Navigating the Tax Maze: Tips for Thriving Women Entrepreneurs

As a woman entrepreneur (I’m one, too!), you have enough to deal with without struggling with taxes. If you find yourself putting off dealing with it all, because it’s just too complicated, or getting overwhelmed with trying to figure out tax credits and deductions, it doesn’t have to be this crazy. Let’s take a look at how you can make this tax season the best one yet.

Common Tax Woes (and How to Laugh in Their Face!)

Is there anyone out there who actually enjoys doing their taxes? If you’re running a business, you have more to consider than the average person during tax season.

Deduction Drama

Do you know what you can deduct for your business? It may seem simple at first glance, but then you get into it, and. . . things get confusing. Sure, you know you can deduct that laptop and your business dinner, but how much of your rent can you deduct for a home office? Do you know how to calculate gas mileage for your tax deductions?

DIY Overload

You’re rocking a business, running a household, and somehow, you still find time to shower. Taxes are just one more thing on your plate. When you try to do everything yourself, stuff gets missed (hello, tax credits!). No one wants a last-minute surprise on their tax forms. Pro tip: It’s okay to outsource to the pros so you can stick to what you do best, running your company.

“I Didn’t Know That!” Moments

Tax laws are constantly changing. Most people don’t have the time or energy to keep up with the changes and how they might affect their business. Don’t worry, you’re not alone. It’s easy to miss a hidden tax break or find out too late that there’s a new state-specific law.

Just because there are some common stressors during tax season doesn’t mean you need to lose sleep over them. There’s a solution.

Practical Tips to Make Tax Season Your BFF

All is not lost! I’ve put together some tips that you can implement to turn tax season into a more relaxing time of year.

Get Cozy with Organization

Keeping your receipts, invoices, and expense records organized will save your ass when it comes time to file taxes. No one said this had to be boring, stock up on fun folders or invest in useful software to manage it all.

Know Your Tax Besties (a.k.a. Deductions)

New business phone? Deduction. Desk for your home office? Deduction. Pretty new slippers to wear in your home office? Not so much. Learn what you can actually deduct to get the most bang for your buck without getting in trouble with the IRS.

Set a Date Night (with Your Finances)

If you don’t regularly review your finances, it’s time to get to wooing. Light a fancy candle, pour some coffee, and go over your income and expenses regularly. Make it a thing and you’ll have a much easier time when you have to file.

Tag in a Pro

You’re a business owner first and foremost. If you need to fix something on your car, you take it to the mechanic, because you need to run a business, not learn mechanics. The same goes for taxes. There’s no shame in bringing in a tax expert. They’ll save you money and headaches (and audits), so it’s a worthwhile expense.

When you’re ready to take the next step, Ask Anna Tax is here to help. I help businesses keep as much money as possible. Contact me today for more information.