On this episode, we welcome Kenesha Coleman, The Beauty CPA! She owns Coleman Tax and exclusively supports beauty professionals. Listen to find out more about Kenesha’s background and experience!

Today, we dive into tax planning! Here is the key, tax planning should be throughout the entire year to avoid people scrambling for their documents. Plus, any deductions that you are trying to receive must take place during the year. You can’t earn more deductions once the year is complete.

There are several things you should be doing, but we are diving into the top 3!

• Bookkeeping
• Setting aside tax money
• Deductions

These three things all work together throughout the year!

Let’s dive into bookkeeping. What exactly is it? This means using an accounting software to track inflow and outflow of transactions that are categorized. Also, make sure you have a separate business account. Everything should be separate for tracking and potential auditing.

Second tip is setting aside money...