Carina Advisors

6 Tax Mistakes Self Employed Folks Make Way To Often

Since those who are self employed don’t have a larger corporation taking care of everything for them, anything to do with taxes can be frustrating and confusing. Not only will you need to keep track of everything, but you’ll also need to make sure you fill everything out correctly and thoroughly. Even missing a few of these things could result in an audit and cause you more stress and trouble than need be. With that being said, here are 6 things you’ll want to avoid during tax time, as told by professionals like Carina Advisors.

Using the Wrong Forms

One of the biggest mistakes that self employed people do is using the wrong forms. Many don’t realize that you can’t use the same form that you would with a traditional job because it doesn’t record all of the information needed. This mistake happens quite a bit with those that are trying to do things themselves. In this case, you should get a professional to help. If you don’t want to go that route, there is plenty of information out there that can walk you through how to fill it out and what information you’ll need.

Bad Record Keeping

Another common mistake is bad record keeping. This includes things like forgetting to write down expenses, throwing away receipts or even keeping poor records when it comes to how much you earn. All of these things are essential to get you the most deductions and the biggest refund possible. It’ll also help you report your income more accurately and prevent you having to make a guess. Keep in mind, there’s always a chance that the IRS will audit you, so make sure you’re keeping everything organized together to ensure that you can show whatever proof or verification they’re asking for.

Waiting to File

Some people who are self employed are expecting to pay a huge amount in taxes, so they wait to file. While it’s fine to wait closer to the deadline, you don’t want to go over that. Even if you file before the deadline, you want to make sure you don’t wait until the last minute because you never know what kind of issues you might run into. Waiting until after the deadline can also cause you to wrack up quite a bit in fees, so it’s better for everyone to just file with plenty of time left.

Not Putting Money Back

Another big mistakes is not putting money back for taxes. Since you’re self employed, taxes aren’t automatically taken out of each check. This means you’re responsible for doing this yourself. Some people figure they’ll just pay it all when they file taxes, but those that are making a good amount of money might end up paying a lot at once. To avoid this, make sure you’re taking out money from each pay check to ensure you have enough to cover your tax bill. If you aren’t sure how much you need to take out, you can talk with a professional or look up information online. Keep in mind, you can either pay this all together or make quarterly payments to help ensure they are definitely being paid.

Skipping Professional Help

While some people choose to do their self employment taxes on their own, it’s a really good idea to get professional help. Not only will these people have an in-depth understanding of tax laws, but they can help ensure you’re filling everything out the way it needs to be. Even if you don’t use them for long periods, it’s a good idea to consult with them at least a few times a year. Having someone with extensive knowledge on your side will help make the entire process easier and help reduce the chances of you getting audited.

Not Knowing Write-Offs

One final tax mistakes is not knowing write-offs. There are many deductions and write-offs that self employed people can take. Not only will this reduce their tax bill, but it could increase their refund. It’s important to take every deduction you qualify for, but it can be hard to figure out exactly what those are. Do research or talk to a professional to ensure you’re getting all the deductions that you can.

While you can do things alone, it’s always a good idea to get help from a reputable company, such as Carina Advisors. Not only will they help ensure that everything is correct, but they can also get you the most deductions and credits possible. This will reduce how much you’ll have to pay out and possibly get you a bigger refund. It’s best to research as much as possible and make sure you’re doing things correctly in order to avoid any types of audits or issues coming up


nancy behrman communications

Why Your Business Needs to Hire a Public Relations Firm This Year

Perhaps the greatest value your business can have is the ability to get people talking about it. Public relations plays an essential role in this regard because they can help facilitate conversations about your organization for a fraction of the cost that it would take to do so through conventional means. Advertising is an essential strategy to give your company profits, but it does nothing to help your company’s credibility because it is an expected behavior.

If you have wondered if your business needs to hire a public relations firm, you will see that there is plenty of upside to doing so. Here is what to consider with public relations firms, and whether or not you need to hire one.

Builds Brand Recognition

You can do a lot to get more eyes on your company through your own methods, but hiring a public relations firm can help expedite that process greatly. Building a brand is not a sprint, it is a marathon. A good public relations firm will work in correlation with your marketing strategy which may entail social media or other events you may be holding.

The fact of the matter is you will not get profit if no one knows who you are and what you bring to the table. Therefore, if you want to help your business grow, it a public relations firm may be the way to go. Brand recognition is the first step to being successful, and a public relations firm will go a long way in determining that.

Stay Relevant

When your business gets that first bit of buzz, it can prove to be a very exciting time. You should be excited because it can feel very rewarding to finally have people talking and interacting with your business after months of hard work getting it off the ground. However, if you think that was hard, imagine how difficult it will be sustaining the effort and making sure people don’t get tired of you.

An effective PR strategy is a multi-faceted process that produces different ways to get people talking about your business. The worst thing a business can do is grow stale in relativity to the competition. The moment that happens, you will see sales decline instantly. However, a PR firm can help with many of these issues. Suggestions will be made about different methods you could go about creating media and content. Videos, podcasts and other content specifically catered to your customers will help generate sales and keep the buzz going. You can understand more about these concepts through nancy behrman communications.

Increase Return on Investment

One of the worst mistakes that a company can make is thinking that they don’t need to hire a public relations firm just because sales are up. Major brands will have PR firms even when they are doing well because they are constantly preparing for the worst case scenario. Anything can go bad at any moment, and this can result in negative media coverage. Ultimately, trust in the brand will gradually decline and it will be reflected in declining sales.

On the other hand, if there is powerful news that is relevant to your business, it creates a great deal of excitement. This is where a PR firm will work to your advantage because it will increase sales. With an increase ins ales, this increases the return on investment that you had for your business. The more sales that are directly converted from the work of a PR firm, the more value you get for all the money you invested to get your business afloat. You can learn more about the value a PR firm brings to the table by seeking expert information from nancy behrman communications.

As you can see, hiring a PR firm can be beneficial to your business. Not only can it help build brand recognition, but it can generate sales in the process while increasing your return on investment. Businesses are becoming more competitive than ever and are always looking for ways to get an edge. One of the best ways to do start is by hiring a PR firm this year