You’re listening to the Real Deep Dive Podcast With Kara Macdonald Episode 006 brought to you by Pruitt Title! Today we are diving deep into protecting yourself from personal liability with Ashley Morgan of Ashley F. Morgan Law. Thanks for joining us today!
Kara loves connecting with special guests and teaching real estate agents how to run their business like a real business. Like in any business, it’s important to protect yourself and your personal assets from liability.
Most importantly, you need to separate your expenses. Ashley gives some great tips for how to set up separate personal and business accounts.
Have a separate account for your business and pay yourself and your business expenses out of that account. If you have to have a credit card for your business in your own name instead of your business’s name (for credit reasons) make sure that you treat it only as a business account.
Ashley advises small businesses to make sure they have access to people on their team to set them up for success. Here’s a run down of the help you’ll need:
You need a lawyer to make sure that your doing everything properly and that you’re incorporated. There are a few different tax classifications to consider.
You need a CPA. Knowing that it’s easier to do things correctly from the start than it would be to fix it later on, Ashley and Kara encourage you to get assistance with your taxes if you can. That being said, if you have found yourself in trouble with the IRS here are two solid tips:
1. File your taxes even if you don’t have the money to pay them. The reason being that you’ll be penalized more for not filing than you’ll be for owing.
2. Try to pay your taxes moving forward and the IRS will be more willing to help you settle your past balance.
Thanks for listening to our show today brought to you by Pruitt Title, licensed in Maryland, DC and Virginia to handle Real Estate Settlements.
Kara Macdonald is Your Favorite Title Lady and you can reach Kara via e-mail at: kara@yourfavoritetitlelady.com or by phone at: 571.432.9382. She’s also on SnapChat as: favtitlelady. Look for her video blogs and amazing goal setting content.
You can reach Ashley Morgan at 701-880-4881.
She practices law in Hernan, Virginia.
Her e-mail address is ashley@afmorganlaw.com
You can follow her on IG or Twitter @afm_law
Have a great day and we’ll see you again in Episode 007!
