Tax season looms, and for many, it brings feelings of overwhelm and dread. From compliance challenges to managing cash flow for unexpected bills, the pressure can be immense. But what if you could tackle it head-on with clarity and confidence?

On this episode of Become Sensible, we dive deep into tax season preparation for business owners. We’ll go into the psychological hurdles, practical challenges, and the importance of proactive organization. You'll learn actionable tips like setting up a documentation management system, ensuring your financial reports are accurate, and maximizing tax deductions—all while gaining insights into avoiding costly mistakes with the right professional help.

Links:

• Mile IQ App
• Expensify for Expense Management
• Tax Preparation Checklist

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction: Tackling tax season overwhelm
• 0:32 - Why tax season feels daunting: psychological and practical challenges
• 2:21 - Organizing your documents with a documentation management system
• 6:15 - Essential tax forms and why 1099s matter
• 9:00 - Financial reports: Profit & loss, balance sheet, and common errors
• 12:30 - The importance of hiring experienced professionals
• 14:42 - Tips for maximizing tax deductions during the year
• 17:30 - Key tax deadlines to track
• 19:45 - Tools and technologies to streamline tax preparation
• 23:15 - Final thoughts: Taking action and staying ahead of tax season

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