202: Tax Strategies for Your Design Business

WITH Wendy Barlin

 

Wendy Barlin is on the podcast with me today. Wendy has worked with business owners for over 25 years to guide them with business development, tax and cash flow strategies. Her direct and clear communication style, helps business owners understand a topic that often brings much fear and trepidation. So – let's talk taxes.

 

 Topics Mentioned:

• Keep your receipts

• Risk management

• Ordinary and necessary

• Reasonable salary

Key Thoughts:

• Most accountants don't want to teach; they don't have the patience, they don't have the personality, they don't enjoy it. I love to teach. And I enjoy it. Wendy Barlin (07:42) 

   

• At some point, we've got to keep something that proves the legitimacy of the purchase, especially for meals. And I think that's probably more than anything else. Michele (17:08) 

   

• We don't have to be afraid of paying taxes, like part of paying taxes is saying that you're a profitable company in the first place. So, we need to make peace with that. Michele (20:13) 

   

• Tax law is very gray. And so, for everybody, we need to look in the mirror and say, I am a big risk taker, and I am willing to roll the dice to save money on taxes. And other people will say to me, Wendy, I never want to get a letter. I don't care if I overpay, Wendy Barlin (21:29)  

 

Contact Michele:

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

• Website: ScarletThreadConsulting.com

• LinkedIn: Michele Williams

Contact Wendy:

• Email: [email protected]

• Website: WendyBarlin.com

• Facebook: About Profit

• LinkedIn:Wendy Barlin

• Instagram: @wendybarlincpa

Resources and References:

• Work with Me