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Welcome to episode 225 of Love, your Money! This episode is a continuation of the opportunities that exist to save you, the business owner, money and headaches with proper tax planning and preparation. Or, in the words of today’s guest, “No April Surprises.”

Tim Thompson is a CPA and Certified Profit First Professional. He enjoyed a 15-year career in manufacturing and operations with Fortune 100 companies and also owned a small family business. Now, he helps his clients understand their goals and creates comprehensive plans that reveal and diffuse income tax landmines before they suddenly appear.

Today, we’ll discuss the biggest challenges that business owners face with income taxes and how planning throughout the year and not just before the tax deadline reduces stress about your tax bill. You’ll get great advice on how to become your tax professional’s favorite client and why AI, ChatGPT and social media shouldn’t be your “trusted” tax advisor.

Here’s what you’ll find out in this week’s episode of Love, your Money:

• The biggest complaints that business owners have with taxes.
• Avoiding April surprises by planning all year long.
• The power of good oversight of your money.
• The difference between bookkeeping and taxes.
• How to be your tax professional’s BFF
• The worst tax advice on social media
• Tips for handling a tax audit

Show Notes

To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/tim-thompson

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.