Taxes have always sucked, and they always will suck. Unfortunately, taxes are impossible to (legally) avoid if you’re a freelancer, and the repercussions for evading taxes far outweigh any benefits you could ever gain from cheating.
Click the play button below in order to listen to this episode:
In this episode you’ll learn:
- The repercussions of not paying your taxes.
- How to actually organize and prepare for tax season.
- How Brian and Chris organize their taxes.
- When you should start paying taxes.
- Why it’s important to have a separate business bank account.
- Who you should and who you should NOT hire to do your taxes.
- What management accounting is and how to use it in your company.
- The importance of financial splits and what they are.
Quotes
“Doing your taxes is an amazing thing because it forces you to confront the reality of how much you made and how much you spent.” – Chris Graham
“To have integrity, you have to eat reality for breakfast without getting sick.” – Dr. Henry Cloud
“If you do not pay your taxes when you’re making $5,000 per year, it’s going to be almost impossible to make yourself pay taxes when you’re at $50,000 per year.” – Brian Hood
“A good accountant is free. A great accountant will make you money.” – Chris Graham
Episode Links
Websites
456 Recordings – www.456recordings.com
Chris Graham – www.chrisgrahammastering.com
Facebook Community
The Six Figure Home Studio Community
Podcast Episodes
The Business of Running A Home Studio Business Pt. 1 – https://www.thesixfigurehomestudio.com/5
The Business of Running A Home Studio Business Pt. 2 – https://www.thesixfigurehomestudio.com/6
Blog
Recording Studio Taxes For Dummies – https://www.thesixfigurehomestudio.com/recording-studio-taxes
Accounting Software
Wave Apps – https://www.waveapps.com/
GoDaddy Bookkeeping – https://bookkeeping.godaddy.com/dashboard#
Quickbooks – https://quickbooks.intuit.com
Books
Integrity by Dr. Henry Cloud – https://goo.gl/nCnD9x
