I sat down with Wendy Barlin, a CPA with 25 years of experience, who shared her personal story of coming to the US with nothing and learning how to navigate the country's money system. In this episode, we discuss the importance of working smarter rather than harder and common misconceptions about taxes for small business owners.
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Working Smarter with Money
Wendy emphasizes the importance of self-education for better money choices, stating that expensive CPAs are unnecessary. Instead, we should invest in our education and empower ourselves with knowledge. When it comes to money management, working smarter is the key to success.
Small Business Tax Strategies & Tips
Wendy shares two essential tax strategies for self-employed individuals:
1. Set aside a percentage of your revenue for taxes – This helps you avoid the stress of not having enough money to pay your taxes when they are due. Depending on your state, you should set aside 10-20% of your revenue for taxes.
2. Consider all ordinary and necessary expenses as deductible for the business – Look for expenses that qualify as ordinary and necessary for your business, and make sure to keep your receipts to claim these deductions.
For those who want to play in the gray area of tax deductions, Wendy recommends hiring a reputable advisor who can educate you and help you make better decisions.
Free Resources for Tax Education
Wendy offers free resources on her website (wendybarlin.com) for those seeking education on their taxes. By investing in your education and understanding your finances, you can set yourself up for success in your self-employment journey.
Mastering money management is crucial for self-employed individuals. By working smarter, understanding tax strategies, and investing in your education, you can achieve financial success in your self-employment journey. Don't shy away from looking at your finances – instead, empower yourself with knowledge and set yourself up for success.
