THE FIVE BANK ACCOUNTS you need for your LLC (2023)

Learn to navigate the world of taxes and banking with ease! In this comprehensive video, we dive deep into tax strategies, banking structures, and how to optimize your finances for future savings, all from the perspective of a successful business owner managing multiple businesses.

If you're a 1099 income earner, or have an interest in making more money while reducing your tax liabilities, this video is tailored specifically for you. We'll discuss the intricacies of managing earnings from multiple businesses, and share tips on structuring bank accounts for maximum benefit - both for tax purposes and for liability sheltering.

Discover how to effectively separate and manage personal and business bank accounts, and learn about the significance of operating accounts and tax accounts in business. Understand how to balance your operating costs, tax contributions, and personal income effectively. We also explore the idea of an 'Emergency' or 'Rainy Day' account and an 'Investment' account, giving you a clear strategy on how to secure your financial future.

Join us as we break down the processes in a simple, easy-to-follow way. You'll be managing your finances like a pro in no time! Subscribe to our channel for more practical, real-world finance and business insights.

00:00 Intro & Importance of Separate Bank Accounts
00:43 Different Types of Bank Accounts
01:11 W2 Income Vs Self Employed Income (1099)
01:50 Three Bank Account Rules
02:08 Operating Account
02:51 Tax Account
03:04 Personal Experience with Tax Account
05:37 Flow of Money from Operating Account to Tax Account
07:09 Personal Checking Account
07:34 Three Bank Account System
08:22 Reserve Account & Investment Account
10:40 Don't Do this with your money
12:10 Don't Do This With Your Bank Accounts
12:47 Outro

SUBSCRIBE AND TURN ON ALL NOTIFICATIONS
[ Ссылка ]

BOOK YOUR FREE CALL WITH PATRICK TODAY!
[ Ссылка ]

Facebook: [ Ссылка ]

Instagram: [ Ссылка ]

The content in any of Patrick Kenney's Youtube videos or this website shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information.

All the information on this website - [ Ссылка ] - is published in good faith and for general information purpose only. Youtube does not make any warranties about the completeness, reliability and accuracy of this information. Any action you take upon the information you find on this website (Youtube), is strictly at your own risk. Youtube/Patrick Kenney & Kenney Enterprises will not be liable for any losses and/or damages in connection with the use of our website.

свернуть