Is Your Business Paying You in Amazon Shopping?
Download MP3Hello and welcome to the Service Based Business Society podcast. I am your host, Tiffany Ann Botcher. On our weekly episodes, we will dig into everything you need to know about scaling your service based business without losing sleep. With my experience in creating over 7 figures per month and a passion for marketing, finance, and automation, this show will provide tangible tips and techniques for scaling your business. Let's get started.
Tiffany-Ann Bottcher:Hey, guys. And welcome back to another episode, the very first episode of 2025. Excited to be back in the studio because Christmas is over. The holidays are over. New Year's resolutions, if that is your jam, have begun, and it's time.
Tiffany-Ann Bottcher:I want to encourage you to think on a bigger scale. I know I finished it up 2024 saying, you know, do big things, but it's that reminder. It's that reminder that it doesn't really matter what happened over the holidays. Doesn't really matter if you put your feet up and you didn't do a whole lot. It doesn't matter if you did the opposite and you crushed it.
Tiffany-Ann Bottcher:January is like a fresh start. January September are to me the 2 biggest times for ultimately that, like, fresh clean slate. So if there is something in your business that you were like, I will do that at one point in the future, now is the time. Now is the future. Welcome to 2025.
Tiffany-Ann Bottcher:You know, the funny thing is I remember y two k. I graduated grade 7, if that's a thing, class of 0. I'm in Canada, and so grade 7 and in in not in all parts of Canada, but where I am, grade 7 is when you go off to high you know, grade 7 is the last year of elementary school. Grade 8, you go off to the high school. It was y two k.
Tiffany-Ann Bottcher:It was the world was gonna end. The world did not end. But now that was 25 years ago. It's the funny things that my kids ask like, how long have you been driving? And I kinda I mean, a while now.
Tiffany-Ann Bottcher:It's crazy how fast time goes. It truly is. And I feel like the holidays flew by even though we did significantly less than we typically do. And I think that that was kind of a common theme this year from from a lot of different people I spoke to. Maybe that wasn't your experience, but it's really that I feel like finally, from myself anyway, there is this value of doing less.
Tiffany-Ann Bottcher:But I wanna share a funny story because there was a day in the holidays where we had nothing. So our we have an, digital calendar in the kitchen. If you don't have one of these, I highly recommend you do it if you manage multiple calendars. So each of my kids has their own Google Calendar. My husband has his.
Tiffany-Ann Bottcher:I have mine. And it all gets displayed on this beautiful digital calendar. Anyone who tells me that their paper calendars, their jam, I I just I can't because the the paper calendar falls out of date faster
Speaker 2:than I can
Tiffany-Ann Bottcher:keep then I could write it down. Do I like writing on paper? Yes. Do I use paper notebooks? Yes.
Tiffany-Ann Bottcher:Do I think that in 2025, we should be using a paper calendar? I do not. I do not. I believe that there's this skylight calendar. That's not the one that we have, but, they were at Costco recently, I I saw.
Tiffany-Ann Bottcher:So that can be an option. But I highly recommend if if organization is the thing for you in 2025 that that is the way to go. Back to the calendar, though. So our calendar doesn't actually display a day in the weekly view if there's nothing on it. It doesn't really happen at our house very often because, well, we have 5 people with 5 busy calendars.
Tiffany-Ann Bottcher:And so over the holidays, we actually had a day with nothing, nothing on it. It was very stressful. And I think you might think, what what do you mean? We are so accustomed to doing things all the time that the thought of having nothing to do was truly strange. And I spent most of the day wondering what I should be doing with the time, stressing about wasting this time that I don't normally have.
Tiffany-Ann Bottcher:Now caveat, it was just after Christmas. I had already put all the Christmas decorations away. I was caught up on laundry. The house was clean. I had the day off work and was really working hard to not go do work.
Tiffany-Ann Bottcher:The kids were all doing their thing. I think, you know, one was at a friend's. Other ones were, like, you know, maybe playing on the computer, chatting with their friends. One was, my littlest was at his grandparents' for a sleepover, and it was like, what do I do with this time? Absolutely mind blowing.
Tiffany-Ann Bottcher:My my husband was like, this is this is what we want. We want downtime. And I was like, I don't find this relaxing. If this is what we're shooting for, that's not it for me. It was this very strange feeling.
Tiffany-Ann Bottcher:So I don't I I'm curious if you enjoy that downtime, and what do you do with it? So a long time ago, we had a Facebook group. You've heard me talk about how I didn't really love having a Facebook group for the podcast, but we now have an Instagram page. So we have LinkedIn page, we have an Instagram page, and we have Facebook page. These are places that you can reach out, message.
Tiffany-Ann Bottcher:So if I'm asking questions on the podcast, if you have some feedback, if you have some things to share, if you have a question that maybe you'd like answered on the podcast, we have a future q and a episode coming up before the end of the season. So maybe you have an a question that you'd like to ask anonymously about running your business, managing your business, how to fix something, what would you do in that situation, you can drop us a question, LinkedIn, Instagram, and Facebook. You can also leave a comment on Spotify. Spotify, we are now a part of the Spotify creator group. Very cool.
Tiffany-Ann Bottcher:And so that means we're actually sharing videos now on Spotify. New. Maybe new to us. This is one of those things that I'm I never know how new something is. It's new to us.
Tiffany-Ann Bottcher:It's new to the Service Based Business Society podcast. So we share videos on YouTube, another great place that you can obviously not send us a private message, but you can comment on any of our videos on YouTube, any other social platform, and we really do. We read those comments. We use them when we're planning future episodes. And, so I'm curious because I truly do not know the answer to this question.
Tiffany-Ann Bottcher:What do you do with that time? So my husband says, I need a hobby. And I think I don't typically have time for a hobby though, not outside the life that I already have. So I'm curious, you know, if you either have a part time ish hobby, because my thing is if I'm gonna get started on something that I'm gonna keep going on that, you know. I have this this fantasy of maybe one day playing that farming simulator game.
Tiffany-Ann Bottcher:My littlest likes the farm. I think, gosh, I think that might be fun. I think I might enjoy that, But that looks like a big commitment. Like, that is not something that I'm gonna do for a couple hours and then never do it again because I won't be thinking about it. So come, chat, hang out with us on one of the social platforms and share what do you do with your downtime.
Tiffany-Ann Bottcher:Some of us say just put your feet up, watch TV show. I did do a little of that. I did do a little of that. But we don't have a lot of shows at Christmas time. You know, like the shows all stop.
Tiffany-Ann Bottcher:And I don't typically watch a lot of television, so I don't have a lot of see reads that I follow. Anyway, on with the show, enough asking about the downtime because it's 2025. We've already talked about the fact that you should have your budget. We've already talked about the fact that your book should be caught up to date. We've already talked about all of these different pieces as part of season 4.
Tiffany-Ann Bottcher:Now it's 2025. What are we what are we gonna talk about next? One of the things that comes up for me often, and I I see it in a lot of consults. I see it in in books that we're reviewing either from a profitability standpoint. This is a big one.
Tiffany-Ann Bottcher:Or, you know, we're doing some kind of analysis on the books. So and if you're if you're not aware, one of the things that I offer as a service is a profit analysis call. A lot of times, things are miscategorized, misrecorded, or being spent incorrectly. Perhaps the revenue is not being realized the right way. All of these different types of things that I specialize in looking, I offer in a profit analysis call.
Tiffany-Ann Bottcher:The goal is to, of course, make sure that your money is going into your pocket. More profit is always best. So, you know, we're we're looking and we're doing some of these calls. But one of the things that comes up often is business owners say, my business doesn't pay me enough. I've never I haven't gotten a raise in 2 years.
Tiffany-Ann Bottcher:I've never gotten a raise. My business, like, barely pays me. These are all things that I hear often. And then I crack open the books, and I think, are we not talking about that discretionary spending? Are we not talking about it?
Tiffany-Ann Bottcher:Are we gonna pretend that the elephant of discretionary spending is not hanging out here in the room? Guys, I'm not gonna say don't have discretionary spending. One of the great things about being a business owner, you know, CRA, IRS, plug your ears, is that a lot of times we can find ways for our businesses to pay for things that ultimately are similar to us earning compensation. Perhaps it's something you use for business and personal. Now this is where I'm gonna, you know, dabble in and say there is no right or wrong answer here in the real world.
Tiffany-Ann Bottcher:This is some of these pieces are a little bit gray area, and I don't agree with all of them. But I'm gonna see tell you what I see when I crack open the books. Amazon. Amazon. Your business does not need Amazon deliveries every day.
Tiffany-Ann Bottcher:There's there's there's very few businesses that require this. So when you just have Amazon and Amazon and Amazon and Amazon and Uber Eats and and Starbucks and the gym and all these things, and you're calling these business expenses. And then you say, my business doesn't pay me. It does. It's just not paying you the way that you think.
Tiffany-Ann Bottcher:It's not coming in a paycheck. So number 1, if you are mixing your personal and business funds all together in a big money soup, 2025 is the year that you stop doing that. Number 1, you're gonna pay more to your bookkeeper to sort that out. Because ultimately, someone has to decide if it's business or personal. And if it's all on the business card, they still have to record all those personal transactions.
Tiffany-Ann Bottcher:They just have to say it's personal. It's personal. So they still have to do something with it, which takes time. Time is money. So that's one piece.
Tiffany-Ann Bottcher:Even worse is when people are mixing business and personal on the same receipts. They went to the grocery store, maybe 85% of it is personal, but that bottle of cleaner and that mop, that's for the office. Someone's having to read those receipts, go through, could it be business? Could it be personal? Guys, this takes so much time.
Tiffany-Ann Bottcher:So much time. If you like your bookkeeper, please stop doing that to them. Guys, take some money and transfer it to your personal account and spend it however you wish. Do what your mom said? You wanna take it to the casino?
Tiffany-Ann Bottcher:You wanna take it to the racetrack? Do you wanna take it to do what she like. Like, a bookkeeper doesn't need to go through all of those receipts. I can tell you in the many years, many, many years of doing accounting, I have seen some things on receipts. I don't wanna see them.
Tiffany-Ann Bottcher:Neither does your bookkeeper. But here's the thing. You're also paying that person to go through all of those items. So a couple of tips. Transfer money to your personal account.
Tiffany-Ann Bottcher:Now, as part of your tax strategy, you should know how you're being paid. Now if you're in and I'm not going to dive into all the different options because Canada, US, different parts of the world, all very different. But you should have a strategy and a plan as to how you're taking money out of your business, putting it in your pocket and keeping the profits. We're reducing taxes, guys, we want to make sure that we're not giving all of our profits to the government. Because at the end of the day, if your business earns about 10%, your payment processor is somewhere between 2 3%.
Tiffany-Ann Bottcher:Now you're giving, you know, a certain percentage to the government. Like, at the end of it, guys, it's just cutting into your piece of your pie. So have a strategy on how you're gonna take your money out, but take it out and spend it how you wish. That doesn't mean there will be no discretionary discretionary spending because, ultimately, sometimes putting some of those expenses through your business is a way to get those money pretax. You don't wanna take that money out, pay tax on it, and then spend it.
Tiffany-Ann Bottcher:If your business can take that expense here's where it complicates things. You have to know how much money, ballpark, you're running through your business that is actually part of your compensation because your business doesn't really not that we would say, but your business doesn't really need that in order to actually run. It's it's discretionary. These are the expenses you're running through your business. Every business owner runs something through at one point or another.
Tiffany-Ann Bottcher:Maybe it's something that you accidentally, you know, picked up the wrong card.
Speaker 2:Well,
Tiffany-Ann Bottcher:I'm just saying whether you do it, whether you don't do it, whether you do it a lot, whether you do it a little, you must remember that you're doing it. You must remember that some of those pieces are part of your compensation. So maybe your business only pays you $8,000 a month. Maybe your business only pays you $2,000 a month. But if you drive a vehicle and your business pays the payment, if it pays for the maintenance, if it pays for the fuel, if it does any of these things, that is a perk.
Tiffany-Ann Bottcher:That is a discretionary piece of your your employment. Now different types of businesses have different ways of having those business expenses. So in some some places and some business structures, you get paid a certain amount of kilometers, you know, certain amount of cents per kilometer, certain amount of cents per mile that you drive. That's a little different, and I'm not talking about that. PS, if you are that type of business, now is the perfect time of year to go write down the mileage on your odometer because you're gonna need it at the end of the next year for your taxes.
Tiffany-Ann Bottcher:Guys, I'm not I'm not here to judge. I'm I'm not here to tell you what you should and shouldn't run through your business. I'm gonna let you deal with your professional on that. But I just wanna say, don't tell me that your business isn't paying you when it's paying for your ridiculous Amazon habit. I see it.
Tiffany-Ann Bottcher:I see you Amazon shoppers. It's it's just the way it goes. And so if you are looking to improve your business profitability, the other piece to that kind of piece number 2 is that any of that discretionary spending, any of those other kind of transactions, they change your numbers. And now if you have a giant business, if you're doing $1,000,000 a month and you have, you know, $1500 worth of discretionary spending, it's kinda washed in. You're not really gonna see it.
Tiffany-Ann Bottcher:If your business is doing $3,000 a month and you have $1500 worth of discretionary spending, guys, it shows up. K? So let's be reasonable. Let's remember what we're doing. You know what I mean?
Tiffany-Ann Bottcher:Let's make sure that we're factoring that in when we're planning our budget, when we're doing our our profitability. You don't want your entire business budget to be based without discretionary spending and then miss your budget targets every single month because, well, you just didn't plan for that. So lots of different pieces here, but I see it over and over again and that's why we're talking about it today. Because a lot of times, although your business hasn't given you a formal raise, you have managed to wash in more and more discretionary spending as your business has grown. Perhaps now your business pays for an office slash residential house.
Tiffany-Ann Bottcher:Perhaps now you have a vehicle through your business. Perhaps now you're, you know, vehicle has had multiple, you know, maintenance and this and that. There's all these different pieces, guys. It just needs you to remember as you're budgeting. Remember as you're telling me that your business is never giving you a raise because you might be just getting your raise through some loosey goosey spending.
Tiffany-Ann Bottcher:So back to us transferring money out of the business. So a couple things. You know, we talked about talking with your professional about how to pull money out of your business and reduce taxes. So whether you're an LLC or an s corp or a c corp in the US, whether you're a sole proprietor or corporation in Canada, you know, all of these different options similar around the world. There are different ways.
Tiffany-Ann Bottcher:There are different compensation pieces. But what I want you to remember is that making any big changes right at the end of the year will have more tax consequences from a cash flow perspective. So, you know, you can, at the very end of the year in the US, you can be an LLC who elects to file as an s corp. Now a lot of people say you should file as an s corp. You definitely should.
Tiffany-Ann Bottcher:It'll save you taxes. It may under certain circumstances, but it may not under other circumstances. Do not listen to generic blanket tax in place. Little tip for 20 25. But what can happen is you can be an LLC all year, and then you can elect to file as an s corp.
Tiffany-Ann Bottcher:However, you're gonna owe a whole lot of payroll tax right at the end of the year. It's gonna hurt. Get talking to your tax professional early on in the year, perhaps with your budget. Say, this is what I'm looking to do this year. Am I on a good plan?
Tiffany-Ann Bottcher:You know? Good to check-in with the middle of the year. Good to check-in at the end of the year. Say, hey. This is what's going on.
Tiffany-Ann Bottcher:This is what we're seeing. We had all these plans, by the way. The year's tanking. We're not doing any of that. It's it's it's never mind.
Tiffany-Ann Bottcher:Could say, oh my goodness. We're tripling the targets. I'm rolling in the cash. I'm taking all the money, and I'm I'm taking it. I'm taking you don't want to make you know, it's like, well, had you done it this way, it would have saved you 1,000.
Tiffany-Ann Bottcher:No one likes that. No one likes to think, gosh, I paid way too much to the government had I just been a little more organized. So if you've never had a tax strategy before, 2025 is the year that you should do it. One of the pieces that is required for tax strategy, one of the pieces that I often talk to during a bookkeeping sales call is that having your numbers up to date allows you to know where you're at and also share that information. So, recently, I was on a a call with someone who is part of our services, and and I said, you know, when do you typically meet with your accountant for your tax strategy meeting?
Tiffany-Ann Bottcher:She said, honestly, I've never done that before. And and through kinda get talking, it became clear that this year, because she was now on an ongoing bookkeeping service, she knew exactly where her numbers were. She could have that discussion. Previous years, she would wait until the very, you know, weeks before the tax deadline, you know, a year and a half from now, and then say, here's all my stuff. At that point, you're, you know, your professional can't do anything.
Tiffany-Ann Bottcher:They can't change, and it is what it is. Whatever you bring them is what they brought. There's no planning. There's no strategy. So this year, strategy.
Tiffany-Ann Bottcher:Strategy. Keep your profit in your pocket. One of the other pieces when we're talking about moving money out of your account. Now if you're an s corp or you're a corporation, Canada, US, and you're being paid on, you know, through payroll and you're paying payroll taxes at the time you're being paid, that's one thing. But if you are pulling money out of your business as a sole proprietor, as an LLC, through dividends, all these types of things, you ultimately wanna be keeping track of how much money you're pulling out.
Tiffany-Ann Bottcher:And one of the things that we often see that is hard to fix later is people are doing a lot of transfers these days. So back back in the day, you used to get write a check. It'd be easy to keep on your check stub. Hey. I wrote, you know, check for this much to this person.
Tiffany-Ann Bottcher:With with bank transfers now, you get your bank statement, and it's like, well, I transferred money out. I transferred money out. I transferred money out. One of the tips that I recommend, very actionable here, these are one of those actionable tips you should implement right away, is choose an arbitrary cents amount. Maybe it's 37.
Tiffany-Ann Bottcher:And every time that you transfer money to yourself, make sure it ends in the 37¢. 200 5,037¢. 1,037¢. 537¢. This can save you so much time so much time because now you can look through your bank statements and very quickly identify that was a transfer to me.
Tiffany-Ann Bottcher:That was a transfer to me. That was a transfer to me because they may as well be labeled. It makes it super straightforward. These are the kinds of things that you can implement that save you time that that ultimately didn't cost you any additional time. 2025 is the year that we are going to focus on being efficient, being profitable, keeping that profit in our pocket.
Tiffany-Ann Bottcher:And so any of those types of little little things, I hate to call it a hack. It's more valuable than a hack, but but in today's 2025 year, people love a good hack. So, you know, it's the 37¢ hack, ultimately, that makes it so it's very straightforward. One of the things that we struggle with often if we're doing a historical cleanup of anyone's books is that there's a lot of transferring going on. Yes.
Tiffany-Ann Bottcher:You can log into the bank and look at payment history and so but but, ultimately, depending on the bank, for usually about a year and a half. After that, it just says transfer. It just transferred, and you don't really know where it transferred to. I always laugh when a business owner can go through and go, yep. That's a vendor.
Tiffany-Ann Bottcher:That's a this from 7 years ago. And I think, I think that you're making an educated guess ultimately because the amounts are very close. I I don't remember what I had for lunch last week. Never mind what I paid someone 12 $100 for 7 and a half years ago. Keep up.
Tiffany-Ann Bottcher:Keep up with your books. So 2025, budget, strategy, plan. You know, the numbers are never the fun part unless you're a numbers nerd like I am. You know, we don't often talk about it on the podcast. People always say, how do you talk about bookkeeping all the time on the podcast?
Tiffany-Ann Bottcher:How do you talk about accounting? How do you talk about taxes? And I said, we don't really. Ultimately, the service based business society is a podcast that is for entrepreneurs. We talk about management.
Tiffany-Ann Bottcher:We talk about marketing. We talk about leadership. We talk about all of these different pieces because ultimately being a business owner is wearing many, many hats. If you go back to the old fashioned corporation where everyone sits around the boardroom table, had someone from legal, someone from HR, someone from sales, operations. Most times in your business, unless you've scaled to a very large size, you are wearing many of those hats.
Tiffany-Ann Bottcher:You might be HR in the morning and you might be accounting in the afternoon and, well, you're definitely gonna be sales unless you have a sales team. And so, you know, a lot of times, it's the actual fulfillment that we outsource first. So what we see, someone loves to bake. They love to bake cookies. This is their passion.
Tiffany-Ann Bottcher:They start a business selling these cookies. And then they start, you know, managing the business and dealing with the clients, and then they hire someone. And it's not to deal with the people. It's usually to bake the cookies. And then they scale a little more scale a little more.
Tiffany-Ann Bottcher:And quickly, the person who started the business baking the cookies that loves baking the cookies bakes 0 cookies. Instead, they become a manager of cookie bakers, a seller of cookies. Really come in with a strategy. Now if you don't want to bake the cookies and you want to do all those other things, then you are the business owner and it's the freedom to do what you want. But don't always be in a rush to outsource the thing that you enjoy.
Tiffany-Ann Bottcher:We've talked about delegation. We've talked about outsourcing. We've talked about these things in the podcast. But time and time again, I see that people have basically grown their business into a business they don't like anymore. They no longer do any of what they enjoy.
Tiffany-Ann Bottcher:Instead, they manage a group of people doing what they used to like. Management of people being a salesperson, doing all these things is a different skill set. And often it's it's a different human that enjoys doing those things. The nicest thing about being a business owner is that you have the freedom to choose. You have the freedom to choose if you start work at 7 AM, if you have start work at 1 PM, whether you wanna be the cookie baker, or whether you wanna be the social media manager.
Tiffany-Ann Bottcher:But I think so often, we almost get sucked into being an employee in our own business, feeling this sense of I must do this. I must do that. Then you see somebody online who's like, I made 8 figures in year 3 because this is the way I did it. Guys, if there was a specific secret recipe for an 8 figure business in 3 years, don't you think that everyone would be doing it? I really feel like they would.
Tiffany-Ann Bottcher:There is no exact recipe. Now there is a set of parameters that can be applied to most businesses. Things like how much profit that we have to make. If you're not making profit, you have a hobby. You might like your hobby.
Tiffany-Ann Bottcher:You might enjoy your hobby, but it's a hobby. You know, I see a lot of things online about where where people are are talking, sharing. You know, a lot of times it's, like crafting type businesses. So maybe someone is selling shirts, mugs, T shirts, you know, something along those lines, and they say, well, the shirt cost $5 and, you know, the this cost that and that's and I sold it for this. And they completely ignore their own time.
Tiffany-Ann Bottcher:Your time is worth something. It really is. Now if you love what you're doing and it's more of a hobby and your goal is to maybe break even, be able to do your hobby, did not cost you anything, that's a very different strategy. So 2025 is the year that we know what our objectives are. We have a strategy on how we're gonna hit them.
Tiffany-Ann Bottcher:We know how we're going to execute them. And we also know that chances are things are not gonna go a 100% according to plan and we're gonna have to change things up a little. It's gonna be a good year, and we're gonna make sure that we plan with the appropriate professionals. So now is the time of year where it is it is based tax season is around the corner, and I would not be a numbers nerd if I didn't chat with you a little bit about what that means for you and your business. Whether you're in the US or you're in Canada, you should be getting your books done.
Tiffany-Ann Bottcher:If they're not up to date, now is the time to do it. So in our bookkeeping service, pass to profit bookkeeping, we typically have the books done by about the 3rd week of the month following. So December is typically done by about the 3rd week of January. Ultimately, it really depends on when the statements come. K.
Tiffany-Ann Bottcher:Always see bookkeeping companies advertising things like, we'll get it done by 10th or it's free. If your credit card statements do not come out until 20th of the month, guys, how are they getting it done by 10th? They're not. They're not. So things like this.
Tiffany-Ann Bottcher:When your credit make sure that you round up all your things. Now if you have done nothing, if you're like, I didn't I didn't hire a bookkeeper. I didn't do my books. Maybe I maybe I ordered got QuickBooks 3 years ago and it's still sitting there. Maybe you have a box under your desk full of receipts.
Tiffany-Ann Bottcher:Maybe you don't. Now's the time to get organized, get some time to make sure you can can get it all going. If you've been perhaps ignoring your bookkeeper over the holidays or your accountant who's saying, hey. Should we talk about this? It's January.
Tiffany-Ann Bottcher:Now's the the time to dust off those lists. I see so many things kind of from the 2nd week of December, whether it's clients, whether it's onboarding, whether it's it's the time of year where some things have kind of fallen off over the holidays. Sometimes whether it's the vendor that stopped replying, whether it's customer, it now's the time to to get off the list and figure out all the things you need to catch up on. In the US, 10.90 nines, the threshold has dropped this year. You will issue more 10.90 nines this year than ever before.
Tiffany-Ann Bottcher:It is $600. If you have paid a vendor more than $600 with specific payment methods, you need to issue a 10.99. So, you know, that requires specific information, and you're gonna need time to get it if you didn't collect it at the time of payment. Most people don't. So, you know, in Canada, now is the time where we need to be wrapping up.
Tiffany-Ann Bottcher:But, you know, if you have remittances to do, if you are planning for guys, time buys you opportunity. I know numbers aren't exciting. I know that I love them, but most people don't. And so often I hear ignore the numbers. I don't really know what it means, so I just leave it alone.
Tiffany-Ann Bottcher:I avoid, don't, I want to be better, but I just haven't got there, all of these things. But now is the time to really lean in. You got a fresh start. Let's wrap up 20 24 strong. Keep the profit in your pocket.
Tiffany-Ann Bottcher:If you are in Canada and you are looking for a tax accountant, we are happy to provide those services for you. If you are in the US, we have some great recommendations for US tax repairs and accounts that we can recommend that do a absolutely wonderful job. Now's the time. Get those connections made, get your books up to date, make a plan for how much you'd like to make this year. Figure out how you're gonna get that out of your business without giving a whole big chunk bigger chunk than you have to to the government.
Tiffany-Ann Bottcher:Guys, you will always have to pay the government. There's no way around it. If you used to get a tax refund, maybe you're an employee and you you've got a tax refund every year, and now you're a new business owner. You do your taxes, and you're like, oh my goodness. I didn't get a refund.
Tiffany-Ann Bottcher:I owe money. As a business owner, you almost always owe money unless you're paying in installments up ahead. A lot of people don't. And so that's the only way that you're ultimately going to get because the only time you get a tax refund is when you've overpaid. As a business owner, most business owners pay at the end.
Tiffany-Ann Bottcher:They haven't paid any taxes yet. So there's zero opportunity for you to get a refund. If you'd like to get a refund, if you'd like, you know, some people like, I use my tax my tax refund. This is like a savings account. It's paying installments through the year.
Tiffany-Ann Bottcher:Talk to your tax professional about your options. Guys, it's gonna be a great 2025. We have some wonderful podcast guests I cannot wait to share with you. We're still diving into more and more topics to help you grow your business, grow your mindset, be profitable, and have a great year. Because you're a business owner and it should be fun.
Tiffany-Ann Bottcher:It should be profitable. And we're here for
Speaker 2:it. Guys, until next.
Tiffany-Ann Bottcher:We're all out of time for today, but the fun doesn't stop here. Make sure to subscribe to the Service Based Business Society podcast on your preferred podcast app. If you're hanging out over on YouTube, search for Tiffany Ann Botcher. Your likes, shares, and reviews really do help the show. Until next time, have a great week.
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