Above photo:(l-r) Michael Morriseau, CPA Anita Conner (2nd left), PBPRS President Monica Peters, Karen Wheeler and fellow participants. Solomon Williams/SundaySUN
On Apr. 25, Philadelphia Black PR Society (PBPRS) hosted “Wealth Building for Freelancers, Individuals and the Self-employed” presented by CPA Anita T. Conner at Independent Blue Cross.
Anita’s theme was: “If you fail to plan, you plan to fail.”
The intimate workshop discussed the new tax law and how it will impact entrepreneurs and the importance of knowing your numbers.
One of the major takeaways were the top reasons businesses fail:
- Tax debt
- Payroll–hiring employees when they are not financially able to do so
Conner also discussed the importance of business owners having disability insurance and income loss insurance.
If you were to become ill or temporarily disabled, would you be able to cover your living expenses?
Conner displayed sample, yet real financial statements of companies who had robust revenue but were in bad shape financially because of their high expenses, debt and not knowing what aspects of their business needed improvement.
Conner brought home the fact that robust revenue is not an indicator of a successful business.
A business could earn $30M in revenue and still be in horrible shape.
Pertaining to the new tax law, Conner highlighted some of the changes and what it means for you. Here are two that may catch your eye immediately.
- Under the new pass-through entity rule (S Corporations, partnerships, LLC’s and sole proprietor ships) receive a 20% business income deduction.
- Businesses can no longer deduct 50% cost of entertainment, amusement or recreation directly related to their trade or business
For more information on Philadelphia Black Public Relations Society visit bprsphilly.org.
The SUN was a media supporter for this event.