A Guide to Tax Time for Small Business Owners (Ft. Wendy Barlin)

SHE with Jordan Lee Dooley

Jordan Lee Dooley

Health & Fitness

4.9 • 4.9K Ratings

🗓️ 3 March 2021

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’re a small business owner (or anyone who pays taxes), you may have felt fear or frustration at trying to figure out all the legal and financial pieces. Maybe you’ve even stressed yourself out asking questions like: What’s the difference between tax deductions and credits? Do I need to pay my taxes quarterly? What’s the difference between revenue and profit and why does it even matter? How do I know what to deduct? In this episode, Jordan is taking all the stress away with author and CPA Wendy Barlin. Wendy brings a wealth of knowledge as she walks through how to understand taxes and answers listener questions on profit, cash flow, and deductions. Get those headphones ready and tune in to learn: What the difference is between revenue and profit Why revenue isn’t the goal (and what is) How to handle taxes to maximize profits How LLC’s and S Corps differ when it comes to taxes What the difference is between tax deductions and tax credits When to pay taxes How to determine what’s deductible To learn more about Wendy, visit www.aboutprofit.com And if you’re looking to achieve profitability for your business, check out the book Profit First by Mike Michalowicz.

Transcript

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0:00.0	feel like, oh, if you're too profitable, you're a bad person. And especially as women, we need to
0:05.2	get over that because the more money that we can make, the more money we can share, and we can
0:10.4	help other people. So the sense of guilt of profit is bad and you're a nasty person if you
0:15.6	make profit. I just, I really want people to feel that that's not okay. Profit is good.
0:21.6	Wow. It's not a good word from Wendy Barlin. She is a CPA. She's absolutely incredible.
0:27.6	Brought so much knowledge to this episode today and she's really walking us through
0:31.4	understanding taxes, especially if you are a small business owner or interested in having a small
0:36.4	business or starting a small business. One of the biggest, scariest things I think for so many is
0:41.3	this feeling of, I don't feel equipped when it comes to the legal side, but also the financial side.
0:46.4	And I don't know what to do. And I don't want the IRS and the government to come after me.
0:50.7	SOS, what do I do? Wendy is walking us through some really helpful steps, really helping us
0:56.0	understand things like what is an S corporation? What is a tax deduction versus a tax credit?
1:01.4	How do I know how much to pay myself? And so many more really informative answers to really good
1:07.8	questions, many of which were sent in by you and this community. So without further ado,
1:13.3	here is my conversation with Wendy Barlin.
1:20.1	You're listening to She, with Jordan Lee Dooley, a personal development podcast for the
1:25.1	everyday woman. Come invited, leave ignited. Here's your host, Jordan Lee Dooley.
1:44.6	Hey Wendy, welcome to She. Thank you, fabulous to be here.
1:49.2	Fabulous to have you, my friend. I am so thrilled to get to dive into all things taxes
1:54.8	that doesn't sound very fun, but this is a conversation or a topic that we get asked a lot about.
1:58.8	And so I wanted to have a conversation about it. Before we dive too deep into all the nitty gritty,
2:03.0	though, I would love if you can share a little bit of your background and what led you to become
	...

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