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Solopreneur Money

Sep 27, 2021

Do you wait until tax time to do your tax planning? If so, then stop what you're doing and listen to this episode of Solopreneur Money.

Tatiana Tsoir, CPA and founder of Linza Advisors is here to explain how you can save money on your taxes with just a bit of 4th quarter tax planning. She’ll also walk through the highlights of her book, Dream Bold, Start Smart, which is written for solopreneurs like you.

The tips that Tatiana shares in this episode are pure gold. Don’t let another year go by without some advanced tax planning. Listen in to hear Tatiana Tsoir explain how you can save money on taxes and start your business off right. 

You will want to hear this episode if you are interested in...

  • How Tatiana got started as a tax professional [2:12]
  • What Tatiana’s book can teach you [6:45]
  • Why Tatiana has such a strong opinion about partnerships [11:01]
  • Starting your business smart [13:58] 
  • How the Dunning Kruger effect can affect your business [20:53] 
  • The power of 9 and the power of 7 [23:45]
  • 4th quarter tax planning tips for solopreneurs [26:35] 
  • An income-shifting strategy to save on taxes [31:15]
  • Separating your business and personal accounts [37:02]
  • The money questions [39:49]

How Tatiana became a CPA and author

Tatiana Tsoir grew up in Eastern Europe and moved to the United States to attend university. She realized that her facility with numbers and the experience she had as a bookkeeper would make her a great accountant. 

Today, Tatiana is not only a CPA and founder of Linza Advisors, she is also an author. After helping many solopreneurs clean up the mess they made of their accounting at the start of their businesses, Tatiana realized that she could share her experience and help entrepreneurs by writing a book. Her book provides a framework that budding solopreneurs need to start and sustain a profitable business in a responsible way. 

Don’t fake it until you make it

So many solopreneurs start their businesses on hope and little else, but this is a recipe for disaster. The fake it til you make it attitude will only get you into bankruptcy. Tatiana advises becoming a cash flow master. You need to have an understanding of how much you bring into your business and how much flows out of your business accounts each month. Know your numbers so that you can ensure that you always have enough to pay your bills. 

Don’t wait until the year ends to do your tax planning

Most solopreneurs wait until the year is over to do any tax preparation, but this doesn’t do anything to help you prepare for the tax bill to come. By bringing your profit and losses up to date you won’t be shocked come April. 

Once you reach the end of the year there’s not much you can do to save on taxes. You can contribute to your HSA and retirement savings, but the real tax-saving strategies must be taken during the course of the year. 

4th quarter tax-saving strategies for solopreneurs

Before the end of the year, there are several strategies that you can implement to save on taxes. One little-known strategy is called income shifting. This strategy can allow you to shift income to other members of your household to lessen the income tax that you owe. This is not a strategy to try on your own; make sure to have a professional help you.

Before the end of the year, you can change from an LLC to an S corporation to ensure that you are taking advantage of the tax savings that an S-corp can provide.

Listen in to hear more tax-saving strategies and to learn how Tatiana’s book could help you and your small business. Tatiana provides us with helpful nuggets that can help you with not only your tax preparation but also in planning your business expenses as well. 

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