Small Business Insights from Chris Graff, CPA and Attorney Specializing in Small Service Businesses
In 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.
Chapters
0:00 Introduction and Overview
1:21 How Chris started his career
5:20 How to Know if Business in Growing, Stagnating or Declining
9:20 How to Minimize Tax Liability
13:00 Tax Implications of Selling Your Home or Investment Property
19:07 How to Structure New Business for Tax Efficiency
29:31 Retirement and Tax Planning
33:18 Common Mistakes with Small Businesses
35:23 Deductions and Credits for Small Businesses
38:29 How to Handle IRS Audit
39:46 Best Practices for Bookkeeping and Financial Records
41:17 Average Costs for Hiring Bookkeeper or CPA
44:42 How to Manage Cash Flow Effectively in Business
46:30 Tax Benefits of Charitable Donations
50:10 How Presidential Election Will Affect Small Businesses
53:52 Outro and Final Thoughts
Opinions expressed on the Real Estate Talk Podcast are of Joshua Britt and Robert Keilman's own based on experience obtained through working with numerous home buyer and seller clients as well as personal real estate investments.
Britt and Keilman are licensed real estate agents in the state of Virginia at Prodigy Realty. We operate throughout the Hampton Roads area of Virginia which includes Virginia Beach, Chesapeake, Norfolk, Portsmouth, Newport News, Hampton, Williamsburg, Suffolk, Yorktown, and the outlying areas of James City and York County.
We support Equal Opportunity Housing!
Keilman and Britt are retired U.S. Navy Veterans. Thank you to all who have served and continue to serve!
For business inquiries, email [email protected]
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