293: Tax Return Anxiety Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
- Financial Adventure, LLC
- Apr 9
- 10 min read
293: Tax Return Anxiety 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…
Schedule your Complimentary Stress Audit And Clarity Session, where we’ll work together to create a clear and focused plan and overcome the obstacles that stand in your way so that you can move forward and immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about:
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here:
Ready to set up your business? I have a program to help you get your business set up so that you can start making money. Sign up for this program here:
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to see how you like coaching with an Introductory Coaching Session:
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
QuickBooks Online - Save 30% Your First 6 Months:
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
Show Notes:
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…
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.
As a professional coach, I know you want to enjoy your personal and professional life more. In order to do that, you need simple steps to achieve what you truly want in your life. The problem is you don't have enough time to get everything done, which makes you feel stressed because you can't find time for the important things in your life. I believe you deserve to have a life you love without sacrificing everything you've worked so hard to achieve in your professional life. I understand how hard it can be to figure this out on your own, especially when you are an accountant, business owner, or other high-stress professional. As a CPA with over 20 years of experience, I've been there myself, which is why I became a Certified Coach and created the RE*INVENTION™ program to help professionals just like you live the life they desire. Here's how we do it: First, you’ll schedule your Complimentary Clarity Session; during this session, we’ll create a clear and focused plan for you to move forward, and you’ll immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about. So, sign up for your Complimentary Clarity Session at www.FinancialAdventure.com, and click on the work with me button. In the meantime, check out all the other resources and solutions on my website that you can immediately apply to your life so you can stop being stressed out and feeling like you're never doing enough and instead breathe a sigh of relief at the end of the day knowing you've accomplished enough and can enjoy your life more.
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 year. Remember, your tax preparer has experienced many situations and has probably seen situations just like your business is experiencing already. They are there to help you. They would rather have you talk to them sooner than later so that if there is an issue, it can get addressed quickly. Your tax preparer is there to offer you peace of mind, and you should get what you are paying for. They are there to help you save time and money when it comes to paying taxes, and they should be able to help relieve the stress that you are feeling. They can often help you with more than just tax preparation as well. They can help you with improving your processes to make your bookkeeping easier, help you be more knowledgeable of the tax law, and help you to save from overpaying your taxes. Your tax preparer can give you ideas on how you can save time in the future by helping you know exactly what information they need to prepare your taxes. If you are making mistakes in your bookkeeping, the goal is to find those mistakes, fix them, and learn from the mistakes so you don’t make them in the future and continue to move forward. Take the time to talk to your tax preparer and let them know about the issues you are facing as well as the fears you have so they can help you. You should be able to trust your tax preparer; they are there for you and want to work with you to ensure you are having the most positive experience you can with them.
If you are working on getting the information ready to prepare your tax return right now, you’ve probably been avoiding it for quite a while. You can make it simple going forward by talking to your tax preparer, finding out exactly what they need and how you should gather the information for them. You’ve heard that nothing is certain except for death and taxes. You might as well be proactive. Make sure you are setting up systems in the future so that you don’t wait until the last minute. The outcome will be the same if you file your taxes at the beginning of the tax season or on the deadline, so why continue to feel those feelings of dread throughout the tax season? It is such a long time to continue to feel so terrible, and your anxiety will only increase as you wait. Think about how nice it would be next year if you had everything in order and were able to file your tax return at the beginning of the tax season. You would no longer feel the dread and anxiety all the way through the April 15th deadline, or even worse, if you decide to extend your tax return. Enjoy the relief of knowing you have someone on your team that understands the complicated tax laws and they are working with you to save you time and money. Don’t fear talking to your tax preparer or your accountant. They are on your side. They are working with you. They are part of your team. Ask the questions, get your answers, and let them help you create the peace of mind you desire in your business.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
Comments