WARNING Don't File Your Business Taxes Without Knowing These Quarter 4 Secrets
Show Notes
Is 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
#entrepreneurshipinsights #entrepreneur #finance
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