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Small Business Taxes by Ryan H Law on Financial Obligations
Description
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Episode 1970:
Ryan H Law shares practical, real-world advice to help small business owners take the stress out of tax season. With simple steps for organizing finances, choosing the right accounting tools, and understanding when and how to pay estimated taxes, this guide empowers entrepreneurs to manage their business taxes with confidence and clarity.
Read along with the original article(s) here: https://ryanhlaw.com/small-business-taxes/
Quotes to ponder:
"The key to doing your taxes is to KEEP GOOD RECORDS!"
"If you don't make a profit at least 3 out of every 5 years the IRS will classify your business as a hobby."
"A good tax professional is worth their fee."
Episode references:
IRS: What kind of records should I keep: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/What-kind-of-records-should-I-keep
IRS: Self-Employed Individuals Tax Center: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center
WAVE Accounting Software: https://www.waveapps.com/accounting/