Episode 69: Sandi York: Being Boss of Your Business TAXES!
It’s that time of year that, frankly, many business owners have come to dread: tax season. It can be overwhelming, but know that you’re not alone. You don’t need to have stress around taxes. It is in your best interest to outsource tasks that are not in your wheelhouse so you can run your business effectively and focus on your expertise.
Enter, Sandi York, my wonderful CPA. She’s on the podcast today to talk about all the things taxes, and to remind us that it doesn’t have to be a stressful situation. We’re breaking down common tax concepts and situations as well as tips for staying financially savvy as a business owner. You’re going to want to take notes.
We discuss:
- Sandi’s experience as a tax professional
- Breakdown of basic categories of types of taxes
- Sole proprietor vs. LLC vs. S-Corp (which is best for you depends on many factors)
- The importance of hiring finance professionals (bookkeepers, accountants, payroll companies)
- Making sure you hire someone that you trust who is attentive to your needs
- The ins and outs of self-employment taxes
- Getting familiar with your state’s website for taxes and employers
- Independent contractor vs. employee (rules vary by state)
- Keeping a positive mindset around finances
- How even a base financial understanding helps you sustain and grow your business
- Getting your systems in place while you’re still small
Resources from this episode:
Robert Kiyosakai - Rich Dad, Poor Dad
Tom Wheelright - Tax-Free Wealth Podcast
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