That Money Lady Podcast

Ep 13 -Oops, I Missed a Tax Filing: Lessons in Transparency + Accountability


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-Audrey started a nonprofit during the pandemic to provide care packages to frontline workers. She struggled with fundraising and admits she failed at running the nonprofit.

-Audrey got her 501(c)(3) status on her own and tried doing the taxes herself at first. The IRS sent back her filing, so she handed it over to her CPA.

-As Audrey was recently gathering documents for personal and business taxes, she realized the final year of her nonprofit taxes never got filed.

-Audrey shares the importance of opening all your mail to stay on top of business obligations. She got a letter from the IRS stating she needed to file taxes.

-Even if you delegate tasks, the business owner is ultimately responsible. Blaming others doesn't help.

-Admit mistakes openly, take accountability, learn, and move forward. Don't let shame or blame spiral.

-Audrey advises thinking like a CEO - look at the lessons when things go wrong and take the next best step.

-Filing taxes and other admin tasks are not fun but critical. They keep you legally compliant.

-Lead with integrity and transparency. You'll inevitably make mistakes but you can course correct.

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That Money Lady PodcastBy Audrey Heesch