You just finished your tax preparation for this year. Maybe you are relieved you just dodged a bullet and will be happily spending your refund on a much needed warm vacation after this long winter, and maybe you are spinning in confusion on what just happened and WHY the heck you owe so much money?
Don’t like the feeling of dreading tax season because you have NO IDEA on what is going to happen?
Here are 3 things to implement right now to be better prepared for next year’s tax return:
1. Get a Mileage Log
This may seem obvious, but as a photographer you are likely driving EVERYWHERE for business. Without a spreadsheet, log or app, this can make next tax season a nightmare compiling receipts – or worse – you are guessing on how much you think it is. This is a TOP RED FLAG for the IRS when picking apart your tax return. WHY? Because it gives you a LOT of money back in your pocket. It’s not too late to recreate from January until now and implement an organized system for this year. Don’t wait until April 10th or your accountant may rush through your tax return quickly, and you’ll end up owing more than necessary because they didn’t have time to think about ways they could be saving you money on your return. Just like being kind to your waiter gets you fresh food, being kind to your tax preparer gets you more thorough service. Sadly. it happens. They have to rush when necessary when people wait until the last minute.
Here are some links to tools you may want to consider: Mileage Log or Mileage App
2. Consult a Financial Advisor or Business Manager.
If you paid a wallop this year and are angry at your tax preparer for not warning you, don’t be. Tax preparers are paid to prepare the package of data you submit to them at the end of the year. That’s it. If you consider them your Financial Advisor and are expecting them to give you extraordinary business advice throughout the year, and they don’t, please don’t be disappointed. They are there throughout the year to answer questions pertaining to your tax return. If you would like advice on ways to increase revenue, or reduce costs, or tax liability, that role falls under a Financial Manager or Advisor, not a tax preparer. A good tax preparer will give you advice pertaining to your taxes. A great one will give you advice on your business operations, and a rare gem will give you tips and tricks on how to reduce liability and increase revenue. (Although this person would be grossly underpaid for this service as a “tax preparer” and likely move on to be an Advisor or Business Manager). Consult an Advisor or Business Manager if you would like to be more prepared in the financial operations and planning of your business.
3. Set up a SEP IRA Account
Yes, your spouse might have a great 401k program and that is wonderful. Continue to do that. But if you find yourself owing Uncle Sam thousands of dollars at the end of the year, better to stick some of that money back in your own pocket for retirement, then fork it over to the government as a straight tax payment you’ll never see again. You can do this through a Financial Advisor, Stock Manager or on your own through sites like Fidelity. It will save you THOUSANDS.
Last week I gave a recap of my first Business & Branding workshop for Creative Entrepreneurs. The focus was on Cultivating Livelihood through practical stewardship in life and business. My biggest goal was for attendees to walk away with a completed game plan. Having done all of the “work” at the workshop itself. It was a lot of material to cover but they handled it with ease and I am already seeing the attendees implementing changes into their businesses.
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COACHING SESSIONS ONLY $225 LIMITED TIME ONLY
To celebrate the launch of the first workshop, and the close of a successful tax season (that’s call for celebration itself) – all private coaching & consulting sessions will be 50% off the regular fee of $450 for a limited time on a first come first serve basis.
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Coaching & Consulting Sessions cover any of the above topics as well as more in depth details of:
- Financial Management & Organization
- Business Management – Photography or Creative Business
- Business Management – General Business
- Portrait Photography Fundamentals
- Wedding Photography Fundamentals
- A bit of everything…. (We’ll just try to go reeeeealy fast)
The following sessions are currently available:
April 28th 9:00 AM – 12:00 pm currently only $225
Or
May 2nd 9:00 AM – 12:00 PM currently only $225
Available via Skype, phone or in person at my residential studio near Long Beach Island, NJ (bonus head shots + lunch for all in person sessions).
CLICK HERE to claim the next available spot. Dates are limited. If you would like to be alerted to new Coaching and Consulting Session openings, sign up for the newsletter below.
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