Mobile auto detailing business tax advantages and asset protection 2019 with huge saving.
When you starting a mobile auto detailing business, you’re usually focusing on 3 things, buying the right auto detailing equipment kit with brushes, getting customers, and getting paid. You’re not even thinking about protecting your business or the tax advantages.
First, as a small business owner or entrepreneur you need to CYAL (COVER YOUR ASS LEGALLY). Now, you may be asking why is this so important and how do you CYAL. Well, you’re probably thinking, I know all about car detailing, what’s so risky about that? Ok, lets you get a customer that really likes your pricing. You’ve fully washed and detailed their car but the chemicals in the products you used irritated their skin from touching the arm rest and steering wheel.
They send you their medical bill plus they want to sue you for loss of wages, because they had to take off from work to get well. So, you’re now at a financial loss with that customers plus they may go to social media to tell about their horrible experience which could cause you to potentially lose more car detailing business, if you don’t pay them.
That’s why you need to CYAL.
Setting Up Your Mobile Auto Detailing Business For Protection
Well, 3wayfunding.com has a great CYAL Program for your car detailing business. Where they would set your business up under the correct business entity. In which, this step here is the main strategy in fully protecting and separating your personal assets from the business.
Getting The TAX ID/EIN NUMBER
Once, they’ve set up your business structure for your mobile detailing business, they’ll order your TAXID/EIN NUMBER. This is very important for the fact that your auto detailing business will need to build credit on it’s own without relying on your personal credit. Also, this allows for your customers to make payments to your business instead of paying you which lowers your business taxes.
More Mobile Auto Detailing Business Tax Advantages
Another mobile auto detailing business tax advantage, is that you get to write of all auto detailing supplies and equipment. As well as pay all other business expenses first such as car payment, gas, mechanical and even some household expenses, if you run your business from you home. You can check out all the home business expenses here.
By allowing 3swayfunding.com to set your auto detailing business for you, you’re reducing the risk of someone suing you personally for something that was not in your control.
Conclusion
Although, having a mobile auto detailing business can give you unlimited income and freedom of being your own boss. You still have to learn how to leverage the tax benefits to help you keep more money in your pocket. As well as protect your mobile auto detailing business and personal assets from any liabilities.
This is why you always start with protecting the mobile auto detailing business, first, even before you get your paying customers. That way you know that your business nor your personal assets are in any dangers of being loss to any liabilities beyond your control.
Do you have any questions or have any bad experiences about your mobile auto detailing business that you’ll like to share? Let us know in the comments section below!
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