WARNING Don't File Your Business Taxes Without Knowing These Quarter 4 Secrets
From Chaos to Clarity: Unleash Your Business Potential
Release Date: 11/28/2024
From Chaos to Clarity: Unleash Your Business Potential
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How to be a Bankable Business Summary:In this live Q&A session, Sonia Jones and Latasha discuss the common tax mistakes entrepreneurs make, emphasizing the importance of proper bookkeeping and financial literacy. They cover topics such as mixing personal and business expenses, tracking cash transactions, underreporting income, and the significance of timely filing to avoid penalties. The conversation highlights the need for entrepreneurs to understand their financials to make informed decisions and avoid costly mistakes with the IRS. Takeaways: Mixing personal and business expenses...
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Summary: In this episode, Sonja Jones discusses the tax literacy gap among small business owners and highlights the common mistakes they make when it comes to taxes. She emphasizes the importance of separating personal and business expenses, tracking cash transactions, reporting all income accurately, maintaining proper records to avoid missing deductions, and the consequences of filing taxes late. Additionally, she promotes GIP Academy as a resource for financial education and support for business owners. Takeaways: There is a significant tax literacy gap among small business owners....
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Summary: In this live Q&A session, Sonja Jones discusses various tax deductions relevant to small businesses, emphasizing the importance of understanding what qualifies as ordinary and necessary expenses. She covers deductions related to merchant fees, clothing, gifts, entertainment, and meals, while also promoting GIP Academy as a resource for entrepreneurs seeking assistance with bookkeeping and tax preparation. Takeaways: Ordinary and necessary are key terms for tax deductions. Merchant account fees are deductible expenses. Clothing can be deducted if it serves a business...
info_outlineIs your business ready for tax season? This episode provides essential tips for entrepreneurs to organize their Quarter 4 business finances and prepare for the upcoming tax season! Learn about key tax deductions, common financial mistakes to avoid, and state compliance requirements to keep your business in good standing. Download the free Tax Prep Checklist to get started today!
It's Quarter 4, and that means tax season is right around the corner! Are you feeling overwhelmed and unprepared? Don't worry! In this episode of From Chaos to Clarity: Unleash Your Business Potential podcast, host Sonia Jones provides practical tips and advice to help entrepreneurs get their financial ducks in a row and avoid tax-time headaches.
- Most people wait until January to start thinking about taxes, but it's much better to get a head start.
- Gather all of your financial records now, including bank statements, credit card statements, and receipts.
Key Tax Deductions:
- Business expenses are tax-deductible, but personal expenses are not.
- Credit card fees and interest are deductible.
- If you use your vehicle for business, you can deduct a portion of the expenses.
- You can depreciate fixed assets, such as equipment and computers.
Common Financial Mistakes:
- Don't include loan proceeds or owner’s contributions as income.
- Don't deduct credit card payments.
- Don't deduct personal expenses.
Chapters
00:00 - Preparing for Quarter Four and Tax Season
04:33 - Organizing Financials for Tax Preparation
10:42 - Understanding Income and Expense Calculations
16:30 - Compliance and Business Entity Requirements
24:03 - Final Tips and Resources for Tax Readiness
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