5 Proven Tips for Stress-Free Woodworking Business Tax Prep

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In this video we talk about doing your taxes as a small woodworking business making money. We talk about your LLC, CPA, Tax software is best, business banking needs, and how to keep from getting overwhelmed with taxes.
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[@jennieanddavis]

Big thanks to NorthOne for partnering with us on this video. Use my link to apply for NorthOne and get a $10 credit when you open and fund your account: apply.northone.com/JennieandDavis

[@dgoddard]

10 year business owner here to make this simple and quick. Hire a CPA. End of story. You'll save more money in the end and you'll not have to deal with BS. And, vote for anyone willing to get rid of the IRS and go to a straight tax, as well as anyone who wants to make the government smaller by about 90-95%. The biggest waste of your money is the taxes you pay into the system that might get used for 10% of what they are supposed to. The other 90% goes to bureaucrats, red tape and other nonsense that you would be better off paying for on your own (i.e. healthcare).

[@Forfun0099]

👋👋👋👏👏👏

[@patriot-maker]

This is such good information, thank you! THINK media did a series on the topic, too, which I found very helpful.

[@andrewsock1608]

Just wait for the auditor and use your tools on him.

[@michaelstampfer1321]

Work with an accountant to set up a program like Quick books makes taxes a breeze. I owned a small business for 16 years Never had any tax issues.

[@robertlivingstone3947]

Great video good info

[@gopherwooddesign]

How is your biz structured? and do you consider yourselves as employees of the business? Thanks!!

[@gaiustacitus4242]

You are supposed to make quarterly payments toward the estimated income tax obligation, which is similar to the system for employee withholding of taxes on income (ironically, employees receive COMPENSATION for the time they spend working on a business owner's behalf instead of farming or maintaining their property and, by the nature of their work, CANNOT generate income). Also, franchise & excise (F&E) taxes are owed by ALL corporate entities to the State; these taxes have nothing to do with whether or not a business is a licensed franchise of a larger corporation. The best advice you will ever get is to use a licensed CPA to keep the books of the business and fill out the income tax forms. For reference, inquiries of the IRS have revealed that IRS agents provide incorrect advice two times out of three. Also, if you reimburse yourself for a charge made to a personal account, then you need to file an expense report that details the purpose and documents the reimbursement more formally than just an annotation on a receipt. FYI - Ink printed on receipt paper fades over time and if you are audited in the future the receipt may no longer be legible. I recommend scanning all documents related to receipts and expenses.

[@Sharkdog11b]

I will never not have a cpa

[@billdownen6844]

Scam@

[@Pelthail]

I’ve been using TurboTax to file my taxes for the last 17 years. I don’t know why so many people have a struggle with it. I’ve never had an issue and I’ve always gotten a return. I’ve even been using it for the last four years with my business.

[@richardbaron3921]

I just wasted my time on your longest commercial ever !

[@Itsreallymarcus]

I thought this video was going to be informative, turned out this video is just basic common sense to taxes..duh.. this doesn’t help new business owners really, I’d assume most business owners know this before starting a business.