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SophieZo Virtually There For You

5 Tips for Painless Tax Prep

April 8, 2016 by sophiezo Leave a Comment

Taxes

When you’re gathering all your tax documentation for your CPA or other preparer, don’t forget these five essentials:

  1. Start with the money.
  2. Prepare all your core financial documents, including balance sheet, income statement, cash flow statement, and an assets and liabilities statement.

  3. Meticulously document car expenses.
  4. This includes mileage, tolls, parking, gas and other expenses associated with business-related automobile travel. If you’re able to prove that it’s business-related, you may also deduct expenses for insurance, leases, and gas.

  5. Be even more meticulous with home office expenses.
  6. If you work out of your home, listing your expenses can be a little tricky, especially when it comes to the physical space expense. Make sure you follow the rules to the letter when it comes to deducting these expenses.

  7. Look beyond the IRS.
  8. Don’t forget about your other tax obligations: property, payroll, local taxes, excise tax, self-employment taxes, etc. Neglecting these can get you in big trouble. I know a small business owner who forgot about payroll taxes and ended up with liens on her business. Not good!

  9. When in doubt, farm it out.
  10. An efficient Online Business Manager can easily manage all your most essential tax prep responsibilities. She will make sure you or the appropriate team member creates those financial documents you need to have all buttoned up, and she can even resource an accountant if you need one.

    Take a deep breath and get going. It’s less than a week before your taxes are due, so give yourself the gift of delegation. Partner with an OBM and let her manage the documentation preparation process for your business taxes this year.

    To learn more about how an online business manager can manage and improve your operations, contact me today!

Filed Under: OBM, Online Business Managment, Organizing, Outsourcing, Project Management, taxes

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We’ve been working with Sophie Zollmann for almost half a year now, building an online lifelong learning platform and community from the ground up (because in-person classes became impossible in light of the corona virus). Sophie has guided every technical aspect of this enterprise including the construction of landing-pages and websites, the management of mailing lists and revenue funnels, setting up Zoom meetings, etc., allowing us to focus exclusively on content production and marketing. This platform is now off the ground and succeeding beyond our wildest hopes.

We couldn’t have built it without Sophie’s support, which has always been prompt and timely, and her guidance, as she’s always pointed us to the most efficient and economical solutions to whatever technical issue we’ve faced. In the heat of the moment, I’m sure we’ve not always been easy to work with, but Sophie has also been generous and understanding to a fault. In sum, her support has been flawless and absolutely essential to the success of our online enterprise. We will be relying on her services again as we ramp up for our next phase of growth.

David Peritz
Founding Director
Minerva Academy of Lifelong Learning


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