When I launched this podcast 6 months ago, I was nervous about putting myself out there every week in front of an audience.
But I knew that I had the knowledge and expertise that would help other entrepreneurs become more comfortable with their numbers and access the financial information that they needed in order to build successful (and profitable) businesses.
Today’s topic is an important one. In fact, it’s a topic that affects every entrepreneur and business owner.
Tax season.
That’s right, it’s that time of year again!
It’s true that filing taxes as an entrepreneur, business owner, or corporation can be extremely intimidating, but don’t worry. I’m here to help guide you through the red tape and weeds!
The easiest way to make it through tax season without a scratch is to be prepared ahead of time.
You don’t need an elaborate accounting system as a small business, but you do need a system to monitor your progress against your financial goals and track your cash flow.
When you make business decisions without having all of the financial facts at hand, you put your business at risk.
If you don’t understand your numbers, you’re missing out on key opportunities to not only grow your business, but to fix any issues that are costing you money — as well as avoid winding up with an extra large headache or unpleasant surprise when filing your taxes!
From avoiding tax instalment shocks to properly preparing your documents to anticipating deadlines, this episode is all about reducing your tax season stress.
Just breathe — I promise you can do this!
In this episode, you’ll discover:
- Why you definitely need a system to track your finances, no matter which stage your business is in
- How to avoid getting caught in the tax instalment trap and owing far more than you expect
- My top To Dos for making tax season as painless and simple as possible — plus 2 Don’ts!
Highlights:
- 01:41 Listener shout-outs
- 03:01 Accountants
- 05:17 Can you DIY?
- 07:19 Data is feedback
- 08:11 When to get started
- 08:52 The language of business
- 09:43 The tax instalment trap
- 12:51 Top tips for a smooth tax season
- 19:06 Be proactive!
- 20:35 2 don’ts for tax season
- 23:00 Recap
Links:
COVID-19 Tax Info:
Canada: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html
U.S.: https://www.irs.gov/businesses/small-businesses-self-employed/online-tax-calendar
Business tax deductions
U.S.: https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses
The 5-Step Roadmap to Biz Finance Freedom
https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom
Work with me
https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahou
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Published: Mar. 29, 2021 @12AM EditUnpublishAdd a Transcript
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