anyone ready for tax season to be OVER?! This girl is!!! Whew. Everyone dreads this time of the year and all of the small business owners are PRAYING that their estimated taxes and write-off’s will be enough to cover their return. Well, while I can’t promise to save you a TON of money on your taxes, I CAN share with you how we have saved ourselves some tax-prep time by making simple changes in our business. Taxes don’t have to be so scary and overwhelming! For years I just barely understood what the tax process was even though I’m DEFINITELY not a pro now,
I have a MUCH better understanding of what all goes into the tax process. Don’t be afraid to ask a ton of questions with you CPA…. that’s the only way we learn! So here we go!:
1. CREATE A SYSTEM FOR RECORDING AND ORGANIZING THE FOLLOWING:
2. HIRE A CPA THAT YOU CAN MEET WITH AND WHO SPECIALIZES IN SMALL BUSINESSES:
If you aren’t doing a great job with your bookkeeping, I would highly recommend investing in having your CPA do your monthly bookkeeping. It will save stress and you’ll LOVE tax time at the end of the year because everything will be recorded and ready to be filed! Well, you won’t LOVE it… but it won’t be painful!
3. COMMIT TO SAVE 1/4 OF ALL OF YOUR INCOME FOR YOUR ESTIMATED TAXES AND END OF THE YEAR RETURN:
If you taxes don’t exceed 1/4 of your income, you haven’t lost anything…. you just have a great savings account for your business!! This is REALLY important if you are having a GREAT year financially because your estimated taxes are not going to cover your return amount.
4. SUBMIT YOUR TAX INFORMATION EARLY:
If you send your tax information in early, you can be prepare for the damage while there is still time to make a large business expense. (We should have done this in 2013!!!). If you wait until the new year to find out where you stand with your taxes, the ONLY way to reduce what you owe is to put income into a SEP fund before April 15th… and you can’t touch that until retirement. Which leads me to my final point:
5. KNOW YOUR OPTIONS:
Talk to your financial advisor or CPA about your investment options. Every self employed individual can “put away” a certain percentage of their income every year into a SEP fund. There are other options as well. So for example, if you saved 1/4th of your income for your taxes but only used a portion of that money, you could place the remaining balance in a SEP account and reduce what you owe significantly.
There has never been a year quite like 2020. It started off so normal, so simple and so carefree. Then, March/April hit and it felt like everything was turned upside down!
Another month. I had forgotten just how fast it goes when they are this tiny. One minute they are in 0-3 month clothes and the next you’re unpacking 6month options!
How is it MARCH already in 2021?! This year is flying by and we’re getting closer and closer to the beginning of wedding season! At least we are here in Virginia! It’s my honor to get to introduce you to some of our KJ Students who are doing the hard work of educating themselves and growing their businesses! My hope is that their stories and advice will be an encouragement to anyone wanting to grow and feel confident before wedding season picks up!
Welcome to a brand new installment of KJ Student Spotlight!! It’s always a good day on the blog when we get to introduce you to some of our students and share their wins and advice!!! These three students have taken courses, watched Youtube episodes, are KJ All Access members, use our templates and have invested in themselves time and time again in order to grow their businesses! They deserve this recognition!!!
Here it is! Post one of twelve! I’m committing, once again, to blogging my favorite images each month of Everett’s first year and I’m excited about it because I know from past experience that this is truly the BEST motivation and accountability to stay on top of family editing!!
It’s hard to believe I’m writing this… my fourth birth story in four years. I’ve given birth in 2017, 2018, 2019 and 2020. Just typing that makes me tired….. and so grateful…. unbelievably grateful. These last four years have been the best and hardest of my life. We cherish being parents and welcoming a new baby is hands down the most incredible thing we have ever experienced in our 18 years together. I’m so excited to introduce you to our newest member of our family and tell you the story of how he came into this world!