal expenses and to keep accurate records of all transactions - money going in and out of the business. This information is fantastic for all small businesses, whether they are involved in the real estate profession or not.
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