@elementaltax_: Most people form an LLC and think they’re set, but if you treat your business account like a personal piggy bank, you’re "piercing the corporate veil"—meaning your personal assets could be at risk. Here is your essential "Do & Don’t" Checklist to keep your Texas SMLLC in good standing: ✅ THE DO’S * Owner’s Draws: Transfer from Biz to Personal to get paid. * Texas Franchise Tax: File your Public Information Report (PIR) by May 15th annually! 🗓️ * Collect W-9s: Get these from every contractor before you send a dime. * 1099-NEC ($2,000+): Issue only if you pay a sub $2k+ (New threshold). * Separate Banking: Use a dedicated account for all business revenue. * Quarterly Taxes: Send IRS estimated payments every quarter. 🚫 THE DON’TS * No W-2 for You: You are the owner, not an employee. No payroll for yourself. * No 1099 to Spouse: If they work for the biz, they belong on a real W-2 payroll. * No "Piggy Banking": Never pay personal bills directly from the biz account. * No Cash Payments: Avoid cash; always maintain a digital paper trail. * No Mixed Accounts: Keep business and personal finances 100% apart. The Golden Rule: Treat your LLC like a separate person. If you respect the boundaries, the law will too. 💬 HAVE QUESTIONS? Compliance can be confusing, but you don't have to guess. If you’re unsure about your 1099 thresholds or that May 15th deadline, send us a DM! We’re here to help you keep your business bulletproof. 📩 Save this post for your next monthly reconciliation! 📌 #SmallBizTips #Entrepreneur #texasbusiness #consultdtx #smallbusinessowner

6124

152

There are no more comments for this video.

To see more videos from user @elementaltax_, please go to the Tikwm homepage.