Do you know the ins and outs of money management for self-employed individuals? Join us as we explore this crucial topic with Wendy Barlin, a CPA with 25 years of experience, who shares her personal story of coming to the US with nothing and learning how to navigate the country's money system. Discover the importance of working smarter rather than harder, and tackle common misconceptions about taxes for small business owners while learning why hiring an expensive CPA is not always necessary.
In our discussion with Wendy, we highlight two essential tax strategies for self-employed individuals: setting aside a percentage of revenue for taxes and considering all ordinary and necessary expenses as deductible for the business. Gain insights on the importance of keeping receipts and hiring a reputable advisor for those who want to play in the gray area of tax deductions. Wendy also offers free resources on her website for those seeking education on their taxes. Don't shy away from looking at your finances – invest in your education and empower yourself with knowledge.
In this episode you will learn:
0:01:31 - How to Manage Money (70 Seconds)
0:04:28 - The Common Misconceptions About Business Taxes (51 Seconds)
0:09:35 - The Value of Hiring Tax Adviser (119 Seconds)
0:14:54 - Investing in Self-Education for Business Success (81 Seconds)
Highlights
(0:00:00) - Working Smarter With Money (5 Minutes)
Understanding money management is crucial for self-employed individuals. Wendy, a CPA with 25 years of experience, shares her journey of navigating the US money system and emphasizes working smarter, not harder. Common misconceptions about small business taxes are addressed, and Wendy advises that expensive CPAs are unnecessary, as self-education can lead to better money choices.
(0:05:19) - Small Business Tax Strategies & Tips (12 Minutes)
Wendy Barlin, a CPA and tax expert, shares tax strategies for self-employed individuals, such as setting aside a percentage of revenue for taxes and considering all ordinary and necessary expenses as deductible. She emphasizes keeping receipts and hiring a reputable advisor for those exploring tax deductions. Free resources are available on her website for tax education. Investing in education and understanding finances is encouraged.
Connect with Wendy at https://wendybarlin.com/
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