S02 EP01 | The November Money Moves Your Tax Preparer and Bookkeeper Wish You Knew

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Beyond the Receipts (Small Business Tax & Finances)

Hope Brown, The Tax Minded Bookkeeper

28 episodes

5 days ago

So you've always wanted to be an entrepreneur, but no one told you that tax and bookkeeping were going to be part of running your own business. Well, fear not. I'm Hope Brown, and this is Beyond the Receipts, a podcast for small business owners who are in the early stages of building their business but need a little help with the financial part. We'll be breaking down financial topics like taxes, bookkeeping, and more, in plain English so that you can learn what you need to run your business and stay compliant. So are you ready? Stay tuned!

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S02 EP01 | The November Money Moves Your Tax Preparer and Bookkeeper Wish You Knew

Beyond the Receipts (Small Business Tax & Finances)

20 minutes 29 seconds

11 months ago

S02 EP01 | The November Money Moves Your Tax Preparer and Bookkeeper Wish You Knew

Welcome to Season 2 of Beyond the Receipts! In this season premiere, Hope Brown breaks down essential year-end tax and financial planning strategies that could save your business thousands. Learn the critical difference between reactive and proactive business owners, and discover exactly what you need to do before December 31st to minimize your tax burden.

Key Timestamps

0:21 - Welcome to Season 2
2 :23 - The Two Types of Business Owners: Reactive vs. Proactive
5:05 - Wanda's Story: From Tax Crisis to Success
6:22 - Understanding Your Business Entity Type and Tax Impact
7:41 - Year-End Financial Review Essentials
10:40 - Strategic Income Timing Example (Web Design Firm Case Study)
12:19 - Smart Expense Management Strategies
13:38 - Critical Tax Deadlines
14:28 - BOI Filing Requirements and Deadlines

Episode Highlights

The crucial difference between reactive and proactive business owners
Why decisions made before December 31st matter most
How to strategically time December invoicing for tax advantages
Section 179 deduction opportunities
Success story: How "Wanda" transformed her business through proactive planning

Resources Mentioned

FinCEN Website: fincen.gov
Tax Deadline Calendar Download (Included in our 2024 Year-End Tax Series: Preparing to Meet with Your Tax Professional)

Key Takeaways

Review your year-to-date financials immediately
Consider strategic timing of December invoices
Evaluate potential business purchases before year-end
Complete BOI filing before deadlines and be cautious of fraudulent BOI filing websites. Only use the official FinCEN website (fincen.gov) to complete your BOI registration.
Schedule tax planning meeting before December 31st

Action Items

Get bookkeeping up-to-date through November
Review upcoming software/subscription renewals
Schedule year-end tax planning meeting
Complete BOI registration if not done
Download tax deadline calendar

Connect With Us

Website: bbizsolution.com
Schedule a Year-End Strategy Session
Follow us on social media @taxmindedbookkeeper

Next Episode Preview

Stay tuned for upcoming episodes featuring industry experts, including financial analysts, business coaches, and HR professionals who will help us think outside the box about business finances.

Notable Quotes

"The decisions you make before December 31st are the ones that really count. Everything else is just damage control."

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Beyond the Receipts is a podcast dedicated to helping small and mid-sized business owners understand the tax planning and financial recordkeeping aspects of their business.