Business Owner 101 – Tax Basics & Knowing Your Numbers with Joe Mastriano

Tax Basics with Joe Mastriano, CPA

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On this week’s episode, I have guest Joe Mastriano, an expert CPA who helps business owners understand the in’s and out’s of finances and taxes. Joe and I get into the nitty gritty of getting ready for tax season and how business owners can properly prepare to file, all year long. Tracking finances and taxes can be a very stressful part of being a small business owner and oftentimes overwhelms us. But before you delegate this out, it’s important that you understand the basics and know your numbers. 

Show Notes: 

03:30 Keep Track 

Be smart, document, and manage your cash flow. Look at how your money is coming in, going out, and have a small savings for backup just in case. It’s smart to have separate accounts for proper documentation. You also have to separate the tax return filing itself from the payment of the taxes.      

07:14 Extensions     

Plan ahead, stay on schedule, and file extensions if you need to. Joe recommends filing an extension and to sign up with your business ID number at EFTPS.gov for payments and records. It should streamline the process and make your chances of getting audited much lower.            

14:46 The Basics         

If you’re self-employed, you’re going to have to pay into social security. It’s good to do estimations and save ahead of time in preparation for paying in. As a business owner, it’s good to understand the basics of bookkeeping and the financial side of the business.             

20:24 Stay Educated          

When it comes to write offs, note anything that you purchased in association with your business, but be reasonable. They have to have a true connection to your business. Get advice or really educate yourself on what you should be including and not.     

Resources from this Episode & Working w/ Me

Check out Joe’s Company Website: taxpromblem.org 

My Website: micahfolsomfit.com

Connect w/ me on Instagram: @lifeonfolsomfarm

Get Access to My Free Masterclass for Network Marketers – My 7 Figure Success Secrets: micahfolsomfit.com/7figuresecrets

New Coach Mentorship: micahfolsomfit.com/transformyourlife

Work w/ Me on your Health Goals in my Virtual Gym: micahfolsomfit.com/getfit

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    Micah Folsom

    Hi, I’m Micah!

    Hi, I’m Micah! Wife to a cattle rancher and homeschool mom to our 6 kids on our small farm in Southeast Idaho.

    I’m a top network marketing leader in the health & wellness space, Host of the Do Your Crap Podcast, Creator of my program for network marketers called Ignite Your Life and most recently helping my husband, JD with our new business selling homegrown beef subscription boxes so more families can enjoy delicious meals together with the peace of mind knowing exactly where their meat was raised.

    I’m a huge believer that women can live multi-passionate lives and still honor their family values, letting our heart tugs pave the way for us to live out our fullest potential and be the light we’re meant to be.

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