MYM #81 Lisa Bloomfield ~ Tax Information for Tax Season

Today we had a chat with Lisa Bloomfield from Wasatch CPA. Of course we talked about taxes something we all love. With the change of the administration and Covid 19 relief packages some things may be changing.

Should you be an LLC, S-Corp, C-Corp or a Sole Proprietor? Lisa shares that information with us and shows us why with actual numbers. This was very enlightening to me, I love it when people back up their information with numbers.

Lisa shares much more tax information for the side hustler, entrepreneur and small business person. Have a listen and learn!



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Show Notes and Key Takeaways

Alicia shared a lot of valuable information on this podcast, here is a list of golden nuggets that I heard just to name a few!

  • Accounting and Business course in college will only help your business.
  • Do what you do best and find someone else to do the stuff that you are not good at that you also don’t want to do.
  • Figure out how much you make your business an hour and if an activity does not make you that much, you should stop doing it or hire it out.
  • When business start out they are usually are on a tight budget and don’t hire many things out but as you grow and cash flow is good don’t be afraid to hire things out and invest in things to help grow your business.
  • Find the clients that benefit you the most and then market to those clients.
  • Be honest with yourself on what you really can do and do it.
  • Use professional tax prep, they are up on the changes to the tax code.
  • Even if you are a W2 employee you should have a side hustle.
  • You never know when the world is going to throw you a curve ball or as I say, “be prepared for what happens when what happens, happens.”
  • Follow your tax planners advice.
  • Don’t be afraid to say uncle. It is not a failure if you learn something.
  • Work with people and companies that you work well with, don’t be afraid to change the relationship if it is not working.
  • Learn what type of entity is best for you.
  • You Corona virus stimulus checks are taxable so make sure you are prepared for that.