My first year I dreaded tax time, I really thought the government was going to take all my money and I didn’t put enough aside to pay income tax. I immediately went to a CPA, and he helped me out of jam and he directed me to a few books that would help me and him be better prepared the next year. My second year, I saved myself close to 28,000 dollars in taxes, for a small business that is A LOT of money. So, I made it a point to read up on tax laws every November and December during Lock-Ins. I’ve continued this trend with all my businesses. Didn’t matter whether it was online, offline, brick and mortar, home-based, or travelling; bottom line it helped me keep more of my money where it belong, growing my business. Two of the books I read regularly every year I’m going to list below. Now these aren’t the only books I read, I read a lot of books. But, these get updated every year and I’ve always gotten updated copies every 2 years. Listed below are the two books I’m referencing.
Book number one is a great book because it can remind you every year of tax deductions you didn’t even think you qualified for. Most small business owners are missing out on possibly 50% plus of the deductions they qualify for. Arm yourself, don’t let yourself be one of these people.
Book number two gives you a great process, and lets you know what is new for the year. Just because I’m listing it second doesn’t make it the book that is worth less. I consider both of these books to be equally important.
I could write days about my experiences with taxes, and some day I will share the time I got audited (It’s actually not that bad if you keep your stuff organized), But I going to leave you with these suggestions. Any questions feel free to post them in the comments and I will handle them the best I can.