Inside tips from Tiffany Hopwood, CPA! She tells us everything we need to know about documenting and filing for taxes. Tiffany is also a professional photographer so she has a lot of knowledge and empathy for us small, creative business owners.

Tiffany loves working with the new business owners the most – “In one hour from now, when you leave here, you’re going to feel so much more confident and so much better than you did and that’s so rewarding to me!”

Taxes can be intimidating and difficult but if you hire a good CPA like Tiffany then they can help you sort everything out and it’s not even time consuming.

“You can live chat me anytime and I’ll answer your questions. I get random tax questions all the time and I absolutely love answering them. It’s absolutely free – no obligation. I just like helping people get their businesses set up correctly so they don’t have to be scared of taxes.” - Tiffany

Show Notes:

1:04

Tiffany, a CPA and photographer, introduces herself.

2:50

What made Tiffany want to be a CPA?

3:34

The 5 questions we ask each guest. Tiffany goes more into detail on her photography career as well!

10:58

As a CPA, whom does Tiffany typically work with?

12:15

If Tiffany could tell all small business owners one thing before they came in to see her then what would it be?

13:42

The most common question Tiffany gets from photographers.

15:43

Tiffany gives us info on LLC versus Sole Proprietor.

17:20

What are the main steps to take when starting a business and filing taxes? Find a system!

1. QuickBooks or studio management software. 2. Decide LLC vs Sole Prop. 3. Reserve website and domain names. 4. Register for franchise tax and register for sales tax. 5. Keep you personal and business accounts separate.

19:30

Keeping personal and business bank accounts separate: how to and why!

20:27

Sales Tax! Add it into your business plan and how to do this. Sales Tax also varies per state.

22:57

How do you document and then file taxes for when you get paid in cash? Documenting all revenue is important for goals and business plans.

24:19

What are expenses that photographers or business owners don’t think they can write off? What are things you can’t write off but is a common mistake?

From clothes and coffee to rent and car payments: how and what to write off.

29:36

How soon should someone reach out to Tiffany before taxes are due? She breaks down how to organize your total income and a list of expenses by type that you can bring to her so she can start working with you.

31:44

Mileage vs Gas : how to document and write off.

35:40

Hobby vs Business – The IRS is strict on how you file.

36:54

How much time does a CPA typically need from a new business owner for filing? Tiffany typically meets in 1-hour increments. First, Tiffany goes over all questions. Then she goes over the accounting software you use and will fix issues. Further meetings will take place as needed.

38:21

Where is Tiffany located if they want to meet in person?

39:44

This or That!

You can find Tiffany here:

https://www.facebook.com/TiffanyHopwoodCPA/

https://www.tiffanyhopwoodphotography.com/

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