How Not to Hate Tax Season
They say the only two givens in this life is death and taxes. Tax season happens year after year and yet so many businesses act caught off guard or just simply dread this season. It doesn’t have to be that way! With a little planning, tax season can be a non-issue for your business and your personal life.
It can come and go with no headaches or heartaches. In fact, you can even begin to look forward to it because you know you’re prepared.
I know, I know, even preparing for tax season sounds overwhelming and tedious. But we promise these steps are going to be easier than you think, while providing you ROI on your time.
Here are three steps to NOT hate tax season:
- Work with a bookkeeper!
I might be a little biased (or maybe a lot!) but I get to see first hand month after month how monthly bookkeeping services change the lives of business owners. Many business owners feel stressed out by keeping track of all the finances, the details are overwhelming, and the task itself pulls them away from what they really want to be doing, which is providing whatever awesome product or service their business is based on.
If you work with a bookkeeper all year long, then tax time is..well…pretty easy! A good bookkeeper will act as a liaison with your CPA to provide the information they need. This saves you from having to go digging through receipts and reports. A bookkeeper can take so much of the questions, headaches, and Google searches out of tax season.
- Like your CPA!
Once of our values here at Truly Bookkeeping is if you don’t like your financial people, then find new people! Life is too short to work with a CPA that makes you feel small, that doesn’t listen to your concerns, or dismisses your questions. The accounting field is full of awesome CPA’s that are delightful to work with.
There are plenty who will support you, your business goals, and empower you to experience all the benefits of being a business owner. If this sounds like a magical unicorn and you’d like a referral, hit me up! I have plenty of CPA’s I highly recommend so you are bound to find one that fits your needs.
- Use The Truly Profit Plan!
Launching in March 2022, this is a system I created for, well, myself! When I launched Truly Bookkeeping in January 2021, I quickly realized just how easy the business finances could get away from me. I knew that my family was depending on me to make good, wise decisions with my business’ finances. I didn’t have much room for mistakes.
I read books and listened to podcasts and gathered all this information about good financial practices that I should be implementing in my business. I was on board with many of these suggestions, but what I realized is that although I knew what to do, I didn’t have a way to do it. I didn’t have a system, a plan, a spreadsheet, to put these sound financial practices into place.
So I created one for myself. As I used the system, I was able to keep my business’ finances in check. I was able to hire and scale more quickly than I had imagined. This system is working!
As I worked with clients, I realized they were in a similar situation and needed this system too.
And so The Truly Profit Plan was born.
What is The Truly Profit Plan?
I’ll begin by telling you what it’s NOT:
- It’s NOT A budgeting tool
- It’s NOT A get rich quick trick
- It’s NOT A magical system that makes all your financial woes disappear
What The Truly Profit System is:
- A cash flow management tool that helps you track and decide in advance what your income will be spent on.
It’s a straightforward method that keeps you, the business owner, in control of your business finances. It empowers you to know what’s going on week after week with your income and expenses.
- It’s a way for you to plan for growth and be prepared for emergencies, like we all experienced this last year with COVID. By implementing this system you will keep yourself and your business on track
By implementing the Truly Profit PLan, you have a plan for taxes! In this plan you are guided on how to set up your Tax Savings account. Each month you will be prompted to transfer a percentage of your monthly income into the savings account. This means you will always have money set aside for taxes.
Simply knowing you have a little nest egg for your tax payment has given my clients the confidence they need to not procrastinate come tax season. The final payment is not a surprise and they feel reassured knowing their business is taken care of.
If you are ready to tackle tax season with confidence, consider scheduling a consultation with us to get started: