I started my own small business last year (yay!) but I’m still navigating the financial side of things (specifically tax season). I’m not entirely sure what I can plan to write off once tax season is here, which makes me nervous when calculating my profits for the year. How can I optimize my tax planning and take advantage of any available tax benefits?
Taxed in Tennessee
My best advice is to find a Certified Public Accountant (CPA) and a financial planner that you can work with to plan what your taxes will look like.
As a financial planner, I would never do my own business taxes. I have a bookkeeper and a CPA, and we work together to ensure I have planned the best I can.
Even with planning, it’s impossible to know what the year will bring, but forecasting can help. Keeping track of all your expenses can also be beneficial when tax season comes around.
My CPA helps me determine which expenses are deductible. Running a business is a full-time job all on its own. Don’t try to do everything yourself. Unless taxes are your profession, seek a professional’s guidance to ensure everything is handled properly.
If you need help navigating your finances, talk to Kim Spencer by clicking the link belowAsk Kim