In this summer’s hit show “The Bear”, a young chef comes home to Chicago to run his family sandwich shop after a death in the family. The restaurant he inherits is plagued with financial issues, causing unneeded stress on top of an already tense situation.
The show provides a great jumping off point for Emily and Amanda to discuss various financial issues that plague all small business owners. Over the past several years, especially in response to Covid’s impacts on our lives, a lot of people have started freelancing or started new businesses. These new opportunities also lead to new financial matters to address in both your personal and work lives.
We dig into:
- Business formation;
- How to pay yourself;
- Expenses and deductions;
- Tax consequences to be aware of; and
- The importance of keeping good books.