It’s tax time and some small business owners and freelancers are feeling a bit paralyzed by the prospect of filing a schedule C and/or many have taken the leap from freelancer to small business owner and have incorporated; which in and of itself can bring a new set of anxieties, such as: “Will I take advantage of all the deductions available to me?” “Have I put enough money aside for tax payments?”
As a business owner one of my greatest fears was the fear that I might do something wrong tax wise. For me it wasn’t about being audited, but because I’m a Christian and truly believe I have to answer to God for how I conduct my business; I really want to make sure that I always do the right thing. In fact when I first started my business five years ago, I told my husband that I’d welcome an audit, because:
- I knew I had nothing to hide and I’d documented everything and kept all paperwork and receipts
- I would gain some valuable knowledge from one of the best sources ever: the IRS 🙂
So, that being said, my advice to every small business owner and freelancer is to keep records of everything when you first start out. Also make sure you do everything above board and then the fear of an audit won’t even be an issue. While I’ve never been audited, I do know it’s a fear of many and if small business owners aren’t worried about that, they still find that tax time is simply stressful. However, I like to offer solutions to problems and we have done that for you with our podcast this month. Today we will interview Brian Greenberg. Brian has been featured in the Wall Street Journal Report, Comcast’s “It’s Your Call”, Bloomberg News, Forbes TV, Philadelphia affiliates’ Fox TV and ABC. He’s also been featured on PBS.org. With over 3 decades or 30 years of financial experience, he is going to provide you with advice that you may not have heard before. There is a special part of the interview where he discusses how hiring your young ones in your business, can help you save for their college education! My hope is that this interview will help you to get on track now and make sure that next year you are on point. Listen in by clicking here. Please let us know if you find the interview helpful; as we’re hoping it will allow our listeners to breathe a sigh of relief during tax time. Want to hear more from Brian’s interview? Join our Free “Starting Out” membership today!
This is Shilonda Downing signing off for Virtual Work team LLC!