Episode 18
Important Tax Shit
Taxes are an unavoidable aspect of being a business owner. You may believe that paying taxes is an annoying inconvenience that you’d rather avoid, but please understand that proper preparation for them is a critical step in building a successful, profitable business.
This isn’t a dull conversation about taxes (which is not my area of expertise). Instead, I’m here as your business coach, assisting you with managing the money aspect of your business, which includes taxes.
Entrepreneurs get stuck in the hamster wheel of moving money around to pay for this or cover that. Not only does that cause stress, but it wastes time. As your business continues to grow, it becomes even more imperative that you establish a practice of setting aside money for taxes with every client payment you receive.
You’ve built a business that has generated income from its operations to put you in a position of having to deal with taxation, which is an honor, and something you should be proud of yourself for having accomplished.
In this episode, listen for:
- Conversations concerning money and taxes is critical
- Celebrate the fact you have a tax bill because that means you’ve generated income
- I recommend 25-30% of your intake be set aside, but you should consult a professional to determine what is in your best interest and adjust based on where you live.
Must-listen Moments:
[7:15] My mission is to encourage women to step forward and embrace their ability to make money
[8:55] An accountant or bookkeeper can offer you ways to pay less taxes
[10:07] The best way to prevent stress is to put money aside every time you get paid
What in this episode hit home for you? DM me on Insta at https://www.instagram.com/shecollective.biz/
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