Navigating Taxes at Half-Year Mark

 

Navigating Taxes at Half-Year Mark

Tax season might be over, but 2025 taxes will be due sooner than you think. So let’s be prepared and get organized.  

While creativity flows easily, organizing expenses often doesn’t.

If your business is a side hustle, you probably don’t think about receipts, but those receipts do add up faster. Whether ir be for a business lunch, coffee, or even gas/mileage, it does add up, so gather those receipts and start tracking them before the tax season jumps up and grabs you where it hurts, your wallet. For any business, accurate record-keeping and knowing deductions are essential. Seek professional tax advice to navigate this tricky terrain effectively

Seek a skilled accountant or tax professional who understands your business. Consider using bookkeeping software, but traditional ledgers work too! Don’t let paperwork pile up—tackle it regularly. I use QuickBooks Pro and have used it for many years now. It gives me a Profit and loss statement with the stroke of my keyboard and provides me with so many other business reports to help guide my business throughout the year.

Quick-service tax firms might not grasp our unique needs, so find someone with experience in finances for your type of business.

Keep organized records and receipts. Every three months, I make sure to key in my receipts, so I am not killing myself in November and December to key in the entire year. I tried to key in receipts every month, but that never worked. I know people who key in their receipts every week. God, I wish I were that organized.

Running a side hustle? Don’t overlook those receipts! From lunches to gas, every little bit adds up. Start tracking now to avoid tax-time headaches! Seeking expert advice and staying organized—bookkeeping software like QuickBooks Pro makes it easy! Create dedicated accounts for your expenses, and remember educational costs are deductible too. Reach out to your tax pro about maximizing deductions. Beyond my tax tips, mastering business basics is essential. Learn how to showcase and photograph your work, as well as effective marketing strategies.

Elizabeth Kilbride is a Writer and Editor with forty years of experience in writing, with 12 of those years in the online content sphere. Author of 5 books and a Graduate with an Associate of Arts degree in Business Management, then a degree. Mass Communication and Cyber Analysis from Ashford University, then on to Walden University for her master’s in criminology with emphasis on Cybercrime and Identity Theft, and is currently studying for her Ph.D. degree in Criminology. Her work portfolio includes coverage of politics, current affairs, elections, history, and true crime. Elizabeth is also a gourmet cook, life coach, and avid artist in her spare time, proficient in watercolor, acrylic, oil, pen and ink, gouache, and pastels. As a political operative who has worked on over 300 campaigns during her career, Elizabeth has turned many life events into books and movie scripts while using history to weave interesting storylines. She also runs 7 blogs that range from art to life coaching, to food, to writing, Gardening, and opinion or history pieces each week. 

Kilbride, Taxes