(SAVE THIS📌) 📋🤑🔍 Calling all entrepreneurs! Let’s talk about NAICS codes and their importance for SBA funding. 🚀💰 By choosing the right code, you can increase your chances of getting approved for funding and achieving your business goals. 🙌🏼💼 But here’s the catch: not all codes are created equal. 😬⚠️ Choosing a high-risk code could hurt your chances of getting approved. That’s why it’s crucial to choose a low-risk code that aligns with your business activities. 📈💻💰 Don’t know where
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Picking Proper NAICS code
Picking Proper NAICS code
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Do NOT pick the wrong NAICS code! This small detail is a huge source of audit risk. The government uses this code to run algorithms and compare your income and expenses against other businesses in the same industry. If you use the code for a Laundromat but you actually run a high-margin tech company, your finances won't align with the industry standard, and the disparity score will trigger an audit. I had a client who was audited solely because of this, and while she owed nothing, it still cost
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Business Code for Taxes: NAICS & Principal Codes Simplified
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