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On this week’s episode, I have guest Joe Mastriano, an expert CPA who helps business owners understand the in’s and out’s of finances and taxes. Joe and I get into the nitty gritty of getting ready for tax season and how business owners can properly prepare to file, all year long. Tracking finances and taxes can be a very stressful part of being a small business owner and oftentimes overwhelms us. But before you delegate this out, it’s important that you understand the basics and know your numbers.
Show Notes:
03:30 Keep Track
Be smart, document, and manage your cash flow. Look at how your money is coming in, going out, and have a small savings for backup just in case. It’s smart to have separate accounts for proper documentation. You also have to separate the tax return filing itself from the payment of the taxes.
07:14 Extensions
Plan ahead, stay on schedule, and file extensions if you need to. Joe recommends filing an extension and to sign up with your business ID number at EFTPS.gov for payments and records. It should streamline the process and make your chances of getting audited much lower.
14:46 The Basics
If you’re self-employed, you’re going to have to pay into social security. It’s good to do estimations and save ahead of time in preparation for paying in. As a business owner, it’s good to understand the basics of bookkeeping and the financial side of the business.
20:24 Stay Educated
When it comes to write offs, note anything that you purchased in association with your business, but be reasonable. They have to have a true connection to your business. Get advice or really educate yourself on what you should be including and not.
Resources from this Episode & Working w/ Me
Check out Joe’s Company Website: taxpromblem.org
Connect w/ me on Instagram: @lifeonfolsomfarm
