Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley Ep 151
02/11/25 • 38 min
Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley
Where do we even get started with this process?
What do we need to know about our accounting records as it relates to getting things ready for tax prep?
What advice would you give to someone who's just getting started?
What about somebody who's already well established, working with a CPA?
Who does a good support team consist of?
Could you give us some examples of what a startup cost would be compared to what is an operating cost?
What are those common mistakes or pitfalls that we need to be avoiding?
What do you recommend for someone who hasn't done their mileage yet and needs to before tax time?
Do you recommend people try to do their taxes themselves?
What's the difference between cash base versus accrual base?
In this replay of a LinkedIn Live episode from Summer 2024, Brenda Meller speaks with accounting expert Michelle Carley. They discuss the importance of keeping accounting records up-to-date for easier tax prep, particularly for the self-employed, such as coaches, consultants, and small business owners. Michelle, CEO and founder of Big Easy Bookkeeping Company, shares valuable tips, including knowing your numbers, scheduling regular bookkeeping time, and distinguishing between startup and operating costs. They also explore common pitfalls in bookkeeping and the benefits of having a suitable support team and a well-designed bookkeeping system. Michelle offers resources like a startup checklist and a list of tax-deductible expense categories, aiming to help solopreneurs manage their books effectively and confidently.
00:00 Introduction and Episode Context
00:33 Meet Michelle Carley: Bookkeeping Expert
01:43 The Importance of Organized Accounting
07:17 Top Tips for Tax Preparation
10:40 Advice for Solopreneurs and Established Businesses
16:36 Common Bookkeeping Mistakes to Avoid
21:15 Cash Basis vs. Accrual Basis Explained
22:10 QuickBooks: Overkill or Essential?
22:35 Navigating QuickBooks Challenges
24:01 Live Q&A Session Begins
25:23 Mileage Tracking for Self-Employed
27:25 Tax Preparation Tips for Self-Employed
29:22 Profit First: A Money Management System
31:37 Free Resources and Offers
32:32 Connecting on LinkedIn and Final Thoughts
Originally aired in July 2024
**************************************
My name is Brenda Meller. I'm a LinkedIn coach, consultant, speaker, and author. My company is Meller Marketing and I help business professionals get a bigger slice of the LinkedIn pie.
Visit mellermarketing.com
Let's connect on LinkedIn: linkedin.com/in/brendameller
(click MORE to invite me to connect and mention you listened to my podcast)
Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley
Where do we even get started with this process?
What do we need to know about our accounting records as it relates to getting things ready for tax prep?
What advice would you give to someone who's just getting started?
What about somebody who's already well established, working with a CPA?
Who does a good support team consist of?
Could you give us some examples of what a startup cost would be compared to what is an operating cost?
What are those common mistakes or pitfalls that we need to be avoiding?
What do you recommend for someone who hasn't done their mileage yet and needs to before tax time?
Do you recommend people try to do their taxes themselves?
What's the difference between cash base versus accrual base?
In this replay of a LinkedIn Live episode from Summer 2024, Brenda Meller speaks with accounting expert Michelle Carley. They discuss the importance of keeping accounting records up-to-date for easier tax prep, particularly for the self-employed, such as coaches, consultants, and small business owners. Michelle, CEO and founder of Big Easy Bookkeeping Company, shares valuable tips, including knowing your numbers, scheduling regular bookkeeping time, and distinguishing between startup and operating costs. They also explore common pitfalls in bookkeeping and the benefits of having a suitable support team and a well-designed bookkeeping system. Michelle offers resources like a startup checklist and a list of tax-deductible expense categories, aiming to help solopreneurs manage their books effectively and confidently.
00:00 Introduction and Episode Context
00:33 Meet Michelle Carley: Bookkeeping Expert
01:43 The Importance of Organized Accounting
07:17 Top Tips for Tax Preparation
10:40 Advice for Solopreneurs and Established Businesses
16:36 Common Bookkeeping Mistakes to Avoid
21:15 Cash Basis vs. Accrual Basis Explained
22:10 QuickBooks: Overkill or Essential?
22:35 Navigating QuickBooks Challenges
24:01 Live Q&A Session Begins
25:23 Mileage Tracking for Self-Employed
27:25 Tax Preparation Tips for Self-Employed
29:22 Profit First: A Money Management System
31:37 Free Resources and Offers
32:32 Connecting on LinkedIn and Final Thoughts
Originally aired in July 2024
**************************************
My name is Brenda Meller. I'm a LinkedIn coach, consultant, speaker, and author. My company is Meller Marketing and I help business professionals get a bigger slice of the LinkedIn pie.
Visit mellermarketing.com
Let's connect on LinkedIn: linkedin.com/in/brendameller
(click MORE to invite me to connect and mention you listened to my podcast)
Previous Episode
Use Your 2024 Podcast Data to Assess Progress & Create Benchmarks Ep 150
Are you a fellow podcaster? If so, I recommend you review your podcast data and stats for the past year. Your data can be used to help create benchmarks as well as to help you assess your podcasting progress.
In this episode, recorded on Sunday, January 19th, 2025, I reflect on my podcast's achievements over 2024. I discuss the importance of assessing your podcast's progress by analyzing both numeric and qualitative data. I highlight my goals and milestones, including regular publishing, expert positioning, and my experience with tools like Descript and Buzzsprout.
I share insights on the effectiveness of certain podcast strategies, listener statistics, and my editing process. Additionally, I touch on monetization options and incentivizing methods for podcasts.
00:00 Introduction and Yearly Reflection
01:04 Podcast Goals and Publishing Frequency
01:30 Expert Positioning and Episode Mix
02:01 Episode Performance and Listener Insights
06:16 Buzzsprout Features and Achievements
08:31 Editing Techniques and Tools
12:53 Monetization and Future Plans
14:13 Conclusion and Listener Engagement
**************************************
My name is Brenda Meller. I'm a LinkedIn coach, consultant, speaker, and author. My company is Meller Marketing and I help business professionals get a bigger slice of the LinkedIn pie.
Visit mellermarketing.com
Let's connect on LinkedIn: linkedin.com/in/brendameller
(click MORE to invite me to connect and mention you listened to my podcast)
Next Episode
What is Your LinkedIn SSI & Why Should You Care Ep 152
- What is the LinkedIn SSI (Social Selling Index)?
- Why should I care about my LinkedIn SSI?
- How is the LinkedIn SSI score calculated?
- What are the four categories that make up the LinkedIn SSI, and how many points are possible in each?
- What does "Establish your Professional Brand" mean in the context of LinkedIn SSI?
- How can I "Find the Right People" on LinkedIn to improve my SSI?
- What does "Engage with Insights" mean for LinkedIn SSI, and how can I improve in this area?
- How can I "Build Relationships" on LinkedIn to increase my SSI?
- How does the LinkedIn SSI relate to sales performance and opportunities?
- How can I find my LinkedIn SSI score?
- What is a good LinkedIn SSI score?
- How can I use my LinkedIn SSI score as a benchmark?
Understanding LinkedIn's Social Selling Index (SSI)
In this episode, I focus on LinkedIn's Social Selling Index (SSI). I break down what SSI is, why it's important, and how it can benefit you, especially if you're self-employed.
The SSI is a score ranging from 0 to 100, reflecting your ability to sell on LinkedIn through relationship building and effective conversations. I explore the four categories that make up the SSI score: Establish Your Professional Brand, Find the Right People, Engage with Insights, and Build Relationships.
I provide tips on how to improve in each area and share real-life examples of scores and industry comparisons to illustrate the importance of tracking your SSI. I encourage you to look up your own SSI scores and reach out to me for further discussion.
https://www.mellermarketing.com/mylinkedinssi
00:00 Introduction to LinkedIn SSI
00:35 Understanding the Social Selling Index
01:50 Breaking Down the Four Categories of SSI
01:58 Establish Your Professional Brand
02:34 Find the Right People
03:40 Engage with Insights
04:37 Build Relationships
05:29 Why SSI Matters
06:29 How to Check Your SSI Score
07:11 Personal SSI Insights and Conclusion
https://www.mellermarketing.com/checklists
Download a *free* LinkedIn Checklist (or 2, or 3...)
Checklists for Course Creators, Speakers, Solopreneurs, Coaches, Podcasters & Authors
**************************************
My name is Brenda Meller. I'm a LinkedIn coach, consultant, speaker, and author. My company is Meller Marketing and I help business professionals get a bigger slice of the LinkedIn pie.
Visit mellermarketing.com
Let's connect on LinkedIn: linkedin.com/in/brendameller
(click MORE to invite me to connect and mention you listened to my podcast)
Enthusiastically Self-Employed: business tips, marketing tips, and LinkedIn tips for coaches, consultants, speakers, authors, solopreneurs & small business owners - Keeping Accounting Records Up-to-Date for Easier Tax Prep with Michelle Carley Ep 151
Transcript
Welcome back . This is a replay of a LinkedIn Live episode that occurred back in the summer of 2024 . And as I was looking for shows to publish on my podcast , I always look for past LinkedIn Live interviews from my vault , and especially right now we're coming up on tax season here and I thought this might be a very timely episode . So this is a discussion I had with my frie
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