51. How Teacher Sellers can Save on Taxes with Barbara Schreihans [Money Series]

The Savvy Teacher Seller with Kristen Doyle

We are continuing our Money Series with a commonly requested topic from TPT sellers: how to save on taxes! This topic can be scary and overwhelming, but we all know taxes are a big deal as business owners.

My personal tax superhero, Barbara Schreihans, joins me to discuss all things tax planning and savings. Her mission is to help business owners like us save a boatload in taxes while also growing our profits. Barbara is sharing her best advice and tips to help take the pressure off regarding business taxes.

In this episode, Barbara shares what we must consider when choosing our business structure for better tax benefits, the most commonly missed deductions by business owners, and how we can prepare for next year’s tax season.

02:24 - The differences between sole proprietorship, LLC, and S Corporations

06:53 - What are the most commonly missed tax deductions

11:22 - How to determine if your photoshoot expenses are a legitimate business expense

12:41 - The best retirement accounts to use for tax savings as a business owner

14:58 - Most common mistakes made by TPT Sellers when it comes to taxes

For all resources, head to the show notes: https://kristendoyle.co/episode51