Tax Day is just two weeks away and The Entrepreneur’s Source, the nation’s leading career transition coaching franchise, is here to offer some advice for those who would like to explore alternative careers but may be intimidated by small business taxes.
Tax time is never easy no matter what position you’re in. If you’re an employee waiting around for your W-2, or if you’re the boss that’s handing them out, tax time will have its own set of stresses for you.
Regardless of your tax knowledge, if you’re browsing through the pages here at The Entrepreneur’s Source®, then you’re probably already at least considering career transition. This may be your first time considering what it’s like to face the IRS as the head honcho. It can be a frightening thought knowing you’re responsible for determining which of the seemingly hundreds of different IRS forms you need to use and fill out.
So, where do you begin?
- Have a solid support team in place. If you work with an Alternative Career Coach during your exploration, then you know what your business strengths and weaknesses are. That’s why having a solid support team is vital. If you’re a great salesman but a lousy accountant, then by all means, invest in a trustworthy CPA to handle it for you! There are a lot of lessons to learn your first year as a business owner. You don’t want one of those lessons to be “How to survive an IRS audit!”
- Invest in solid accounting software. If your franchise system doesn’t already offer some type of accounting software, it’s a good idea to invest in one for yourself. Sure, it can be a pain to set up, but it sure beats that last minute scramble for receipts and data. If you are using a CPA, he or she will surely thank you!
- Prepare throughout the year. You’ve made the transition into business ownership and now you’re charting unknown territory. You may already be out of your comfort zone, so why add the pressure of trying to file taxes for your business all alone? It’s a good idea to meet with your CPA regularly throughout the year and make sure you’re on the right course BEFORE tax time hits.
- Change your mindset. You’re the boss now. This is Your Career 2.0. Part of that is realizing tax season isn’t ALL bad! Change your mindset to reflect your new role as business owner. Here’s the cool thing, the Trump administration recently passed the Tax Cuts and Jobs Act – helping business owners secure more than 2.5 times the amount of tax cuts as employees. Use those additional funds to re-invest in your company – rewarding great employees, buying new equipment, adding new features, etc.
- Education never ends. Now that you’ve got your new mindset in place, it’s time to make sure you’re educated. Part of being the boss is THINKING like the boss. That means being on the lookout for tax saving opportunities. Don’t know what to look for? Talk it over with your tax preparer, your franchise support service, or even other franchisees. Membership in a small business owners group in your community can be valuable in this department as well.
We all deal with change differently, but that’s where your career coach comes in handy. Your E-Source Coach will work to make sure you’re equipped to handle the career transition of your choice.
You’re starting a new business to fuel your own future, but you’re not all alone. Contacting a coach with The Entrepreneur’s Source® can help turn your dream into a reality…and help you avoid tax time nightmares by working with you to find your franchise match (get started now at www.franchisematch.com).