Episode 294: 4 horrendous mistakes many pet owners make with their CPA

Episode 294: 4 Horrendous Mistakes Many Pet Business Owners Make With Their CPA

If I asked you today, “how do your books look?” or “did you have any big surprises from your taxes?” would either of those questions confuse you? Scare you? Leave you feeling a bit unsure? That might sound invasive, but to evaluate your business, you have to be in the know of these aspects. You are not alone if you find this area tough to evaluate, but there is someone who can help you manage it all… your CPA.

Owning a pet business can be extremely rewarding, but it also comes with a lot of responsibility. Keeping good books being one of them. One of the most important aspects of running a pet business is making sure you have a good relationship with your CPA. However, many business owners make these mistakes every year, which can damage this relationship and their business.

I know tax season may have come to an end, but it actually is perfect timing for you to meet with your CPA. Or maybe you have your extension until October. Either way, in this episode I will encourage you to talk with your CPA to avoid these 4 horrendous mistakes too many business owners are making.

Biggest Takeaways

I know some business owners are paralyzed in fear when it comes to their finances, I get it. However, you need someone, the right someone, to be in your corner to answer all the questions that you need to know to ensure your business, your finances, and your livelihood are taken care of. A business owner should ensure they are taken care of all around.

  • How often do you speak with your CPA?
  • Have you ever been surprised by a big tax bill?
  • Do you know what is a right off?
  • What options do you have for incentives for your staff?
  • What about SCorp Vs LLC?

There are 4 huge mistakes being made when thinking about the questions above, and I do not want to see you repeat any of them. There are ways to avoid them and confirm your business continues on the right path.

Recommendations

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  • Are you looking for more depth? I offer two great options to spend 1:1 time with me picking apart my brain and helping you achieve goals to enhance your business. Whether you choose 6, 45 min zoom meetings or an in-person session where I come to you (or you come to me!) we can plan and achieve exactly what you want for you and your business.
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