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Tax Accounting for Business Owners: Best Practices and Pitfalls to Avoid
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In Episode 12 of Mastering Finance with Dean Tellone, Dean tackles the often‑daunting world of tax accounting for entrepreneurs. Whether you’re a sole proprietor, an LLC owner, or run an S‑corp, Dean breaks down the essentials that turn tax season from a minefield into a strategic advantage. You’ll learn how to select the optimal accounting method (cash versus accrual), set up and fund your quarterly estimated tax payments, and keep your personal and business finances strictly separate for maximum clarity and audit protection.
Next, Dean guides you through tracking every deductible expense—from home office and vehicle costs to startup outlays and retirement contributions—so you never leave money on the table. He also exposes the top traps that snag unwary business owners: misclassifying workers, missing deadlines, sloppy recordkeeping, and DIYing complex filings without professional help. Real‑world examples illustrate how simple fixes—like automating bookkeeping or hiring a CPA for payroll taxes—can save thousands in penalties and free you to focus on growth instead of IRS headaches.
By the end of this episode, you’ll have a concrete action plan: review your current tax strategy, choose one best practice to implement this week, and reach out to a trusted tax advisor or software platform to fill any gaps. Equip yourself to transform tax compliance into a tool for smarter cash flow management and long‑term success.
Ready for deeper dives and step‑by‑step guides? Explore bonus resources and expert insights at
https://deantellone.com/
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