Get your bookkeeping clients ready for tax time. Noemi Aguilar of MamaCounts talks about year end preparation for bookkeepers in advance of tax time.
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I was so very excited about this interview. Some of my interviews are simply to serve y’all, the loyal bookkeeping side hustlers. But interviews like this are especially great because I get to actually implement the exact tips that the expert shares.
Noemi Aguilar of MamaCounts talked with me about what needs to happen to make sure that a bookkeeper is ready for tax time. Whether you are also a tax preparer or don’t do taxes (like me), there is great information in this interview. She also shares her very inspirational story of how she got to where she is in her business. Her journey started out as a teenager helping in her dad’s firm and building a business over many years so that now she gets to teach people how to follow in her steps over in her MamaCounts Bookkeeping Community.
If you want to get straight to the technical tips, skip to minute 13:30.
If you want to see my unsupervised children interrupt, that is at 43:20! Ha! #momlife
I will list some main take-aways that I personally took note of. But give it a listen while you are folding laundry or commuting and come back and tell us what you gleaned.
- 1099 prep should be the bookkeepers job, even if you don’t do taxes. The clients are responsible for getting the info from the vendors, but we are in the best spot to complete this task of completing and filing the 1099 because we should have been properly tracking everything throughout the year as we categorize payments to different vendors.
- Don’t forget that a virtual bookkeeper is a vendor just like other contractors and we need 1099s on ourselves.
- She gave a great tip about how you can still submit a paper 1099 for vendors that won’t give you their SSN/EIN and attach the documentation that the client tried diligently to get the completed W-9.
- She recommend putting information about your general 1099 pricing in your engagement letter so it is not a surprise.
- If you DO TAXES as well, she recommends having subcontractor to do the bookkeeping for your clients during tax season so you can focus on taxes.
- If you also do taxes, complete BUSINESS returns in February.
- If you also do taxes, complete PERSONAL returns in March and April.
What were your main take-aways? Leave a comment below.
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