132: Drop This Fear Before The Tax Deadline Whether You Are Starting A Business Or Side Hustle

132: Drop This Fear Before The Tax Deadline Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed

The April 15th deadline is closing in on us quickly. As a business owner, you have a lot of things you need to take care of, and filing your tax return is probably one of those things you put at the bottom of your list. I get it, I understand how hard it can be, and I’ve talked to many business owners who dread filing their tax returns. It is something that comes around every year, so you would think it would get easier, but every year the same feelings come up. There are ways you can prepare for your taxes and avoid all those feelings you have. Maybe for you, it is anxiety or dread. For others, it may be confusion or overwhelm. In today’s podcast episode, I’m diving in and talking about a conversation I had last week with an entrepreneur that really surprised me. I want to bring this situation up so that if you are feeling the same way this entrepreneur was feeling, I’m hoping I can help shift your perspective and help you make sure you are handling your business in the best way possible when it comes to the upcoming tax deadline. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, the tax deadline will be here before you know it, and I want to make sure to help you avoid any additional stress and find out how you can avoid those negative feelings when preparing for your tax return. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, FreshBooks, or HoneyBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…

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Show Notes:

Welcome Back…The April 15th tax deadline is approaching us pretty quickly. If you are a sole proprietor and you file your business tax return on your personal return as a Schedule C tax filer, you may find yourself scrambling at the last minute to get everything in order to file your tax return on time. If you filed an extension for your business’s March 15th deadline, but you want to make sure you are getting everything ready to file so that you can file your personal return on time, you also may be rushing to get everything done to meet this April 15th deadline.

When it comes to filing taxes, I know there are a lot of feelings that come up for business owners, as well as individuals who are simply filing their personal tax returns, but today I want to talk about a situation that I was in last week. I was meeting with a few entrepreneurs, and the topic of getting tax returns came up. One of the entrepreneurs said that they needed to get all their tax information ready for their tax preparer, but they were finding themselves doing pretty much anything but getting ready to get their tax information ready. When I asked why they were putting it off, their answer was that they were afraid to talk to their tax preparer. As a coach, I work with my clients to help them overcome fears that they have in their business, and this was the perfect example that I wanted to talk to you about today. Do you, or have you ever felt this same way when it comes to talking to your tax preparer? As the conversation went on, the entrepreneur told me that they knew they had made mistakes in their bookkeeping, and they didn’t know how to fix them. They were embarrassed about talking to their tax preparer about them and kept putting off doing the rest of their bookkeeping because of it. Now as it was getting closer to the deadline, the dread they were feeling just kept growing. By helping this entrepreneur understand how they could start eliminating the dread and anxiety they were experiencing and start enjoying their business again was amazing to see, and if you are in a situation similar to this, you need to check out my one-on-one coaching programs where I can help you too. I also want you to know that your accountants, tax preparers, and bookkeepers are there here to help you, as well as all their clients. This is their overall goal. This is what they work towards with each client. They have seen many different situations when dealing with financial information with their clients. If you are in a situation like this entrepreneur, I can promise you that your accountant or tax preparer has probably seen this exact situation with another client or something very similar. I want you to know that there should never be a time when you are afraid to talk to your tax preparer, accountant, or bookkeeper. It doesn’t matter if you think your situation is small and you don’t want to bother your tax preparer or you think the issue is really big and you are afraid it’s going to be a mess when you have to fix the problem. You need to talk to your tax preparer or accountant and tackle the situation as soon as you can. It’s kind of like ripping a bandaid off. You just do it.

The relationship you have with your tax preparer or accountant needs to be a relationship you are comfortable with. If you are not comfortable talking with your tax preparer, you might want to look for a new tax preparer. You are sharing some of your most intimate business information with this person, and you need to feel comfortable. You should be able to create a good connection with them, and they should never make you feel embarrassed about the order of your books or how much you did or didn’t make this ye