Taxes are a headache. Especially when it comes to entrepreneurship. Today we get the privilege of talking with Wendy Barlin, a phenomenal tax strategist and subject matter expert of the tax world.
We discuss concepts like planning for your tax season, the difference between a tax preparer and a tax strategist, the most common missed deductions, and much more. Wendy talks about the ideas of ensuring you love your company, treating it like it's your own, and understanding that you must have the right entity when it comes to your taxes. We also discuss her book (That’s Deductible) which shares multiple strategies and concepts in the world of taxes and entrepreneurship.
Links Mentioned:
Cyndi Thomason - Bookskeep.com
Robyn Johnson - Marketplaceblueprint.com
Wendy Barlin - Wendybarlin.com/aboutprofit.com
Skip To:
02:00: When is the best time to sit down with your tax advisor to plan the rest of your year?
05:45: How much do you need to be prepared before sitting down to discuss a tax strategy?
08:00: What should you be looking for in a tax strategist?
09:30: What is the difference between a tax preparer and a tax strategist?
12:00: What is the biggest mistake that you see?
14:22: What are the most common missed deductions?
17:14: What tips can you recommend for people relying on debt to keep their business in operation?
22:45: What are you seeing with the market right now and business sales? What should people be considering as they are starting to think about exiting in the next year?
25:18 Becoming an employee of your company after you sell your company.
28:10: Do you have any guidance for individuals that are just starting out?
32:00: Have the correct entity.
33:15: When can meals be a tax deduction?
35:12: What is the minimum amount for needing a receipt?
36:16: Mention of Wendy’s Book (That's Deductible)