Episode 115: Getting Ready For End Of The Year Business Tax Deductions, With Atiya Brown

• How to get your ducks in a row for the end of the year
• What business tax deductions you might be overlooking
• Questions to ask yourself to help determine if it's a valid deduction for your business
• Why December is typically too late to try to tax plan
• Of course we touch on 1099K's
• And why we want you to be proactive now when it comes to taxes and outsourcing help, versus being reactive when or if an audit happened
  
  

Worth Noting:

"Your cell phones, a lot of people are doing business from their personal cell phone, as opposed to having a business phone. So when you have a personal cellphone, you now have to make sure that you're using it for more than 50% of time for the business. Then you're able to write off certain expenses that are personal use."
- Atiya on a deduction some people forget

"Everybody can't afford to have a CPA on their team. I always tell people that there's nothing wrong with DIY, but you want to make sure that you at least have a consultation so you can understand your situation and know what you should be preparing for. Having a meeting with them at the beginning of the year, so if you look in December and you're like, you know what, I probably missed out on a few things because I wasn't planning on. Schedule a consultation for the beginning of the year, so they can at least help you on what to look out for throughout the next year, so that you can be better prepared."
- Atiya on CPA's and outsourcing in the beginning

"So there is a big one that people keep talking about now, but it's really not a big change. So, if you're signed business earns $400, you're considered self-employed and you're required to report all sources of those income. That's always been the case. If you are the payer and you pay someone over $600, you are always required to complete a 1099 miscellaneous form or a 1099 NEC form for a non-employee compensation. That has not changed. What has changed is third-party payment processors, Stripe, PayPal, Venmo, etc. They now have to issue those tax forms for any person that incurred over $600 on their platform."
- Atiya on recent tax changes

 

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