We’re so pumped about our conversation with David Bazile. David is an Entrepreneur, Accountant, Speaker and is also a content partner. Content partners help Voyage in so many ways from spreading the word about the work that we do, sponsoring our mission and collaborating with us on content like this. Check out our conversation with David below.
David, it’s been too long since we last connected. Thanks so much for taking the time to share your thoughts with our community again. Some readers might have missed our prior conversations, so maybe you can kick things off for us with a quick intro?
Hello! My name is David Bazile. I am a trumpet playing drummer with a background in accounting and finance. I am also the young CEO and Founder of David W Bazile Accounting – a firm that provides trusted accounting services, tax preparation, and business consulting services to members of the metropolitan community and beyond. Additionally, as a community advocate for financial literacy and independence, I love teaching the world about the power of money. I do this by hosting motivational seminars and public speaking engagements.
What’s something new you’ve gotten into this year?
Reading! I’ve been more intentional about it this year and watching less TV. I’ve read several books from Christian literature to financial literacy to personal development and so forth. I’ve also gotten into journaling and therapy.
Thanks – so before we jump into specific questions, we just want to remind the readers that this conversation shouldn’t be construed as advice and that it is for educational purposes only. So COVID-19 has given many a chance to reset with some downtime to focus on other extracurriculars and projects they may have put aside. For anyone who has ventured into entrepreneurship and business ownership, what are some helpful tax tips they should keep in mind?
One of the biggest tax tips I believe that should be at the forefront of your decisions, is determining what business structure will be suitable for the business. I am always stressing this point to my personal clients. Generally, a business can be structured as one of the following: Partnership, Limited Liability Company, or Corporation, with each carrying their own unique pros and cons from an accounting and tax standpoint and for other reasons as well.
With all being said, this decision should not be made loosely. I strongly suggest you do your research, speak to a trusted advisor if you can, to ensure you choose the best structure that is most suitable for your business.
Another tip is to keep adequate records of business income and expenses (this will solidify a strong foundation from the start), and be certain that business expenses claimed on tax return are legitimate. This will keep you away from the eyes of the IRS and possibly an audit.
2021 continues to bring significant tax law changes because of the COVID-19 pandemic. What are some of the recent tax changes individuals/business owners should be aware of?
Individuals
Waiver of 10% early distribution penalty. Under the Cares Act, the additional 10% tax on early distributions from covered accounts (IRAs, 401Ks, etc.) has been waived, up to the first $100,000 if they have been affected by a Corona Virus related event.
Earned Income Tax Credit (EITC). Under the COVID-related Tax Relief Act of 2020, taxpayers can use their 2019 earned income to figure their 2020 EITC if their 2019 income was more than their 2020 earned income.
Businesses
Employee Retention Credit. The ERC provides a refundable credit (meaning it can be recouped even if there are taxes owed) for a qualified business to help with paying wages to keep their staff employed (amounts up to $10000 per employee, plus health insurance coverage per quarter for the first two quarters of 2021). This credit is also available for businesses who received a loan under the Paycheck Protection Program (PPP).
Let’s talk about your new e-course that you’re currently working on. What should we know? What will it focus on? We’d love to hear more about it.
Yes, an exciting time for me! This is my first dive into creating an online e-course so there’s a lot to learn. My e-course is a continuation of a business finance workshop I taught in the past to entrepreneurs and business owners. It is designed to teach you the fundamentals of accounting/bookkeeping with a beginner in a mind.
Specifically, for individuals with no prior or limited knowledge of business finance. This can also serve as a refresher course for entrepreneurs and business owners. Individuals who enroll will develop an understanding of accounting concepts, 3 basic financial statements every business owner should know, and much more. There are additional resources for further learning and growth as well.
It was so great to reconnect. One last question – how can our readers connect with you, learn more or support you?
Website Info: Davidbazile.com
Email: Contact@davidbazile.com
Instagram: David_Bazile | Davidwbazileaccounting
Contact Info:
- Website: DavidBazile.com
- Linkedin: Linkedin.com/in/DavidBazile
Image Credits
Aaron Davis
