Managing Taxes as a Business Owner
“Having a professional by your side saves you time, saves you money, and gives you peace of mind.”
As an entrepreneur, there were days when I struggled managing taxes as a business owner. I needed to find a reliable tax professional who could help me navigate the complexities of my business taxes. I came across multiple tax professionals who were either inexperienced or simply didn’t seem to understand my situation. It took a lot of trial and error, but eventually, I realized the importance of finding a reputable accounting firm with partners who have multiple eyes on your tax returns.
By working with a reliable and knowledgeable tax professional, I was able to save time, money, and avoid potential pitfalls that could have led to audits or other financial disasters. This decision allowed me to focus on what I do best – growing my business and providing exceptional service to my clients.
In this episode, you will learn::
- the critical role a skilled tax professional plays in every entrepreneur’s financial success
- the art of maintaining financial order and monitoring expenses throughout the fiscal year
- the necessity of punctual tax payments to sidestep costly audits and hefty penalties
- ways to assess and evaluate potential tax preparers to ensure reliability and dependability
Stay ahead of the game by keeping a close watch on tax code modifications and seeking alternative expert opinions when needed. Are your current tax preparations falling short of organized, accurate, and timely filings? Do endless hours of researching and filing taxes leave you feeling overwhelmed and frustrated? Then make sure to listen so you know how to leverage the expertise of a skilled tax professional to get the results you need.
“Invest in professionals to handle your business finances, so you can focus on serving your clients, guests, and customers even better.”
Episode Highlights
00:02:21
the frustrations with tax preparers, including poor communication, mistakes on tax returns, and overcharging for services
00:04:27
the importance of finding a reputable and knowledgeable tax professional to ensure that taxes are done correctly and avoid audits, recommending using a firm with multiple professionals for greater oversight
00:11:59
benefits of hiring a bookkeeper and tax professional, including saving time on bookkeeping, ensuring payroll and tax payments are made on time, and having an expert handle tax returns to avoid mistakes.
00:13:10
Having a reliable tax professional is crucial for any business owner. They can help save you money and provide valuable advice. It’s important to choose someone trustworthy and not just go for the person who promises the biggest tax return.
00:14:33
Running a business comes with a lot of administrative work, including tracking expenses and mileage. To make tax season easier, it’s essential to stay organized throughout the year. This includes having a bookkeeper and putting money aside for taxes.
00:16:54
Many people think being a business owner is easy and that taxes are something you can avoid. However, it’s important to pay your taxes on time and not evade them. Additionally, be wary of people who brag about tax write-offs, as it could lead to trouble with the IRS.
00:19:56
Knowing what you owe and paying it on time is crucial. Be sure to research the tax requirements for your location and business type. Work with a tax professional to ensure you’re paying the correct amounts and make sure to set aside money for tax payments throughout the year
00:22:20
Remember that your signature is on the tax return, so it’s essential to make sure everything is accurate and correct.
Connect with Will:
Book I Can’t Read: A Guide to Success Through Failure
Email: Will@willtalksbiz.com