Terrific How-To Tips for Tax Time
Be Prepared: Tax Time Tips for your Psychic Business
Last Fall I wrote about how to manage your lightworkers taxes. Since that time is upon us, I thought it would be worthwhile to write again. At the end of the article please let us know your terrific tips for taxes.
Why do your own taxes? It will save you money, expand your financial knowledge database and empower you .
Many lightworkers shy away from the financial business side of their business, yet this is an area that can be easily manageable, enlightening and educational.
If you are in control of your business, it exerts a powerful stabilizing force over the rest of your work.
You do not have to be a math whiz to file your taxes. Don’t let a fear of numbers or math occlude you and don’t assume because you have never done it, you can’t. If you can read, you can easily excel at filing your taxes.
All you need is your receipts, copies of your payments, your bank info , your 1099 , some software and a willingness to learn.
As lightworkers, readers and mediums we tend to focus on the esoteric and service side of our work, so the financial side can seem a bit daunting. I felt like that too — until three years in a row different tax preparers made errors on my taxes.
I took that as a definitive sign to take back control of my business.
How to Begin? Learn, Ask, Enact
1. A simple web searched revealed many sites that offer free classes on all aspects of finances and taxes like Morning Star or Udemy.
In addition, YouTube is a phenomenal resource for anything so make this one of your go to places .
2. Basic tax prep online classes. These are free or very inexpensive. You can deduct the cost of classes on your taxes if it is business related. I learned a great deal about self-employment taxes, deductions, benefits and payments. I had a prior basic understanding but greatly expanded my financial knowledge base in just a few easy classes. The more I learned the more I wanted to learn, and my Gemini Virgo aspect was deeply satisfied😊
3. Ask people. Set up a meeting with a personal banker and ask questions about different types of accounts .There are differences in checking, savings, and IRA accounts. See what may be best for you tax wise.
Are you a sole proprietor? An LLC? A partnership or an INC? Do you know what these are? These all have an impact on how you file taxes so educate yourself and get the maximum benefit you are entitled to.
4. Keep up with changing laws. Taxes laws can change yearly and 2019 is the biggest change we have had in many years.
Self employed people may be able to reap some great benefits so make certain you know your options
The IRS website is a great resource for all thing’s taxes.
If you find the IRS language a little to formal there are other free resources with oodles of educational tips such as Intuit, Turbo tax or Fidelity.
Software like Turbo Tax,Taxact, and Taxslayer,walk you through your taxes every step of the way. For a very reasonable fee you can do your taxes using their software ,have access to live help, a review, and help afterwards .
It’s easy to take control of your money.
Keep all your receipts for everything relating to your business including things like carpet cleaning, new fixtures in your bathroom office, mileage to your client and tools like a new deck of tarot cards.
Consider purchasing an online tax program instead of paying someone.
Tax preparers normally charge by the form, as self-employed individuals there can be numerous forms so consider saving your money and becoming a little more financially savvy. It’s fun and free to learn.
The information contained within this website is provided for informational purposes only and is not intended to and must not be taken as a substitute for obtaining accounting, tax, legal, or other professional advice from a tax resolution professional (e.g, an Enrolled Agent, CPA, attorney, etc.). Presentation of the information via the internet is not intended to create, and receipt does not constitute, a tax professional-client (or attorney-client) relationship. Internet subscribers, users and online readers are advised not to act upon this information without seeking the service of a tax resolution professional.
Do you do your own tax filing?
Do you have any tax tips ?
What do you think?
PsychicPro Content Author and Recruiter
I became aware of my gifts at age 3 when I began seeing spirits in my room.
My mother and grandmother were both gifted and from a very young age, I was taught to respect nature and to read her signs along with herbalism, tarot cards, and healing.
I have worked in the healing and psychic world for many years and have taught, read and counseled and written. I trained with many masters and have studied to enhance my gifts in Italy, Greece and many places in the US.
I work with PsychicPRO as a writer and to help readers find their best possible employment in an environment that enhances and honors their abilities. It is an honor to do this work and I look forward to helping you do yours.