Our listener asked, "What Should You Prepare For a Professional Tax Preparer?"

Is it your first time working with a professional tax preparer during tax time? Get prepared by listening to this podlet about what documents and reports you need to have ready to make the process run smoothly.

Our listener asked, "I applied for a loan and they asked me for a balance sheet, what is that?" Financial documents are commonly requested when a small business person applies for a loan. Listen to understand what a balance sheet is and why it is often requested for a bank loan application.

The question today about First Profit - is actually referring to the term "Profit First" which is a concept that is used in small business to help founders shift their mindset towards - profiting first!

I use a bookkeeping service but still don't know if I'm profitable, what exactly should I be looking at?

I recently heard you mention that tax planning is different from tax preparation, still don't get it.

I really want to use a professional tax preparer but I'm concerned about my personal data being exposed. Is there anything that can be done to protect my information?

This is a very timely and important question, and you shouldn’t listen to your friends on this, get your small business tax advice from a professional!

As a business owner it’s best that you work with a professional tax preparer. But how do you know if they are legit? If you are unsure, watch this to understand how to scope out legit tax professionals.

Small business owners, sole proprietors, independent contractors, generally everyone self-employed may owe estimated tax payments. Wonder how much you owe? Here's a basic understanding on how to approach estimated taxes payments and figure out what you owe.

You may have received an adjustment letter from the IRS and you're not sure what to do next. No need to freak out, this video breaks down exactly what to do if you receive correspondence from the IRS. And remember, the IRS will not call or email you, so beware of scams that come through phone and email messages. Letters from the Internal Revenue Service however, should be open and read as soon as they are received!

If you aren't an accountant, you may hear the terms cash basis and accrual basis accounting methods from time to time, but not really know what they are and that’s okay! Generally the IRS expects small businesses in the US with $10 million or less in revenue to report on Cash Basis. Listen to it explained here in very simple terms.