How to Do Your Small Business Taxes
If I could waive my magical Harry Potter-style wand over the online business world, I’d…
Wipe away all of the myths and bad info out there around legally protecting yourself AND taxes.
Legal Myths Around Taxes
Although I see so much bad advice about email marketing, social media, and finding clients, too — the myths I see around legal and taxes just make me 😬 because they typically fall into 1 of 2 categories:
- False and dangerous (meaning it could have a bad impact on you or your business)
- False and intimidating (meaning it keeps you from taking action because of how nervous it makes you!)
I get messages from people all the time asking me whether they should setup their businesses in Delaware to avoid taxes or what else they can do to make sure they pay fewer taxes.
What You Need To Know About Small Business Taxes
But unless (and until) we’re building the next Apple or Facebook-sized companies, we can take a much simpler approach to taxes to meet us where we’re at now.
Taxes get a bad rap because of all these myths — but really we just pay taxes on the profit we make in our businesses. That’s it! There’s no secret complicated way to avoid them or to hide your business somewhere (that’s way above my pay-grade and not moral or legal – so I don’t help people with that.)
So I brought my friend & CPA, Keila Hill-Trawick (Founder of Little Fish Accounting), on the podcast this week to talk all things taxes with you.
Keila helped us break down what we owe in taxes (and why), what quarterly taxes are and when you owe them, and what you need to know about properly capturing your business expenses. (including both of our favorite things that we see online creators falsely sharing as a business expense on IG!)
🎙 Listen to Episode 77 “Small Business Taxes 101 [Guest Interview w/ Keila of Little Fish Accounting] of On Your Terms here!👇
Are you going to listen? Comment below and let me know! 🙂
PS. I brought on CPA Keila Hill-Trawick to talk all things small business taxes and bookkeeping this week! We broke down quarterly taxes, how taxes really work, and what you need to know about business expenses. Listen on my website, Spotify, or Apple now.