Is this how you feel whenever you start researching the topic of taxes or accounting?
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You're not alone.
That's why we teamed up with the professionals at Bench; to help cleaning business owners approach this complicated subject with more confidence.
They sent us two of their best bean-counting professionals, even smarter than Oscar.
Brendan: [insert headshot]
After 3 years of being a bookkeeper for a wide variety of small businesses, Brendan switched his attention to writing about financial topics to empower the very business owners he was helping. He currently writes about a wide variety of tax, accounting, and bookkeeping topics for Bench's blog.
Garrett: [insert headshot]
Garrett is a part of the Bench Tax Compliance team and runs a Canadian tax preparation business in his spare time. With 2 years of experience in personal banking and 5 years of tax filing experience, Garrett supports Bench's clientele in becoming financially proficient business owners.
Enjoy our wide-ranging conversation where we cover the most taxing (pun intended) questions that growing cleaning businesses struggle with every tax season.
Note: If you'd rather multi-task, then pop in your headphones and listen to the full recording of our conversation here.
If you're just one person running your cleaning business and you want to get started as quickly as possible, then a Sole Proprietorship is your best option.
With a Sole Prop., you can immediately start running your business under your own name, claim business expenses, and still be eligible for all the deductions and credits as an incorporated business.
However, one of the major fallbacks is the lack of liability protection. Keep this in mind as your net income starts to grow.
Pro-tip: When you do decide to incorporate there are certain benefits that come with every entity as a result. Finding a CPA or attorney is really important to figure out what is best for you and your business.
Choosing your business structure isn't like selecting a long-term, life insurance plan that you're stuck with. It's more like car shopping. As your business grows you can recalibrate and change your filing structure at any time.