February 25, 2019

EP 173: Lessons During Tax Season

How to prepare and get your taxes done. 1. Do regular bookkeeping or have a CPA do it for you. 2. Separate your personal and business. expenses. Super important and less messy 3. Pay as you. Pay taxes quarterly. You can be hit with a fine when your do your taxes if you don’t when you are making a lot of money. 4. Hire a CPA 5. Ask your account what deductions can you quality for. - Employee payments - Professional legal expenses - Advertising expenses. The can include websites and travel - Inventory - Property: Home office, Supplies, Equipment, Phone - Interest - Travel - Mileage and vehicle - Retirement - Insurance - Startup costs - Education - Charitable contributions Tax credits - Healthcare - Veterans Avoid audit traps - Miscalssifications - Home office deduction - Label each deduction - Don’t touch payroll taxes We are a LLC and tax as an s-corp Keep tax related docs on file for 7 years

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