top of page

12: Make Tax Time Easier with These Planning and Deduction Tips

Listen on Apple | Spotify | YouTube | Android | Google

Tax time can make business owners feel stressed, uncertain, and overwhelmed. If you’re feeling this way, you are definitely not alone! Taxes are very complicated, but I promise if you do something wrong you will not get arrested (unless you willingly commit fraud, but I don’t think you are!). In this episode, I’m sharing how you can make tax season easier for yourself next year by developing good habits and things to look out for throughout the year.

Are you looking for more information on how to build wealth with your business and generate your first $1M? Sign up for my free weekly email series, Millionaire Mondays!

Some key takeaways on how to make tax season easy next year are:

  • If you have a profit, you will be taxed on that income. Over the next year, plan on paying taxes. Don’t sabotage yourself by spending all your profit on more “expenses” so you’re reporting a lower income.

  • Every single month, transfer a percentage of your profits to a separate bank account for taxes. This can be a personal or business bank account. Then, every quarter, pay your estimated state and federal taxes from this account. This way you won’t owe a massive amount of money or penalties come April.

  • There are some ways you can save money on your taxes. Utilize the home office deduction, mileage deduction, cell phone use, or contributions to a Traditional or Roth IRA account. All these deductions require proper record keeping, so make sure your books and tracking systems are organized!

Click here to listen to this week's episode!

If you love the podcast, please leave me a review on Apple podcasts and share with a friend! This helps me share more knowledge with people like you so they can become more financially literate, create more profit in their business, and feel more financially stable and secure. Click here and scroll to the bottom to leave a review and make sure to let me know what you're finding the most helpful!

Do you have a question or topic you’d like me to cover on the show? Click here to send us your submission!

I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!

Connect with Sarah:

bottom of page