In this episode of the Wellness Law Podcast, hosted by Barbara Zabawa and brought to you by the Center for Health and Wellness Law, Valerie Schranz from Sterling Tax and Accounting Services discusses essential tax and financial considerations for wellness businesses. Topics include choosing the right business entity, importance of separating personal and business expenses, estimated tax payments, bookkeeping, and compliance with payroll and tax filing requirements. Valerie also shares valuable resources and advice for new business owners to optimize their tax strategies and ensure legal protection. Tune in for practical insights to help your wellness business succeed.
00:00 Introduction to the Wellness Law Podcast
00:27 Meet Valerie Schranz: Tax and Financial Expert
02:04 Starting a Wellness Business: Financial and Tax Tips
03:56 Understanding Business Entities: Sole Proprietorships and LLCs
06:30 Advanced Business Structures: S-Corps, C-Corps, and Partnerships
14:10 Common Financial Mistakes and How to Avoid Them
16:19 The Importance of Bookkeeping and Accurate Records
21:54 Employee Classification and Payroll Essentials
24:29 Filing Taxes: Best Practices and Common Pitfalls
28:25 Sterling Tax and Accounting Services: How We Can Help
30:22 Conclusion and Final Thoughts
Learn more about Wellness Law at www.wellnesslaw.com.
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