Preparing to Pay Your Taxes as a Business Owner or Gig Economy Worker

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Episode Summary:

We have about two months left in the year, which is crazy to say, but as we're gearing towards the end of 2023, I'm starting to get a lot of questions around taxes if you have a side hustle, if you're part of the gig economy, if you started freelancing, or if this is your first year as an entrepreneur. There is a lot of unknown in this area for most people, this can lead to a bit of panic but rest assured you have time to figure it all out if you start to be proactive today! In fact, I believe now is the perfect time to start planning for your taxes because you're getting yourself ahead of the holiday season, which can be an expensive time of year. So dive in with me as I walk you through steps you can take today to feel more confident about filing your taxes come the new year!

Topics:

• The most important things to keep in mind as you prepare to file your taxes for 2023
• Why Shinobu believes the first thing you should do as a solopreneur is to open a separate bank account for your business
• How much money you should be putting aside to not only always have a steady income, but easily pay your taxes at the end of the year
• Making the decision to hire a bookkeeper or use an accounting software to track your income and expenses
• The lens you should look at your yearly revenue through and giving yourself the permission to change your business without feeling like a failure

Resources:

• Freshbooks
• Quickbooks