Everyday Accounting for Small Business, Understanding Taxes & Managing Expenses with David Gergis | The Entrepreneurial Journey, Business Structures, Organization of Your Income Statement & the Importance of Asking Questions

Do you have a passion that you want to make a full-time job? You may be talented in photography, music, or baking, but there's one thing that all early-stage entrepreneurs need to understand — accounting.

Sabrina sits down with David Gergis, owner of Everyday Accounting, designed to help take businesses to new horizons. They discuss the importance of financial wellness, accounting and taxation for small businesses, and seeking professional advice at the start of your entrepreneurial journey. David discusses the different business structures you might fall into and how they affect taxes and the types of expenses that can be deducted. He highlights the importance of organization and good financial practices. They share their personal experiences starting their own businesses and the need for mentorship and asking questions. They also dive into the impact of technology and AI on the accounting industry.

With over 12 years of accounting experience, David deeply understands personal and business finances, budgeting, and tax planning. He specializes in providing strategic counsel to clients that enable them to increase their financial literacy and accomplish their financial goals. David holds a Bachelor's of Science in Accountancy from Berkeley College and a Master's of Science in Accountancy from St. Peter's University, with affiliations including the American Accounting Associations and National Society of Accountants.

CONNECT

Follow I’m Well Aware on Instagram for podcast updates: ⁠⁠HERE⁠⁠

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RESOURCES

Read the How to Claim Tax Deductions Like a Boss e-book

Check out the Everyday Accounting website

Connect with David Gergis on Instagram: HERE

Produced by Saschi Productions

Music by Gus Culpo

CHAPTERS

00:00 Introduction and Overview

01:00 The Importance of Financial Wellness

05:24 Guest's Career Journey and Pursuing Passion

06:53 The Importance of Learning Tax

09:43 Following Your Passion and Ignoring Doubters

13:37 Starting an LLC: When and How to Protect Your Business

19:26 The Role of a Business Plan

24:55 Optimizing Business Structures for Tax Efficiency

26:50 Maximizing Deductible Expenses for Small Businesses

29:11 The Importance of Organization in Accounting

31:33 Staying Informed About Tax Laws and Changes

35:17 The Impact of Technology on the Accounting Industry

43:53 Educating Adults and Children about Personal Finance and Entrepreneurship