Bookkeeping as Your Secret Weapon

Lessons

Lesson 1: Dominate Tax Deductions

Lesson 2: Be the Fucking Boss

Lesson 3: Make Profit Bow to You

Lesson 4: Mega Money Mindset

Lesson 5: How to Leverage Bookkeeping as Your Secret Weapon


Lesson 1: Dominate Tax Deductions

First things first, let's talk about how AMAZING it is to receive every tax deduction you deserve!

Taxes are the number one reason why most business owners do their bookkeeping. If it weren't such a necessity for taxes, I think a lot would quit doing it. We'll talk later in the course about why that would be a mistake ;)

The truth is, taxes are one of the costs of doing business. Luckily, the government has made some concessions to make it fair for both businesses with high and low overhead expenses. This concession is made in the form of tax deductions.

If you don't have an accurate record of your business expenses + receipts you will have no way to ask for deductions or prove you made those purchases. If you don't have a system for your receipts, you can check out our blog post on that to learn why & how to file business receipts. I've also included a Receipt Checklist there to make sure you've got everything organized!

Now, I bet you're thinking, "That's all well and good, I'll just do it at tax time." Ok sure, but you will be stressed and ready to pull your hair out. Hand your mess over to a someone last minute and you will be paying big time!

And even if you do manage to pull it all together last minute, you're still forgetting about the other tax that needs to be paid on a quarterly basis...Estimated Income Tax! Estimated Income Tax needs to be filed at both the federal and state level (some cities require this too!). Here's the due dates just so you don't forget. You can find more info here.

  • January 1 - March 31 -> April 15
  • April 1 - May 31 -> June 15
  • June 1 - August 31 -> September 15
  • September 1 - December 31 -> January 15 of the next year

Take Action:

  • Decide on a system for collecting & filing your receipts.
  • Research Estimated Income Tax for your state and the IRS. Find out whether you can file online or if you must do it by snail mail. 
  • If the Estimated Income Tax stuff feels over your head, we will do this for you as an add-on to our accounting services so you don't even have to think about it! Cool, right?