49: Ready for Tax Season? Get Ready with these Tips & Tools
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Zuri is tackling a topic that is sure to send chills down your spine. Today, she’s joined by Keila Hill-Trawick, founder of Little Fish Accounting, to talk about the scariest season of the year: tax season. Let’s be real, most of us have no clue as to what is going on every tax season. Our hands start to sweat a little and we panic every time a letter from the IRS greets us in our mailbox.
In today’s episode, Zuri and Keila ease your fears by discussing ways in which you can organize your tax documents, the tools and resources that’ll strengthen your tax game (not to mention make life easier), and the common mistakes that self-employed business owners and entrepreneurs make so that you can avoid them yourself.
Keila also uncovers the many things you can deduct that you might not have noticed before. Believe it or not, this episode will ease your fears before the upcoming tax season. Tune in, take notes, and head into the most stressful season of the year ready, willing, and prepared.
Follow: Zuri Hall | Keila Hill-Trawick
A Deeper Look at the Episode:
[3:52] Why Keila got into accounting
[6:01] The story behind Little Fish Accounting
[7:13] What people miss when they’re afraid of taxes and what the IRS isn’t after
[8:47] A simple way to organize your tax documents
[11:41] Tools and resources to help entrepreneurs and self-starters navigate their taxes
[12:57] Common mistakes that entrepreneurs make with taxes
[15:09] How to file your taxes if you’re a part-time or full-time entrepreneur (and how deductions work)
[18:38] Taking a home office deduction
[22:06] How write-offs and loans work together and why you shouldn’t write off every single spend
[23:46] Important dates to take note of for tax season
[26:58] What’s the deal with the new cash app tax law?
[29:02] Should business owners pay for services as “friends and family” on PayPal?
[30:59] The difference between a W2 and 1099
[31:59] How do tax returns work and when do we look out for them?
[34:13] Why self-employed business owners should pay quarterly taxes
[35:30] Tax advice for entrepreneurs
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Zuri Hall is an Emmy award-winning TV host (Access Hollywood, American Ninja Warrior) and is the executive producer & host of this millennial-focused podcast that will empower women to avoid “best life burnout” through candid conversation, expert panel discussions, and real-life, human interest stories from everyday women.