Small Business Tax Season: How to Make Taxes Work for Your Business

30 min listen

In this episode

In this episode, Lisa Bloomfield of Wasatch CPA Services discusses how to make tax season work for your business, not against it.

She covers some small business owner basics. This time of year can be stressful, but there are practical ways to find help in getting a long-term tax strategy in place.

Lisa even shares some great tips on staying on top of things so that you don't get blindsided by a big bill or an unexpected audit.

Questions answered

How did you get into tax prep?
What's the question that you get most often about business taxes?
Are there different strategies when it comes to taxes as opposed to write-offs?
What are some tax strategies that you should consider to make tax season work for their business.
Does the IRS want your taxes to work for you?
Is there anything in the recent news that business owners should be mindful of?

“If you are selling a product and you are paid in cash, you're paid in Bitcoin, you're paid in dog food, you're paid in whatever, there's a value, you have to report it on your taxes. Even if it's trade, you have to report that.“

Key takeaways

For small businesses, don't wait until tax season to ask about checks. Please talk with our clients about quarterly preparation checks.
Don't worry. Tax preparation for small businesses doesn't need to be scary.

Today's guest

Lisa Bloomfield is the co-owner of Wasatch CPA Services, a small business accounting and tax fulfillment service located in Salt Lake City, Utah.

She has over 20 years of experience in the accounting industry and is one of the leading small business tax and bookkeeping services providers in Utah. Her team specializes in helping small businesses with their accounting needs, including bookkeeping, tax preparation, and business consulting.

Lisa enjoys working with clients to help them reach their goals and find financial peace of mind.

Connect with Lisa