Hey, buckle up because if you've read any of my articles, you know they're filled with tons of fun and big words like "liability" – but don't worry, I don't plan to bore you with my talk of taxes. Besides, how can I bore you with something I love? Just stick with me!
Now, I am sure by now you know tax liability is all about what you owe the big bank called the IRS. The more money you make, it is believed, the more you have to give to the IRS, whether it's 10% or 22%. They want their share of your cash. What does this have to do with women-owned businesses?
Well, intelligent money management is your goal, like that of many other business owners. Whether you currently own a business or are dreaming of opening one (get it!), understanding taxes is like knowing the secrets of life. It helps you grow your income and avoid the letters in your mailbox from the IRS.
Now, our talk is getting juicy. Some of the common tax mistakes businesses make include:
Mixing Personal and Business Expenses: This is like drinking soda and milk in the same cup; Yuck! Keep 'em separate!
Forgetting Deductions: Imagine forgetting to eat dessert – tragic, right? Well, deductions are the dessert of taxes. Remember to order it when eating out.
Late Filings: Tax deadlines are like homework due dates. I am currently back in college, and if you miss the date, you're in for a world of stress.
Deductions are like the rescue squad when you are stranded. They swoop in and save your business's money. The deductions for businesses include equipment, office supplies, and insurance. It's like finding money in your pants pocket after it comes out of the dryer. You needed to find that $5.
Now, I am not a medical professional. However, I eat, sleep, and breathe taxes, which is probably why they call me taxgurusam.
So here is the deal: if you're in the business of owning or working for a women-owned business, don't try to be a tax superhero.
Seek personalized tax advice from a group that specializes in working with businesses. Mabry Tax Advisory Group will help you eradicate financial instability created by tax issues and missed deductions, and keep your finances on track. Listen, with the proper knowledge and a bit of help from tax advisors, you can handle your business like the visionary leader you are. When in doubt, ask a pro – it's the most brilliant move you can make!
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