Tax Tips for Entrepreneurs | How to Save Money in Your Business w/ CPA & Tax Strategist Wendy Barlin

Are you feeling overwhelmed by the tax and accounting side of running a business? If you’re not a CPA, taxes can be scary - but they don’t have to be! Let’s simplify some basic accounting & tax tips to look out for when you start your business.

In this episode, I interview Wendy Barlin, a CPA and Tax Strategist who helps entrepreneurs save money on their taxes and get their businesses organized. She shares how she got started in business, the biggest mistakes she sees entrepreneurs making with their taxes, and what she personally does to strategically reduce her taxes.

Wendy also walks you through the steps on what you should do if you get audited by the IRS and the resources you can use to stay compliant and organized throughout the year. So if you are ready to learn how to take advantage of deductions, save money on taxes, and set yourself up for financial success, this episode is for you!

Join us as we discuss:

(1) How the world of accounting is changing post covid

(2) Why entrepreneurs should care about their taxes and finances

(3) What tax deductions and write-offs are available for entrepreneurs

(4) How to accurately document expenses and track income

(5) Tax audits and how to prepare for them

(6) The biggest tax myths when it comes to entrepreneurship

(7) How your business structure affects your tax bill

(8) The best bookkeeping and accounting software for entrepreneurs

(9) Wendy's top resources she recommends to help you with your tax planning

(10) Wendy’s advice for anyone who wants to start their own business but is feeling intimidated by the financial side of things


Sponsors

Extra Credit
This episode is sponsored by Credit.com. Need to get a handle on your credit? Extra Credit can help you build your credit history and improve your credit score by reporting things like your rent and utility payments. See where your credit really stands and sign up for extra credit today at credit.com/lindsayhanson. You can cancel anytime, and the first seven days are free!

Basecamp
This episode is sponsored by Basecamp. Basecamp is a project management and team communication app used by thousands of companies to help you stay organized, stay in touch, and get things done more efficiently. It's an all-in-one toolkit for remote work, with message boards to dos calendars, document sharing, group chats, and more. Go to basecamp.com/lindsay and sign up today for a free 30-day trial!


Resources
Connect with Wendy
Website: http://wendybarlin.com
Instagram: https://www.instagram.com/wendybarlincpa
LinkedIn: https://www.linkedin.com/in/aboutprofitconsultant

Profit First: https://mikemichalowicz.com/profit-first

Want more tips to help you launch & grow your online business?

Chapters

• 2:38 Wendy's background and who she helps
• 4:20 Her entrepreneurial journey and how she started building her business
• 8:21 Why she quit her corporate job and the motivating factor behind it
• 10:40 Common myths about business taxes
• 14:41 Some common things in business that could prompt an audit from the IRS
• 17:19 Why LLCs could be the biggest waste of time and money
• 19:03 Things entrepreneurs should first do to help set you up for financial success
• 22:37 Wendy's financial hack for business deductions
• 23:21 Tax deductions that are available to business owners
• 25:54 Why you need to document everything you spend for business
• 31:08 Some common mistakes entrepreneurs make that result in overpaying in taxes
• 33:24 The best ways you can manage your money
• 36:56 Final piece of advice to entrepreneurs that want to start a business but are hesitant to do so because of finance and taxes