Money Tips for the End of the Year from Attorney/Health Coach Lisa Fraley

Podcast 121

Making money is just one piece to having a successful business. Lisa Fraley talks with Cathy about why it’s even more important to track your business income and your business expenses, and 5 tips for how to save money on your taxes as the end of the year approaches! 

In this episode, Cathy and Lisa discuss: 

  • 5 Tips for Year-End Tax Preparation: 
    • 1: Track and review your expenses. Create categories for your expenses and consider including your dedicated home office space in your expenses.
    • 2: “Spend before year-end.” You can make business-related purchases for next year and include it in this year’s expenses to maximize your tax savings.
    • 3: What to declare as business income and advice for determining what area of your business is the most profitable. 
    • 4: Work with an accountant to make sure you file everything correctly and maximize your business tax deductions.     
    • 5: Create an operating account and separate savings account for your business. Keep your business expenses separate from your personal expenses. Use your savings account to help with paying taxes or contributing to a retirement fund.

Lisa Fraley is an attorney, legal coach, life coach and health coach. Because of her unique combination of being a lawyer and health coach, she is able to provide a wealth of information and services to help keep health practitioners of all backgrounds safe and legally protected. 

Memorable Quotes:

  • “I believe in erring on the side of caution when it comes to taxes.” 
  • “There’s something important about watching your business grow and being able to see the growth, praise yourself for the growth, and sometimes we’re farther along than we think we are.”
  • “As you go and grow, you do want to think about these big picture things because as an entrepreneur, we are our business and we do have to plan for the future.”  

 

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