It's time to discuss the elephant in the room. Business taxes… Learn all about what you should know and what you should be doing to prepare for properly filing your taxes. Carlos invited Yamaris Diaz, CPA to join him and share her knowledge about the things you need to do as a small business to set yourself up for tax success.

Yamaris's family came to the U.S. as an immigrant lottery winner. Listen in to hear how truly blessed she and her family have been during their immigration pursuits. She has certainly used the benefits of a U.S. education to her advantage! After graduating from high school, she pursued an accounting degree in college. She initially started working in various firms, but after starting a family decided to strike out on her own.

She is no stranger to entrepreneurship. Both her mother and her husband have built and run successful personal businesses. Now she uses the knowledge she has gained through years of study and practice in the world of accounting to help other businesses properly prepare for and file their personal and business taxes.

Yamaris shares seven very important tips and recommendations that all small business owners should consider when preparing their taxes. Listen in to learn all the details about appropriately picking a business entity, separating your personal finances from your business finances, implement a bookkeeping system from the start, reconcile your books manually, remember to consider common deductions, properly issue 1099s, and finally never forget to pay your quarterly estimated taxes.

It's a lot of very important information. Keep listening until the very end to hear all of the amazing tips that Yamaris shares. This isn't just an episode you shouldn't miss, this is an episode every small business owner needs to hear!

In This Episode:

[00:22] Welcome Yamaris Diaz, CPA.

[01:13] Learn about Yamaris's background and why she decided to study accounting.

[03:44] Yamaris shares what she does in her own business.

[05:25] Hear Yamaris's top 7 tax tips. First up, pick the right entity.

[08:12] Number two, avoid mixing business finances with personal finances.

[10:01] Carlos confesses to violating tip number two at the beginning of building his businesses…

[11:27] Yamaris says to focus on correcting things for the future. Learn the consequences of commingling your funds.

[13:05] Tip number three, get a bookkeeping system going early on!

[16:15] What does it look like to have a great bookkeeping system in place?

[18:05] Learn how inventory impacts your business finances.

[19:05] Tip number four, make sure to reconcile your books.

[20:55] At a certain point, you need to have an accountant on your side. Learn why!

[24:32] Tip number five, don't forget common deductions. Yamaris chats about what these are and how you can use them.

[29:36] To whom should you issue a form 1099?

[32:48] Hear Yamaris's final tip for Amazon sellers.

[34:37] Connect with Yamaris!

[35:25] Yamaris shares what she's reading now.

Links and Resources:

Wizards of Amazon

Wizards of Amazon Courses

Wizards of Amazon Meetup

Text "Amazon" to 69922

Wizards of Amazon on Facebook

Wizards of Amazon on Instagram

Wizards of Amazon on LinkedIn

Wizards of Amazon on Twitter

Yamaris's Website Free Facebook Group

Yamaris on Facebook

Yamaris on LinkedIn

Form W-9

The Big Leap by Gay Hendricks

Ep. 260: Stairway to Health