COVID caused many problems, and your books are still not right, just like our bodies! We all still feel the effects. Every single client I have seen has done these things wrong in their accounting and taxes, don’t be one of them, listen and fix it with me! I’m taking you along for the ride, let’s see if I go insane! Welcome to the tax season countdown…
It’s September 15th… well, technically the 17th because the deadline got pushed, and I’m deep in the trenches of tax season madness. Today’s episode is a behind-the-scenes look at what really goes into fixing messy books before tax filings—especially when it comes to SBA loans, interest expenses, and off-balance sheet transactions. Most tax preparers don’t know what they’re doing (yes, I said it), and I’m here to show you how to clean up your financials before the IRS does it for you.
We’ll talk about the common accounting mistakes that could get you audited, the importance of properly recording interest expenses, and why business owners need to understand their own financial statements—or risk paying the price. Plus, I’ll walk you through QuickBooks tools that can save your sanity and share why forensic accounting isn’t just about numbers—it’s about protecting your ass.
Key Takeaways:
Before you file your taxes, check your books! Do you have an SBA loan but no interest expense? Does your balance sheet match your actual loan statements? If this sounds like a foreign language to you, take my financial literacy course on LearnWTF.com to avoid making costly mistakes. And if you want me to personally help you clean up your books, reach out before you get caught in an IRS nightmare.
In this episode of "What the Finance," host Katrina Keller shares her experiences and insights as she navigates the challenges of tax season. With the deadline approaching, she reflects on her work environment, including her new breakfast nook setup, and emphasizes the importance of being organized and educated about financial responsibilities. Katrina discusses the significance of accurately reporting interest expenses related to loans, particularly in the context of COVID SBA loans, and warns listeners about the potential legal repercussions of neglecting these details. She stresses that ignorance can be costly and encourages her audience to seek knowledge to avoid pitfalls in their financial practices. The episode serves as both a personal update and a valuable lesson in financial literacy, urging listeners to stay informed and proactive in managing their finances.
