Episode #51: Set Up Your Toy Business For Tax Success with Margie Montes
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Are you thinking about starting your business in the toy industry but stumped about how to set it up when it comes to taxes? Navigating tax protocols as a new business owner can be confusing and intimidating, but our special guest today will shed valuable light on what you need to know to set yourself up for tax success.
Meet Margie Montes, who not only works on Wall Street as a senior bookkeeper but also owns her own accounting business dedicated to helping small businesses grow and thrive. She’ll explain the 5 different types of business entities to establish yourself as, the distinct advantages and tax breaks for each type, how working with a payroll service can help you run things smoothly, where to look for deductions, and much more. Take a listen and be prepared to understand taxes a lot better than you did before toy people.
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Learn more about Margie’s work on MMC Bookkeeping.
Follow Margie on Instagram.
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Azhelle
You're listening to Making It in The Toy Industry, Episode Number 51.
Intro/Outro + Jingle
Welcome to Making It in The Toy Industry, a podcast for inventors and entrepreneurs like you. And now your host Azhelle Wade.
Azhelle
Well hey there toy people Azhelle Wade here and welcome back to another episode of Making It in The Toy Industry. This is a weekly podcast brought to you by thetoycoach.com today's episode topic was a request made by avid listener Bianca Skartland. So if you have an idea for an episode, head over to thetoycoach.com scroll down to the bottom of the page and hit the link that says podcast topic suggestions. Now the timing of today's episode is perfect. Today we're going to talk about how to set up your business for tax success. The beginning of the year is the perfect time to have this conversation because you're just getting things rolling, and you can really implement some new tools and strategies and maybe even decide to change the formation of your business to set you up for a better tax season next year. For today's episode, I'm joined by friend of the show Margie Montes. Okay, you're ready? Let's listen in to the interview. Thanks to Bianca My guest today is also my very close friend and dance teacher Marjorie Montes. Margie, as I call her is the senior bookkeeper for the Wall Street firm ACI, which handles FINRA related clients from all over the world, some of whom are part of the New York Stock Exchange. Margie is also the founder of MMC Bookkeeping and Tax Services, and has joined us today to share her knowledge about setting up your toy business for tax success. Margie and I met in 2013, at tryouts for a salsa & bachata dance team. And we've been friends in dance and life ever since. So when ever I am making a tax related business decision, Margie is my go to girl for a quick Q&A. She's straightforward, honest, and really knows her stuff. So many listeners. Please welcome Margie to the show.
Margie
Hi Azhelle. Thank you for having me. I appreciate the time.
Azhelle
Thank you. Thank you so much for coming on my show. Margie. I'm excited to get into this. I know my listeners want to know more. So to kick it all off, why don't you just tell us a little bit about yourself? What do you love so much about bookkeeping and accounting? Why did you choose this path?
Margie
Actually, I've always been a big fan of math So ever since I was a kid that was my my go to subject that was just it for me crazy part is that accounting really doesn't relate so much to mathematics, as most people think it's just very much kind of like the way your mind works, right? So I love when my mind is always running I love when my mind is always going. And accounting does that for me. I love working with clients and helping clients with their finances and guiding them and, and things like that. So with accounting also comes, you know, all the other things that comes attached to accounting is the bookkeeping, the payroll, the taxes, not all accountants do all of it. I actually do it all. I started when I was 19 as a receptionist in a tax office and work my way up years later, we're here and I'm working on Wall Street where I always dream to work. I love I love working there. I that was my dream job when I have the dream job to dream boss, the dream coworkers. And you know, and with that came also my my push to actually start a business I've I've always wanted to it wasn't something that I wanted to rush into. But it definitely was something that was part of my, my goals.
Azhelle
So yeah, let's talk a little bit about your business. So you work full time for a firm, but then you take on extra clients primarily during tax season, right?
Margie
Yeah. And I decided to open my business, I actually decided to do it all.
Azhelle
What's your dream vision for the MMC accounting firm?
Margie
My goal is with small businesses, I don't even want the fortune 500 companies. I don't want those big businesses. I want to be able to, it'd be really personal with these small businesses and helping these small businesses grow.
Azhelle
What kinds of entrepreneurs do you help in your business currently?
Margie
For my business, I'm working with a couple of dance studios. In my area that I know Salsa Salsa, I help Nieves um, you know, I consulted one in New Jersey, I believe a step up. I've done that I do have two electrical companies. They're very small. I also have a small furnishing company, those these are new businesses that have just been open maybe a year or two and that need the guidance. My goal is small businesses, new businesses to be able to help them guide
Azhelle
Now that's great, I think That's what my listeners really want to hear, because they want help for somebody who is used to and happy to help small businesses. So speaking of that, in small businesses, what is the most common business formation that you see? When someone's just starting out? And they'd like, Oh, I have an idea. I want to form a business. What do they do? What do they form it as
Margie
The most common is an LLC, if, if they are guided correctly, the most common is the LLC, the LLC is your limited liability company, right corporations, you have a different types of entities, the LLC, the LLC, does for a small business, it basically protects them from personal liability. When you're self employed, or sole proprietor, you, you're putting everything on your personal side, right? So everything is is personal. Whether is, you know, like, if I was a self, self employed, or sole proprietor and I'm working with you, and you decide to sue me, you can sue me on my personal level, like you can take all my money.
Azhelle
Well, if you're self proprietor, and that's different from an LLC,
Margie
Totally different from an LLC, when you when you form an LLC, which I usually most of the time, depending you like, I'm the type that I have to look at your books, I have to look up your income and your expenses and see where exactly are you the type of clients you have? Things like that, in order to be able to guide you and say, yes, you need to become an LLC already. Um, only because the LLC protects you, it protects you, it doesn't go after your personal liability. That's usually the main purpose of an LLC. Regarding taxes. It doesn't it doesn't is no, there's no difference between being a sole proprietor of the LLC when it comes to taxes.
Azhelle
Well, can we talk about the different entities? Because you you mentioned, I said, the most common business formation, but then you said entities? So what's the difference? And what are the different types of entities someone starting a new business could choose from?
Margie
Well, you have you have a sole proprietorship, which is someone who's self employed, they can get an EIN number, you know, you can, you can open a book bank, you know, a bank, with being a sole proprietor, you have an LLC, which is the next level of being a sole proprietor, which like I mentioned before, it protects you, it protects you from any personal liability, you have partnerships, which is an LLC, but with two people, or more than one person. Same same situation, profits get split between how many members you have in your company and go, but is still protects you personally. And it's still tax, like if you are a sole proprietor. Now you have corporations, there are two different types of corporations, they have, you have the C Corp, and then you have the S Corp. The difference between both has a lot to do with the way they're taxed the way they're owned. And basically, at that point, when you own Corporation, you have shares. So shares like, just think of like, you know, when they tell you to buy a share, right, buy a share for this company, the same thing, except you're not public yet, which is a whole different story. So that's basically what you have. So those are the five main classifications of businesses.
Azhelle
And why would somebody choose to start off as an LLC instead of let's say, an S corp?
Margie
Alright, so the difference between going from an LLC partnership into corporations is the rules and regulations. I always let people know you have to consult you definitely have to consult your your accountant when it comes to wanting to transition. The reason why is because LLC doesn't have all the rules and regulations that corporations do. Corporations have to hold a number of shareholders, corporations have to have payroll, right? corporations have to keep track of minutes, like meeting minutes and things like that. So you're going back and paying for services for being a corporation. Because you need to follow these rules and regulations, and LLC. On the other hand, you don't, you don't need to put yourself on payroll, you're not supposed to put yourself on payroll as an owner. And as Corp you have to put yourself on payroll as an owner, it's an obligation. You don't need to hold shareholders for shares for an LLC for corporations you do. So those are the different types of those are just small, different regular rules and regulations that kind of break up the reason why certain people go for LLCs , and then when they're preparing themselves to move over to an S Corp.
Azhelle
Okay, so the one thing I feel like I'm not as clear on still is corporations versus partnerships, LLCs are a type of partnership correct?
Margie
It can be a partnership, yes.
Azhelle
Yes. Oh, okay. And then a sole proprietorship is just separate from both of those things.
Margie
Yes.
Azhelle
So it's corporations partnerships, sole proprietorships can an LLC be a sole proprietorship?
Margie
No
Azhelle
No. But an LLC can be a part of partnership. Interesting, okay. And the next thing I want to touch on is just how you move money around in a corporation versus let's say, a partnership. And I'm thinking specifically of LLCs because, you know, with a corporation, you you've told me this, it's not like I know all of this Marjorie's told me that you have to pay yourself a reasonable salary. And that has to be documented. And that's the money that you can use for your personal things that are not business related. Now, with an LLC, everything is kind of put together. But I've also read online that you could do, you should do things like make a note, when you're pulling money from your business account to say, owner withdrawal or something, how true is that?
Margie
It's very true. So when you have an LLC, you have what is called a member, right, you're considered a member, you're not considered. They don't want to call you owner or whatever, right? There's something called member distribution member contribution, obviously, member contribution is money that you are investing into your business member distribution is money that you're taking out. Now, it's also they also use it as a guarantee, they also call it a guaranteed payment. Right? So guaranteed payments are basically payroll. The only thing is that they're not taxing you at the moment, right, you're taking, let's say, you take $10,000 as a guaranteed payment, because that's your salary, you push it out, you pay yourself $10,000, but you're not paying taxes on it. What's happening, it's not it's not considered an expense to the business, because you're a member. So all that money gets pushed back in when you do taxes. And when comes tax time, all that money gets paid, all the taxes get paid out, when it comes to an S Corp that $10,000 would get processed through payroll. So you're paying your your FINCA, you you know, your all your taxes that you need to you pay upfront, the Federal, the state, the city, in our case in New York City, you know, things like that you're doing all of that upfront. So now all of it becomes an expense to the business. And that doesn't get pushed back in come tax season, like an LLC. So that's usually the that's one of the biggest things when it comes to choosing between an LLC and an S Corp. Is that reasonable compensation? Because they're, they're processed differently when it comes to taxes.
Azhelle
Yeah, I kind of I want to dive into this a little bit more, because I know, so the listener that actually requested this episode, she didn't give me too much information into what she was looking for. But I know from my experience talking to you other people's experience, that she likely was trying to choose between, am I going to be an LLC? Or am I going to be an S Corp. But in talking to you something that I learned is you can actually be an LLC, and then request to be taxed as an S Corp. Right?
Margie
Correct.
Azhelle
Why is that? What is that for? How long can you do that? For? Like, what is that?
Margie
So the government is giving you an option to turn yourself into a corporation without having to basically redo your paperwork, right? So if you're if this is only an option for an LLC, so if you're an if you're a sole proprietor, you cannot elect to be an S Corp, you have to incorporate yourself and become an S Corp right away. Because when you start a corporation, you start off as a C Corp, and then you select yourself to be an S Corp. But when it comes to an LLC, if you're set up as an LLC, and then your accountant tells you, okay, you know, let's go over your books. I think you should switch over to an S Corp. We're electing you to become an S Corp. So we're telling, we're just telling the IRS Well, we're still an LLC, but we want us to be taxed as an S Corporation.
Azhelle
And for how many years can you do that?
Margie
You that once you're elected to become an S Corp, you're elected. That's it. You're done.
Azhelle
Like all future years are now taxed an S Corp.
Margie
Yes.
Azhelle
But is your company actually an S Corp? Yes. Oh, and then at that point, if you're approved now you have to pay wages and everything moving forward. Oh, okay.
Margie
So it still apply to you. So what happens is a lot of people get confused because they're like, Why don't want to, I don't want to do an LLC and then have to switch everything about you don't. You The only thing you're doing is electing yourself to be an S Corp. And obviously, you know, updating your information and making sure that whenever you do fill out paperwork, you're considered an S Corp, no longer an LLC, things like that, because you are considered an S Corp, but you still have your LLC name. So even though your your name is ABC LLC, you're not changing into ABC Inc. You're not changing your name, you're just changing your tax election.
Azhelle
Wow. Okay. This is getting into a little bit of something else. When, when my students are looking to start their their businesses, a lot of them have many entrepreneurial ventures, they might be sent selling product, they might be selling services they might be performing, for example, example being a children's entertainer. And their question is usually to me, what do I register my business as like? Do you know, you usually have to select like, are you selling product? Are you an online business? And say they want to come up with a very generic name like, and I've used this before my podcast, Ashley invents LLC, but Ashley invents LLC could be licensing, you know, toy ideas, but she could also be selling toy products. Is that okay? Is it okay to have one big umbrella company to have all these different? You know, branches of?
Margie
Yes. So, so I'll give you my, I'll give you an example using me, right? So my plan is, I want to straight into an S Corp. But my plan is to not only do taxes, like bookkeeping, and accounting, those things for right under the same amount, right? The same category, the business, the business services, my plan is also that I want to teach taxes. So I want to be I want to open up a school of taxes, right? Teaching taxes, that's gonna still fall under my, my, my S Corp, but I'm gonna actually DBA. So DBA means Doing Business As. When I select the Doing Business As I'm going to select, well, this is MMC tax school, it's actually going to be servicing, teaching taxes, and bookkeeping. You know, when I, when I fill out the ad, or DBA, when I do my DBA out, they'll ask me, they'll ask me, What do I want? And what is the service? And I'll tell them, oh, I'm going to be an instructor for you know, for taxes and for bookkeeping. So those, those are the options where you can actually do that. Under one business name, you can hold the same, you can hold different services, as long as this is kind of in the same category, like me as a dance teacher and me as an accountant. I can't have MMC bookkeeping and do dance under it, you know, it's kind of like it makes no sense, right? So I would, I would just open up another LLC for my dance company. But if I'm doing dance instruction and dance and teaching under one, one business, then that makes sense. Just like the MMC. I'm doing accounting, bookkeeping, taxation, I even do business formation, things like that all those business services under one works. But you have the option to give yourself a DBA meaning to say to defer to make it different from that first, first business, just like I am, I'm doing MMC, Bookkeeping and Tax Services, but because I want to do a tax school, I can do MMC tech school as a DBA still under my umbrella.
Azhelle
So what is the financial point which someone might think, Okay, it's time to turn my LLC into an S corp, or C Corp. All right.
Margie
That's also that's one of the biggest questions always. So I personally, what I've seen over time, is that once you start profiting money, once you start profiting in your business, and the profit becomes excessive, and you're an LLC, you definitely need to move on to an S Corp because it's going to be more affordable for you come tax season. Now, what's that number? I don't know, because everyone's different. Some people prefer to pay the taxes and not have to deal with processing payroll, and, you know, dealing with shares and all that stuff. So people don't mind paying the taxes. They're like, no, that's fine. I'll just pay the taxes. Then some people you know, they prefer not to pay all these taxes at the end of the year. And they'll just go right jump into the S Corp. So everyone's different, everyone. Everyone's mindset is different. their goals are different when it comes to certain things. As an accountant, we always want to save you money, right? Come tax season. We don't want our clients paying 1000s of dollars for taxes. When we know you, we can save you money. That's a conversation that definitely you would have with your accountant and see what benefits you when and how
Azhelle
I I'm thinking now I want to highlight the biggest tax break You get us an S corp, which you said is not having to pay LCC tax. Right?
Margie
Yes.
Azhelle
And let's talk with what is that
Margie
SE tax is so
Azhelle
SE tech Sorry, I'm just I'm not the accountant here. I'm learning. Okay, go ahead SE tax
Margie
SE tax is so is called self employment tax, Right? Self employment taxes, anyone who's basically paying who's paid on a 1099 and needs to file a Schedule C at the end of the year, that's a tax form on your tax return, which is the self employment tax form, right? All right, that's probably the highest tax that you're going to pay. Being a sole proprietor and being self employed. That's also the highest tax you will pay when you become an LLC because an LLC is taxed as if you were a sole proprietor, the difference again, between the LLC and sole proprietors the protection, right, the liability protection. So when you're a sole proprietor an LLC, you get taxed your federal that everyone gets taxed in this world, right? us as human beings, federal state, and if you live with a city or county, you guess, city and county tax, unlike New York, just like New York City, we get taxed New York State and New York City tax, and
Azhelle
Yeah, we do.
Margie
Yes. But on top of that, when you're self employed, and you're an LLC, you get taxed self employment tax, Which is a percentage of that?
Azhelle
Which is 15.3% of your net earnings. So let's put that in perspective. If it's 30% $30,000. That's 4500.
Margie
So profiting if you're profiting so understand your revenue, minus your your expense expenses, so your profit is what you pay the SE tax on, not only do you pay SE tax on it, you also pay federal tax. You know, state and city taxes is included in that, again, the tax form is very complicated. But yes, if you want to look at just the SEC tax alone, just take the 30,000 times to 15%.
Azhelle
Okay, so let's talk about that. So you're paying so say you've profited 30,000, so you're paying just for the SE tax, there's still other taxes, but we're talking about the one that you can avoid the SE tax, that's $4,500. If you're making 30,000 in profit. So let's talk about if you switch to an S Corp, and now you're avoiding that tax, what other costs are you now going to incur? Because of all of the requirements of being an S Corp.
Margie
So you are going to incur obviously looking for payroll service, and paying yourself a reasonable salary.
Azhelle
Talk about payroll service first, what is that?
Margie
So payroll service is basically so service that's going to process the payroll for you, if you can't do it yourself, um, payroll service, they help you with, obviously calculating your payroll tax, paying out your taxes to the federal to the state when needed, because you need to make those federal deposits. Depending on your your entity or your situation, it could be a quarterly deposit can be a daily deposit, it could be a yearly deposit.
Azhelle
Oh, I didn't know that. payroll services do that for you?
Margie
Yes, they do.
Azhelle
Oh, wow. Now I really need to get one. I did not know that.
Margie
So the reason why payroll services are great, it's because they actually do everything for you. So when you process payroll, they'll process you know, your net, the net, the net payroll for your employees, they do direct deposit for you, if that's an option. They'll pay your deposits out to the federal to the state to the city wherever it needs to go. They'll also process your quarterly tax returns, which are requirement by you know, because you have payroll services, which is every quarter, four times a year, they'll do it for you and the end of year paperwork, which is the W2 distribution to your employees.
Azhelle
And just to give people an overview, we were looking at some services, it seems like the average price for payroll is around a $35 monthly base fee. And then they charge you around $6 per person on your payroll. But if you have an accountant with payroll capabilities, can they run payroll for you?
Margie
Yes.
Azhelle
Okay.
Margie
Yes. So like me, I have a partnership with Gussto on their payroll service, they're super amazing. I go to them, they're my goal to I work with them to serve my clients. Like for instance, I'll set you up we'll set you up, then that's something you don't have to worry about. If you're paying someone hourly, you send me an email every week and be like Margie, I need 40 hours or 35 hours paid to Maria this week, and I'll process the payroll and she'll get her check when it comes to independent contractors. You don't have to put them through a payroll service. Some people do use independent contractors through a payroll service so they can get direct deposit. Right like a direct deposit, not PayPal not Venmo. Not none of that. When it comes to independent contractors, not this, they're not considered payroll employees, they're not considered employees.
Azhelle
So what what is a C Corp? We talked a lot about an S Corp, but I don't know too much about C Corps.
Margie
So a C Corp is a corporation. So the difference between an C Corp and an S Corp are taxes, and the way their owned and the number and the shares, right. So C Corps are taxed twice. Right, they're taxed, the business pays tax on the corporate level, which means they're paying the federal tax. And they also pay shareholders pay taxes on the income they received. So an S Corp only pays for the profits. They don't pay the business, the corporate level tax. And which, which is, you know, it's a big deal. Um, right, then the way the S corp and the C Corp is owned, right, the S corp is limited to 100 shareholders, the C quarter has no limit. Okay. And then, and then when it comes to their shares of S Corps, you have common stocks, which gives you obviously, if you know about common stocks, it gives you a little bit of voting rights, right. And a C Corp is preferred.
Azhelle
So okay, to wrap up the conversation, I kind of want to just talk about deductions. So I know LLC does have a lot of deduction opportunities, do S Corps have deduction opportunities, and I just want to talk about what those deductions are. Because in our conversations, you freaked out when you realize that I wasn't deducting my fees. And I had no idea. I should have been doing that. So let's talk a little bit about business deduction
Margie
Business abductions, whether you're an LLC or an S Corp. It's, it's really doesn't change, right? And I'll go back this, this goes back to payroll again, one of the biggest deductions that you'll get as an S Corp is your payroll, your payroll, your payroll expenses, your fica to yourself as an owner, right? Again, example $25,000, in the LLC is not a deductible expense for your business when you're a LLC, it is when you're an S Corp. You payroll to yourself?
Azhelle
Yep, you're talking. Okay, got it.
Margie
Yes, the payroll to yourself
Azhelle
That is a huge thing. That's huge.
Margie
Exactly. That's super huge. That could save you so much money when you when you switch over to S Corp. But when it comes to just business deductions overall, it depends on the entity, right? So every entity has different deductions. Most common deductions are obviously office expenses, office supplies, you know, travel depends, you know, as if you, you travel to see clients, if you from client to client, that's an expense, meals, if you take a client out, you know, potential client, you take them out to eat and you know, entertainment is non deductible. Unfortunately, you can't take your client to a game and deduct that you know, some people back in the day were able to now you're not I'm the basic deductions, you know, Mmm equipment, if you buy yourself a computer, you buy yourself furniture for your office, rent expense for your office, utilities, for your office, things like that. And yes, so if you have if you have credit card, and you're processing credit cards, fees, they charge you.
Azhelle
Oh, my God. I did not I didn't even think about it. I was like, that's just life, you just pay fees, like you don't, didn't even I didn't even cross my mind. And now I'm like, all the fees.All of the fees, I am deducting them all like that was the biggest lightbulb moment for me. I'm like, Oh, no,
Margie
When you don't have someone to actually have conversation with when it comes to your accounting and business deductions. It's, it's really hard, especially as a new business owner to be able to know, what deductions are you entitled to right? Um, it's just it's a simple I mean, I'm a very simple accountant, where, if my client wants to sit there and ask me a million questions, I will sit there and answer a million things.
Azhelle
Yeah, I think the most confusing part is when you're an LLC, and you're allowed to take distributions, how you keep those distributions clean to make sure that it's easy to track and, and I guess that's why I what I researched is just to write like owner owner withdrawal or something, but I think that's probably the hardest part. When you're an LLC, it's like, okay, now I have money coming in and I want to take some of that money, but I want to make sure I do it the cleanest way possible.
Margie
So money that you're gonna that you're paying yourself from your LLC is a guarantee payment, then money that you're back to yourself for the money that you invested is obviously, you know member member withdraw because it goes,
Azhelle
Oh, is that something I'm supposed to be doing?
Margie
Yes.
Azhelle
Wait, what would be the benefit of doing, wait, explain what's the benefit of doing that?
Margie
Because of this because paying yourself back for the money that you that you you invested in is not taxable.
Azhelle
Wait, wait, wait, wait
Margie
The money yeah, so the money you're taking, the money you're taking from profit is taxable.
Azhelle
Can you repeat that one more time does your event.
Margie
So if you invest in your company, you're obviously investing your personal money, right? It's like you're lending yourself, your business money through yourself, right? So I lend my business $10,000 when I opened it, okay, I process myself a payroll every single week, that gets processed, whatever. Now, I'm, I want to pay myself back. Because this month, I got more money. So I want to pay myself back $2,000 of what I invested. So now I'm paying myself back $2,000 it's not taxable, because it's money I invested into my business if you have a good account. And that's usually one of the questions. What was invested. So I don't have to charge you tax on it.
Azhelle
Oh, my gosh, I had no idea. Okay.
Margie
I mean, like I said, I it's a learning process. Yeah, obviously, it took me years to get to get, I don't know everything to this day, you understand? I still have to look stuff up. It's fine. It's a learning process for everyone. But when you're a brand new business, the best thing to do is find someone who has the experience, even if it's another business owner, who knows, is going to give you some kind of some kind of relief to know that okay, well, if I invested $25,000, and my profit is $20,000. That means company still owes me $5,000. So they have a loss.
Azhelle
Okay, this was a great conversation. Feel like it just opened up more questions, though. It's one of those things that just doesn't end where can people connect with you learn more about MMC services and hire you for your amazing advice?
Margie
Well, you can always reach out to me through my website at www.mmcbookkeeping.com. I do have a Facebook and Instagram. You could connect through there. DM me, message me through Facebook, send me a request through my website set up a free consultation. I am here like to guide to talk to cry if you want.
Azhelle
She's honest and blunt. It's so fun.
Margie
And not answer a question you will know I cannot answer a question. But I will do my homework and get an answer for you.
Azhelle
Yes, that's what's important. That's what's important. Thank you so much for this conversation. I know when people hear it, I might have to release it early earlier than I thought because I know when people hear this, they're gonna be like what? Amazing, valuable info. I'm going to put all of the links from Margie. website and Instagram and Facebook in the episode show notes. So make sure you head over to thetoycoach.com and grab the links from the latest episode. Margie, thank you so much for coming on the show today. It was a pleasure having you as a guest and catching up with you personally,
Margie
thank you so much for having me. I appreciate this. And this was an amazing conversation.
Azhelle
Well, there you have it toy people, I hope you enjoyed this interview with Margie. This is essentially a peek into what all of our conversations are like just diving into business and taxes and figuring out what's what where we can save money and all that. I do want to say as a caveat, tax laws and business entities and things like that all change, often over time. So this is somewhat of a timely episode. And if you end up listening to it much further down the line some things may have been changed. But I do hope that today's episode inspired you to find an accounting professional to work with to assure that you're setting up your toy businesses for tax success. I decided to bring this episode to you at the beginning of the year because this is when we have a fresh start when it comes to bookkeeping and finances an opportunity to plan better record better and just make overall better financial decisions to set us up for the following tax season. Now at the same time if you are a small business right now looking for an accountant or a bookkeeper to help you with the previous year, head over to thetoycoach.com.And I'll give you all of the links you can reach out to Margie, set up a call with her, let her know the tweet coach sent you and she'll take extra good care of you. As always, thank you so much for listening to today's episode. I know there are a lot of podcasts out there. So it means the world to me that you tune in to this one. If you would like to be a part of my community, I want to invite you to join the Making It in The Toy Industry podcast community on Facebook. Inside that group, you can meet other toy people like yourself, as well as podcast listeners. Plus, I have a special thread inside of that Facebook group where listeners share their toy products that are available for sale right now. And every once in a while I mentioned one of those products during the show. Well until next week. I'll see you later today people.
Intro/Outro + Jingle
Thanks for listening to Making It in The Toy Industry podcast with Azhelle Wade, head over to thetoycoach.com for more information, tips and advice
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