Ep. 41 - Beyond Tax Season
Running a successful photography business goes far beyond capturing beautiful moments; it also requires a solid grasp of your finances to thrive year-round. Working with an accountant can help you sidestep costly tax errors, track your spending, and stay compliant, reducing the risk of audits. In this special episode, we are joined by Keila, the founder of Little Fish Accounting, who brings over 15 years of expertise in accounting and business growth. With a passion for empowering business owners, Keila shares essential strategies for achieving financial success and scaling sustainably.
In this episode, Keila highlights key tax insights and financial tips to keep your photography business thriving. She explains the importance of maintaining organized profit and loss statements, balance sheets, and a reliable accounting system. These tools provide a clear view of your business’s profitability and enable you to make informed financial choices for long-term growth. Keila also emphasizes that regular financial organization and analysis reveal how much income truly belongs to you after covering taxes and business expenses. These are crucial insights for any business owner aiming for stability and success.
Tune in.
What You Will Learn:
- [00:01] Episode intro and what we have today with Keila
- [01:35] A bit about Keila and what she does in the accounting space
- [03:44] The importance of financial reporting and working with an accountant
- [06:51] Importance of bookkeeping and its role in the tax process
- [09:55] Potential red flags that the IRS can come looking for
- [15:44] Strategies you can use to analyze your business financials
- [22:28] How mentorship and coaching services should be handled in tax
- [30:40] Should your IRA contributions come from a personal or business account
- [33:36] Key takeaways and golden nuggets from Keila
- [35:51] Best ways you can reach out and connect with Keila
- [36:14]Ending show
Standout Quotes:
- “For all the things you can do to support your business in terms of financial education and looking at what you need to do next are tracking and organization.” - Keila [03:45]
- “All the money that you receive in a business is not yours. Some have to go to expenses, some go to pay taxes, and if you don’t know how much you have, you cannot make next month’s decisions.”- Keila [04:43]
- “Accordinng to IRS, deductible expenses must meet two conditions. They must be ordinary and necessary.”- Keila [09:56]
- “Tax payments are not expenses.”- Keila [16:40]
Stay Connected
Rhea Whitney
Learn more about me here: https://rheawhitney.com/
Follow me on Instagram at: https://www.instagram.com/RheaWhitney/
Connect with me on Facebook: https://www.facebook.com/RheaWhitneyPhotography
Keila Hill-Trawick
