#024: Tips for Tax Time with Kara Renninger

Tax time does not have to be fear and panic-inducing, but as a new business owner, the upcoming tax season can be scary! Today Modern CPA and Kara Renninger discuss some common tax concerns and tips to help you get prepared.

1. Be Proactive! Take the time to organize your expenses whether you've started a separate business account or not. Document and keep track of all of your business expenses and income so you have what you need for your tax professional or DIY software.
2. Understand Deductions! Do you know what deductions you qualify for? Educate and be aware of the deductions you can use so you have appropriate information when filing. 
3. How will you file? Does your business need to file its own taxes or are you a single entity or independent contractor whose taxes will pass through personal taxes?
4. Understanding Taxes. In many businesses, especially independent contractors or side hustles you will pay self-employment tax on your business which is about 15.2% because you are paying both sides of what an employer would normally be responsible for half of.

So are you ready for tax time? These were just a few big tax-time tips. Check out our free online quiz, at ModernCPAOnline.com/Quiz, to find out if YOU are ready!

What’s Inside: 

• How to get ready for tax time.
• Tax tips for small businesses and independent contractors.
• Are you ready for tax time? Take the Modern CPA quiz.
• What you need to know when filing your new business taxes.
• Are you aware of the deductions your business qualifies for?
• What is self-employment tax and why do you have to pay it?

Mentioned In This Episode:
Free Online Masterclass 3 Big Financial Mistakes New Business Owners Make
Take This FREE 60 Second Quiz To Find Out “If Your Business Is Ready For Tax Time?”
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