Difference between tax prep and tax planning? | Tuesday’s Bag #31

What's the difference between tax preparation and tax planning?

Tax preparation and tax planning are very different and you need to know the difference. Tax preparation is reporting what already happened last year. Tax planning is implementing strategies throughout the year to minimize your tax liability in advance of the new year. Listen up and you'll understand why you should do both.

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An empowering podcast for women with simple, candid tidbits on growing your business and managing that money. To submit a question, please visit AJOY at https://bit.ly/igottaquestion

Tuesday’s Bag is a mini-podcast (podlet) offering clear #smallbiz and #microbusiness answers to important business questions. The TUESDAY’S BAG podcast is powered by AJOY, and is perfect for busy women business owners, freelancers, independent contractors, microentrepreneurs, consultants, and side-hustlers… on the go, in a short, quick Q&A format, in 5 minutes or less.

Experienced business advisor Tuesday P Brooks shares sound advice and in-depth answers to important questions about starting and running a company. Questions range from accounting, tax, and bookkeeping, to essential day-to-day understanding of running a small business.

Each episode of TUESDAY’S BAG podcast features one inquiry from actual business owners that is given a thoughtful answer. Topics include deductions, LLC, entity formation, taxes, how to pay yourself as a business owner, sources of startup funding, write-offs for your taxes, anticipating a tax bill, Schedule C, hiring employees or freelancers, applying for a loan, depositing income, using financial statements, tax liability, accounting practices, credit, checking accounts and so much more! Go here to submit your questions https://bit.ly/igottaquestion

Founder, Tuesday P Brooks, MBA is a tax professional, accountant, educator, and advisor to small businesses. https://tuesdaybrooks.com

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