Grasping Proactive Financial Control

0:00

14:13

149.9K views

At 0:00 in

Small Business Tax Advice and Tax Deductions

Watch on YouTube

What happens here

The host introduces Jeff Law, an accountant, to discuss the critical importance of proactive tax season planning for business owners. He highlights that understanding your financial position before the year-end is a fundamentally important business move, applicable to any industry, including woodworking. The host shares a personal anecdote about being audited, underscoring the necessity of having complete control over financial records. This sets the stage for how early financial assessment can empower a woodworking business to make strategic decisions rather than reactive ones.

Goal: Understand the value of proactive financial management to influence woodworking project budgets and tax outcomes.

Tools and materials

Financial literacy

What they say

(2,038 characters)

Hide

all right I'm back with Jeff law from law tax and financial and the question that I have for you today is do you feel completely in control when tax season rolls around you're you're prepping your taxes what do they usually prep your taxes January February March sometime in that time frame when we're preparing IRS usually starts to allow corporate returns Maybe by mid January a couple days earlier sometimes and then not till more the end of January before they start accepting the personal 1040 returns okay my question is do you feel completely in control like you know to the penny where your taxes are going to be now if you can answer yes to that question shut the video off because I'm just going to be wasting your time for the next 10 minutes but if you can't answer yes that's what this video is about and it's about one of what what I consider to to be one of the most fundamentally important business moves that you can make whether you're in landscaping Excavating whether you own a carpet cleaning store whether you own a bakery I don't care what you do but what we're going to talk about today is going to change everything and how you interact with your taxes from this point moving forward and it's pre tax season planning now this video originated because last year I was being audited by the IRS and they were going through every single one of my records for the past 5 years they were interviewing all the people that I'd ever worked with and i' ever hired and gone through and I was sitting at this very desk with Jeff and being nosy and I said to Jeff what are you doing and he's putting files away he's like oh I'm just doing pre-tax season planning and I asked him to explain what that was and from that point I'm going to let Jeff take over yeah it's in a way it's doing kind of a mini return you don't have your final numbers in so you're using projected numbers most of you I'm sure have heard those terms and that I guess in rounds up to the complicated side of things organization which is one of the things

Auto-generated from the video audio.