Jan 23, 2019
In this episode, show producer Johnny Gwin gets some small business and 2018 tax advice from Karen. Johnny asks some common questions business owners have every year trying to get all those financial reports finished, and in compliance with city, county, state and federal laws.
> How should a business owner deal with quarterly and end of the year dividend payments?
> W-2's and 1099's: who should get them and what is the best way to have these forms appropriately executed?
> How to record checks written in one tax year but cashed in another?
> Why can syncing your business software with your bank be problematic for your taxes?
> What are some of the biggest misconceptions and truths on what business owners pay for their business taxes?
> Why is knowing your basic business numbers, especially margins, essential in understanding the health of the company?
> Is it good or bad to have an out of state business license?
> What is the easiest way to register or transfer your business license to the state of Alabama?
> When beginning to work with a CPA what documents, reports, and forms do you need to provide?
> What are some common tax form errors that can trigger an audit from IRS.
Quotables and Tweetables
If you wrote that check and you sent it in 2018, you need to take that deduction in 2018. - Karen Simmons
It is such a misconception that the amount of money in your bank account is what you're going to pay taxes on. Total mistake. It doesn't matter where it's sitting. - Karen Simmons
Taking a distribution, dividend, whatever is not a taxable event. Period. - Karen Simmons
You file all of your 1099s with the form 1096 with the federal government and then a form 96 with the state. - Karen Simmons
You're going to live and breath by margins because if it costs you too much to do a job, you're either not charging enough or it costs you too much to do that job. It's coming out of your pocket. - Karen Simmons
You don't want to file something so different then what's been filed in the past, you're scared it's going to trigger an audit. - Karen Simmons
Go get a professional accountant to help you out because it will save you a lot of time and questions can be answered. Look, I'm not saying washing my hands with what I do. - Johnny Gwin
Go where you can make money. Go do what you know how to do and let everybody else who knows how to do what they do, do it. - Johnny Gwin
Johnny Gwin - Website
Deep Fried Studios - Website
Domke Market - Facebook Page
Learn more about Karen Simmons & Cadie Gaut
Payroll Vault - Mobile & Baldwin Counties
About Cheers To Business
Cheers To Business is a seriously casual business and entrepreneur podcast that discusses starting, running, refining and growing your company, or excelling at your current job with two or your soon-to-be friends - over a glass of wine. Please subscribe, review and rate Cheers To Business on iTunes, YouTube, SoundCloud & Overcast. You can contact and stay connected with us by LIKING our Cheers To Business Facebook page. Thanks for listening and as always, CHEERS to you!