S02 EP01 | The November Money Moves Your Tax Preparer and Bookkeeper Wish You Knew

Welcome to Season 2 of Beyond the Receipts! In this season premiere, Hope Brown breaks down essential year-end tax and financial planning strategies that could save your business thousands. Learn the critical difference between reactive and proactive business owners, and discover exactly what you need to do before December 31st to minimize your tax burden.

Key Timestamps

• 0:21 – Welcome to Season 2
• 2 :23 – The Two Types of Business Owners: Reactive vs. Proactive
• 5:05 – Wanda’s Story: From Tax Crisis to Success
• 6:22 – Understanding Your Business Entity Type and Tax Impact
• 7:41 – Year-End Financial Review Essentials
• 10:40 – Strategic Income Timing Example (Web Design Firm Case Study)
• 12:19 – Smart Expense Management Strategies
• 13:38 – Critical Tax Deadlines
• 14:28 – BOI Filing Requirements and Deadlines

Episode Highlights

• The crucial difference between reactive and proactive business owners
• Why decisions made before December 31st matter most
• How to strategically time December invoicing for tax advantages
• Section 179 deduction opportunities
• Success story: How “Wanda” transformed her business through proactive planning

Resources Mentioned

• FinCEN Website: fincen.gov
• Tax Deadline Calendar Download (Included in our 2024 Year-End Tax Series: Preparing to Meet with Your Tax Professional)

Key Takeaways

1. Review your year-to-date financials immediately
2. Consider strategic timing of December invoices
3. Evaluate potential business purchases before year-end
4. Complete BOI filing before deadlines and be cautious of fraudulent BOI filing websites. Only use the official FinCEN website (fincen.gov) to complete your BOI registration.
5. Schedule tax planning meeting before December 31st

Action Items

• Get bookkeeping up-to-date through November
• Review upcoming software/subscription renewals
• Schedule year-end tax planning meeting
• Complete BOI registration if not done
• Download tax deadline calendar

Connect With Us

• Website: bbizsolution.com
• Schedule a Year-End Strategy Session
• Follow us on social media @taxmindedbookkeeper

Next Episode Preview

Stay tuned for upcoming episodes featuring industry experts, including financial analysts, business coaches, and HR professionals who will help us think outside the box about business finances.

Notable Quotes

“The decisions you make before December 31st are the ones that really count. Everything else is just damage control.”

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Beyond the Receipts is a podcast dedicated to helping small and mid-sized business owners understand the tax planning and financial recordkeeping aspects of their business.