Episode 8: Lessons Learned From Tax Season
When it comes to taxes, I’ve always been on the client side – preparing financial statements, pulling supporting documentation and answering the CPA’s questions. I’ve done this as an employee as well as my clients when tax time rolls around. But I’ve never been the tax preparer - until now.
People ask me all the time whether I prepare taxes and when I say no, the next question is “why not?”
I never had an interest in becoming a CPA and preparing tax returns. It just wasn’t something that screamed “fun” or “interesting”. I like being in the middle of things and making stuff happen.
I never thought I’d be on the CPA firm side of a tax return, but I had the opportunity to do so this tax season, so I tried it out. What could it hurt? If I liked it, I could sit for the CPA exam and add taxes to my list of services. If I didn’t, I’d at least learn a few things to help my clients.
Now that tax deadline has passed, I’ve had some time to think about my experience and I wanted to share it with you.
Here are some IRS references:
IRS Personal Estimated Tax Payments:
https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2
IRS Business Taxes Information:
https://www.irs.gov/businesses/small-businesses-self-employed/filing-and-paying-your-business-taxes
IRS Tax Calendars:
https://www.irs.gov/publications/p509
Do you need help with your bookkeeping?
Harrington can help - even if you're behind!
Learn more about our bookkeeping services here or schedule a call today!
Your Virtual CFO Coach host: Lieah Torbert, CEO of Harrington Strategic Partners
Incorporating 20 years’ experience in the retail, oil & gas, automotive, and chemical manufacturing industries, I developed my proprietary growth system, the Cash Flow Ignition Method.
My system helps you build & implement a fully customized roadmap to achieving your business goals without sacrificing more of your personal time.
If you’ve ever found yourself wondering if there’s a better way to:
- Have a financial strategy that drives profit, work/life harmony, expansion and retirement
- Transition from the owner/operator of your business to the strategic CEO
Then it’s time for you to learn more about how the Cash Flow Ignition Method can help get you there!
Take the Wheel of Your Destiny:
Shape the course of your business by adopting a Decisive CEO Mindset. Be the one confidently calling the shots, making choices that pave the way for growth and success.
Run Your Operations Like a Well-Oiled Machine:
Imagine your cash flow as a high-performance engine. Make sure it runs smoothly with every part working together seamlessly. This is your Cohesive Cash Flow System, ensuring that your business stays fueled and ready for action.
Design your Cultivated Success Blueprint:
Take charge of designing a roadmap that guides your journey to success. It's not a one-size-fits-all plan - it's a tailor-made strategy that aligns seamlessly with your business goals so you can transform your business into a high-powered machine, breaking through barriers and achieving what others say is impossible.
Learn more about Harrington’s services
Schedule your Cash Flow Optimization (CFO) call
Follow me:
Subscribe to the podcast:
#virtualcfo #outsourcecfo #strategicplanning #ceomindset #cashflow #cashflowplanning #smallbusiness #servicebusiness #bookkeeping #bookkeepingservices #strategicgoals #businessgrowth #worklifebalance