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045 Getting your business set up for tax prep and accounting
Manage episode 407365920 series 3559769
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Are you a solopreneur, consultant, freelancer, or other type of small business owner who just started your business in 2021? Or perhaps you have had your business longer but you aren’t really in touch with your business numbers and your tax preparation process could use some pointers?
Do you run your business crossing your fingers that the money coming in to your bank exceeds the money going out? This is probably the most common way small businesses run, especially in the beginning. Do you prep for taxes by going through all of your bank and credits card statements to find write offs? Perhaps you sift through stacks of paper or digital PDF statements trying to calculate your writeoffs by hand or with a calculator? Do you have freelancers or other vendors that you paid over $700 last year?
Knowing your numbers, getting your business into and accounting system and Tax prep is necessary for all business owners, independent contractors, and people who are self-employed. Many people don’t have any system in place for their day-to-day business and then do their best every year with Turbo Tax hoping they are doing things right. But a disorganized, DIY approach means that you aren’t able to do any planning. You don’t have a strategy, and when it comes to taxes, you are missing write-offs which ends up costing you quite a bit of money.
To get on our waitlist for resources around money, finance, and accounting check out https://cutclass.mykajabi.com/otl-KYN-waitlist
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