166 - The Importance of Making Time to Unf*ck Your Biz
On this episode of the podcast I chat with guest and former Unf*ck Your Biz student Jen Draper about how she got out of the "Oh Shit" cycle.
This episode is brought to you by my new FREE Masterclass, "The Most Common Legal and Tax Mistake at Each Stage of Business and How to Avoid Them." This Masterclass will cover if it's time to go from a sole proprietorship to an LLC or an LLC to a S-Corp and how to properly run an S-Corp. You'll learn how to get more profitable in a snap and put your taxes on auto-pilot as well as how to manage the growth of your business without fear of IRS hate mail or lawsuits. Click here to sign up for the Masterclass.
Dietician Jen Draper found herself in the "oh shit" cycle of owing back taxes and juggling those payments, savings, and loan pay-off. Jen wasn't sure what to pay first and not sure how to pay it all at once. When Jen joined the Unf*ck Your Biz course she learned that she wasn't the only one who owed back taxes and wasn't alone in her financial oh shit cycle.
A few of Jen's takeaways were:
The penalties for not filing taxes are much higher than filing but not paying.
Having the comfort of filing your LLCs alongside other business owners makes the process easier
The importance of cash flow and setting up separate bank accounts for business expenses and tax savings
It's okay to have money save even when you owe money elsewhere
Putting tax savings on autosave helps you avoid the mental gymnastics of how much needs to stay in your bank account for quarterly tax payments
Get in touch with our guest
Jen Draper, Non-Diet Dietician
Follow Jen on Instagram at @bodytrustnutrition
Get Jen's Stress-Free Eating Blueprint