Tax season can either benefit or harm you as a business owner depending on how you plan your year. If you haven’t already add your taxes to your annual and monthly planning. This will benefit you in the long run. Earlier this week our mastermind Executive Coach, Stephaine Rollins sat down for a chat with tax expert Spiceda Jackson, CPA to discuss what every business owner should know to save in taxes and make more money in 2020.
Here’s what you should know about today’s expert:
Spiceda Jackson, CPA has been practicing accounting for over 25 years. She is a former Big 4 Accountant, Author, Speaker, Business Coach, Entrepreneur, Airbnb Owner,
Wife, Mother, CEO and Founder of eXFinancial Inc , a CPA Firm located in Historic College Park, GA. She founded the Company in 2009, to provide true accounting and advisory services to Small Businesses taking them beyond basic bookkeeping and tax preparation.
“We Believe that an Accountant Advisor, is the most important investment to ensure business success” per Spiceda. She is so vested in this belief that she goes LIVE on Facebook every Friday at 9am, in her private Facebook Group to help and give advice to business owners and professionals. Her goal is for all who hear her voice to better understand taxes, to pay less in taxes, to build wealth that outlasts them and to create businesses that allow them to live life more FREELY.
In this article we will cover:
- Choosing the right business entity type
- Profit goals
- Hiring a professional
Choosing the right business entity
Your business entity serves two purposes. It tells the IRS how you want your business income to be taxed. Secondly, It legally protects your personal assets for your business assets. Be aware that you can incorporate your business incorrectly and this could cost you a lot in tax dollars. You should work with an accountant to understand how to chose the correct business entity and to avoid overpaying taxes.
Business entity examples:
- Sole Trader
- Limited Liabilities Companies
Knowing your profit goals
Determine how much money you want to generate for the year. Work with an accountant to analyze your goals and map out a money plan. Invite your accountant to your annual planning sessions.
Hiring a professional
Hiring an accountant will not only save you money but it will save you time. If you aren’t good with numbers you should hire a professional that can interpret for you. Keep in mind that a bookkeeper isn’t an accountant. Do your research and discover the difference.
Visit Linktr.ee/Spiceda to learn more about Spiceda and her services.
Also make sure you join our FREE Facebook group called Traffic, Sales & Profit with Lamar Tyler
See you soon!