Business Hack: Be Smart About Your Small Business Taxes with Amie Toyama, CPA

Episode • May 11, 2021 • 50m

On this week’s episode, Lauren and Erica chat with Certified Public Accountant Amie Toyama. Amie has worked in public accounting for over 13 years creating a well-rounded understanding of how money affects and interacts with every part of a person’s life through her work in audit and tax. She currently focuses on tax accounting with a practice of educating and staying curious about the ever-moving target of tax rules and accounting. She has been Lauren’s tax accountant for a decade and has helped her grow as a tax-aware and proactive business owner. This episode is especially fun because it ended up being a mini-coaching session with Erica, who has just recently begun setting up the financial structure of her business. Join us to learn more about these small business tax hacks.

The hacks we cover in today’s episode are:

1 - Financial statements are proof of business growth

2 - Keep your business and personal money totally and completely separate

3 - Consult with a tax professional to understand your business entity’s tax exposure

4 - How to know when to expense something to your business

5 - Don’t procrastinate on your taxes. Set up systems in your business to keep you current - big stress reliever.

Resources:

Don’t miss Amie’s ultimate life hack at the end of the episode. She shares not just a life hack but a time-saving hack!