Taxes for Entrepreneurs with Stephanie Manley
SHOW NOTES: Episode 111
As an entrepreneur, you will inevitably have to look at your taxes. We brought on Stephanie Manley to share more about taxes for entrepreneurs and how you can get ready for tax season the right way from the beginning!
Stephanie suggested using systems like QuickBooks Online or a simple spreadsheet to keep finances in check. It’s crucial to keep tabs on every dollar you have earned and spent and using a spreadsheet or a system can help with that.
We also chatted more about the various deductions available to bloggers.
These may include home office expenses, office supplies, computer equipment, and internet and cell phone usage. Stephanie’s advice was to keep track of these expenses monthly, in your spreadsheet or your system, so that you are organized and ready when tax time arrives.
Stephanie also explained the differences between making the switch from a sole member LLC to an S corporation. She explained why you may want to make a switch and when. As your business grows, she explained it’s important to seek professional help with tax planning and bookkeeping.
We also chatted more about documenting expenses and keeping receipts.
Stephanie recommends keeping records for at least seven years. She also shared more about making quarterly tax payments to avoid penalties.
Stephanie truly shares a lot of advice in this episode that you aren’t going to want to miss! We want you to feel empowered and ready for tax season!
Let us know how this episode helped you! Send us a DM over on Instagram: @sparkmediaconcepts
IN THIS EPISODE, WE COVERED:
- Importance of preparing for tax season for entrepreneurs
- Tracking income and expenses for businesses
- Deductions for bloggers as business expenses
- Transition from sole member LLC to S corporation
- Documenting expenses and keeping receipts for tax purposes
- Making quarterly tax payments
- Key points to consider when looking for a bookkeeper
- Establishing trust and a good relationship with a bookkeeper
- Being proactive and informed in managing finances
LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
- Connect with Stephanie on her website, YouTube, or Instagram: @calculatedprofits! Be sure to check out her free resource on top tax deductions as well!
- Check out MiloTree Cart HERE!
- 3 bonus episodes on the private podcast! Click here and put in your name and email address to check them out!
- Join the Ultimate Blog Bootcamp!
- Check out the Blog Depot!
- Check out last week’s episode here!
- Connect with us on Instagram at: @sparkmediaconcepts
MORE ABOUT THE ULTIMATE BLOG PODCAST:
Welcome to The Ultimate Blog Podcast! This podcast is for you if you’ve ever wanted to learn blogging basics so that you can start your own blog or if you have been a blogger for years but are struggling to grow or need inspiration and community.
Every Tuesday we will be sharing a new episode where we will cover topics from the basics of starting a blog, monetizing and growing your site, to finding the inspiration you need to keep going. You will also find guest interviews with experts on different blogging topics as well as interviews with bloggers who’ve been in your shoes.
Amy Reinecke and Jennifer Draper are bloggers themselves who want to encourage you to believe in your potential, step outside the norm and step into a life where you create your own schedule, your own success and your own story.
We’d love to connect with you on our other platforms so please visit us at www.sparkmediaconcepts.com or follow us on Instagram at @sparkmediaconcepts
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