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What You Need to Know About Taxes with Alma Bates
As a business owner, it is really important to educate yourself on taxes. The more you know, the more money you get to keep. Nobody likes to be surprised with owing money you weren’t prepared for each tax season. Be sure to listen to What You Need to Know About Taxes with Alma Bates, Episode 47 to avoid those ugly tax surprises.
Alma Bates is an Accountant/CPA with Golden CPA. He has a lot of great information and advice for business owners. He shares the “in’s and out’s” of taxes and is a great resource if you are looking for tax help for your business.
What You Need To Know About Taxes With Alma Bates
In this episode, Alma shares:
- He shares his background. He has a Bachelors in Accounting and a Masters from BYU in Tax. He started his career in 2011 and for the last 5 years has been working with a partner a CPA firm, Golden CPA.
- He talks about some common mistakes that entrepreneurs make in regard to taxes. Alma also shares examples of what entrepreneurs can write off on their taxes.
- Business owners should have an LLC and with that, you need to decide how you want to be taxed. We talk come of the details about owning an LLC.
- Deductions! Business expenses need to be either ordinary (common) or necessary (helpful or appropriate for your business). He shares some examples of what these deductions may look like.
- A lot of entrepreneurs work from home. Can you take a home office deduction? How? He answers these questions and how you can figure out how much to deduct.
- What exactly can you write off? How about vehicles? Networking lunches? He covers how as well as how much you can write off in these areas.
- He shares a two changes that entrepreneurs should know about. Those deducting premiums if you are self employed and the Qualified Business Income Deduction.
- They talk about investing in your retirement.
- Alma, of course, shares his pet peeve and simple pleasure.
Should I Hire A CPA?
Taxes are something you should outsource for your business. It is hard to keep on top of the details. Things are always changing and having someone there to represent you is so helpful to you and your business. Alma recommends that you be organized, keep up and don’t get behind, make those quarterly tax payments. It is most definitely worth the expenditure to have someone help you with your business taxes!
Where you Can Find More Information
You can find more tips and information about what Alma and Golden CPA has to offer here:
Details of what they offer on their website.
You can reach out directly to Alma by email at alma@ggoldencpa.com or by phone 775- 340-4948
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I'm Brittni Schroeder!
I’m a Diet Coke drinkin, chocolate eatin, Netflix watchin, all-around good time! I want to show you how to grow and scale your business. Let’s be business BFFs!
