Episode 515: Smart Tax Planning Strategies for Your Jewelry Business: Expert Tips to Save Money This Year
Tax season is upon us, and I know it's not exactly the most exciting topic for creative business owners. But here's the thing – understanding smart tax strategies could save you thousands of dollars this year. That's why I invited financial expert Amanda Handquist to share her insights on the show. After helping entrepreneurs navigate the complex world of business finances for over 15 years, she's revealing six game-changing tax strategies specifically for creative business owners.
In this episode, you’ll learn:
- [2:45] The must-know tax write-offs you might be missing (and yes, they're totally legit!)
- [12:35] The real deal on when to level up from LLC to S-Corp (it's not as scary as you think)
- [18:20] How to use the Augusta Rule to your advantage (this one's a game-changer for home-based businesses)
- [22:15] Smart ways to get your family involved in your business (and save on taxes while doing it)
- [27:40] Retirement planning strategies that help you keep more of your hard-earned money
Start With the Basics: Tax Write-offs You Might Be Missing
One of the biggest revelations from my conversation with Amanda? Many jewelry business owners aren't taking full advantage of the basic write-offs already available to them. Before diving into complex strategies, we explore how to properly track and document your existing deductions – and why this foundation is crucial for avoiding costly mistakes.
Is Your Business Structure Working For You?
If you've been wondering whether your current business structure is still serving you, this episode is crucial. Amanda shares the key indicators that it might be time for a change, including a specific profit threshold that could signal it's time to level up your tax strategy.
Home-Based Business Owners: This Tax Strategy Is For You
Working from your home studio? Amanda reveals a powerful (and perfectly legal) tax strategy that many creative business owners don't know about. This approach could help you turn your home workspace into a legitimate tax advantage.
My IRS Audit Story: Lessons Learned
During our conversation, I open up about my own experiences with IRS audits and share some expensive lessons learned along the way. Trust me – you'll want to hear these stories before making certain tax decisions in your own business.
Listen to the full episode to get all the details on these tax-saving strategies, plus Amanda's expert insights on creating real financial independence in your jewelry business. Whether you're just starting out or ready to scale, these strategies could help you keep more of your hard-earned money this year.
If you found this episode helpful, I'd love it if you'd leave a rating and review. It helps other jewelry business owners find these valuable tips too!
xo, Tracy
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Links in this episode:
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