Girl bosses, how do you know that you are getting the most of your tax refund each year? Does it stress you out just thinking about filing your taxes? Personally speaking, hiring a Certified Public Accountant (CPA) has been a huge game-changer for my online business.
As an entrepreneur, we all have a lot on our plate. We have to wear a lot of hats to stay on top of our business. If one of the hats includes adding spreadsheets and tax law to the mix, it can be too much to handle.
As a biz owner, it’s tough to be 100% sure all my business finances are squared away with the constant changes in tax regulations. I was floundering my first tax season and I swore never again to put myself under that much unnecessary stress.
Since then, I’ve been working with a CPA.
Her name is Amy Northard and I’m sharing all the great tips I’ve learned from her over the years to be a better Chief Financial Officer for my biz.
Accountants, CPA’s in particular, are required to keep up with Federal and State tax laws by taking continuing education courses every year. CPAs must abide by the AICPA Code of Ethics and Professional Conduct.
They are at risk of losing their license if they do not comply with these rules and regulations. So it is a good thing to have someone who does know these things on your side.
Speaking from personal experience, it is tough to keep up with the mundane tasks like bookkeeping. So one way to stay up-to-date is to set up quarterly bookkeeping reviews with an accountant. Amy has helped hold me accountable and keep my financial records up-to-date.
Peace of mind is priceless. Working with a CPA allows me to be able to see where my income is throughout the year and respond quickly.
Working with a CPA has also helped me determine what I need to pay in for estimated taxes. This takes a heavy weight off my shoulders as the end of each year approaches.
If it wasn’t for Amy, I would not have really understood the financial ramifications of choosing to be a sole proprietorship, partnership, Limited Liability Company (LLC), and S-Corporation. Though she is lives in a different state, she was able to clearly walk me through the steps.
Having your own creative business is a wonderful expression of yourself.
There are times, though, that we make use of other’s talents in order to bring our visions to life. In other words, we pay other people for their services.
On the business side, this means you have to determine if a 1099 or W-2 needs to be sent to the IRS and your state. An accountant can assist you and even prepare these for you.
If you’re not sure where to begin with a bookkeeping system, that’s the perfect reason to make an appointment with an accountant. You may be really comfortable with a spreadsheet.
But if formulas and tax laws aren’t your thing, an accountant can also recommend programs that automatically pull in transactions so you just have to categorize them. This way, you have a solid system in place that you can stick with throughout the year.
Take the stress out of every tax season.
All in all, hiring a trustworthy accountant can be a real benefit to your business. Having learned the hard way, I can say that working with a CPA drastically reduced my stress and gave me more time to spend on more fun activities.
Over the years of running a blog biz, it’s not always easy to be on top of all my business finances. Especially with the constant changes in tax regulations. I was floundering my first tax season and I swore never again to put myself under that much unnecessary stress.
Since working with a CPA, when April approaches each year, I sleep easily knowing that my CPA Amy Northard has already ensured I received the biggest tax refund possible.
Her prices are great for the amount of time and money I save each year! You can check out her latest tax and bookkeeping tips or get in touch with Amy herself here!
Don’t let your finances be a block to manifesting wealth.
Find an accountant and take charge so you’re working towards financial freedom! Not sure how to go about finding an accountant for your online business?
Do your research. I suggest hopping on a quick call to learn more about your accountant. During this call you’ll want to see if they are a good fit for you and your business needs.
Even though we live in a virtual world, it’s critical to connect via a call or video chat to get a better sense of personality. It also helps to establish the side of the work relationship that an email cannot convey.
Here are a few questions you may want to ask during the call.
What are your fees?
Consulting, tax preparation, and bookkeeping fees can vary widely depending on the size of the firm, the structure of your business, and the amount of transactions your business processes. Asking for a fees upfront can save you from a lot of unwanted surprises in the future.
Do you provide any education or training?
Understanding your business financials are imperative for future success of your business. Your accountant should be able to assist you in understanding this information. Amy provides a lot of education on her blog, YouTube channel, and her Be Your Own CFO course.
Do you have any references?
When you’re hiring an accountant, you are trusting that person with your most confidential business information. It’s important to check reviews and references.
Most accountants will have a few clients that will vouch for the level of service they provide. A quick Google search for reviews can ensure you’ve found the right accounting partner for your business.
If you need to understand the ins-and-outs of your business financials. Bookkeeping and taxes are not optional. But you’re in luck!
Amy has saved me hours each year on business taxes and bookkeeping! If you are interested in getting support on your biz finances, schedule a free chat with Amy here!
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There are a endless ways to create side hustle income and reach FIRE. Investing in stocks, owning rental property, creating your own online biz, and so forth.
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