Hey fellow boss, do you dread tax season each year? With the recent changes in tax regulations, it’s tough to be 100% sure all my business taxes are done correctly.
I"m here to help a sister out. Apply these tips so that you can file your business taxes with less stress when April 15 creeps up!
I was floundering my first tax season and I swore never again to put myself under that much unnecessary stress. Since then, I’ve been working with a Certified Public Accountant.
Her name is Amy Northard and I’m sharing three great strategies I’ve learned from her over the years. Amy is a CPA and a business owner herself. She works with creative entrepreneurs to make taxes and bookkeeping less stressful.
If you own a business, you need to understand the ins-and-outs of your business financials. Bookkeeping and taxes are not optional. Below are the top three tips I learned when filing business tax returns through Amy.
1. Set a solid foundation for your business
Start by selecting a business structure that fits your needs. In the past, I've done one-to-one coaching and sold online courses. Both were fun because I got to help a lot of people and be creative. These days, I enjoy affiliate marketing. What's your preference? Group coaching? Membership site?
Once you decide, then you will need to research your state's business requirements. You may or may not need an Employer ID Number (EIN). Need some help with figuring out your state's requirements? Schedule a chat with Amy. Be sure to mention you found her through NotABondGirl!
If you haven't already, set a solid foundation by setting up a separate business account. It will make doing taxes a lot cleaner. Trust!
2. Create a bookkeeping system
Establish a bookkeeping system by organizing receipts and bank statements. There are various bookkeeping systems out there such as Freshbooks cloud accounting that will help you send invoices, track time, manage receipts, expenses, and accept credit cards.
Got better things to do than reconciling business accounts and categorizing transactions? You're in luck! Amy offers bookkeeping services! Schedule time to chat with her here! Just mention Eve from NotABondGirl referred you.
3. Small Business Deductions
Did you know there are a number of small business deductions you can claim as a business owner? Depending on your business, some of these deductions can range from home office deductions to business auto expenses.
Not sure what you can claim? You're in luck. Amy has an online program that teaches small business owners how to be their own Chief Financial Officer! It’s called “Be Your Own CFO”.
The Be Your Own CFO program includes access to a CPA and a membership site which includes short videos and beautiful, downloadable guides that will walk you through the main topics in each lesson.
After speaking with hundreds of small business owners, she was constantly hearing “Amy, you’ve made this so simple!”
So she just knew she had to share her knowledge with as many people as possible.
“My goal for this program is to provide entrepreneurs and small business owners with confidence and peace of mind with their business structure, bookkeeping, and taxes.”
- Amy Northard, Certified Public Accountant
Ready for more tax tips?