That Five Letter Word in Business
I know this is an odd title for a blog post but its something that has been waying on my heart for so long….. yeahhhhhhh not really. I think if you have read any of my blog posts from the past, if I have something on my mind I am going to talk about it. The five letter word I am referring to is… TAXES. Yes, the word that no photographer with a shred of common sense ever says but always has it on their mind. To help us dissect this really complicated issue we interviewed Mallory Erwin who has a degree in finance and runs the books for multiple companies to include her own crossfire gym (Crossfit Pulse).
Taxes Always Change
The biggest thing to understand about taxes is they never stand still. They are constantly changing and you always want to seek the help of a professional like a CPA. In order to help keep your books organized, Mallory suggests to keep your books on a system like Quickbooks. We found that in the interview, Mallory likes to keep her books on a quickbooks desktop application and keeps paper receipts. While, this is a departure from most systems that are web based, Mallory feels more comfortable with this method of book keeping. She recommends finding what works for you.
Useful Tax Tips
Along the way, I have heard so many things people say are “tax law” but turn out to be false. Mallory goes into some detail to give us some great tips regarding taxes:
- Clothes- You can’t deduct them if you have the possibility of being able to wear them every day. Uniforms are a good example of things you CAN deduct.
- Commuting Miles- If your office is not in your home and you travel to it you CAN’T deduct those miles. If your home is your office then you CAN deduct those miles.
These are just a few of the tips. To catch the full interview, click on the link below:
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