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Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

Hi Sellers!

 

On Wednesday, January 20th, at 9:30am PT / 12:30pm ET, we’re hosting a live Q&A on an important topic: taxes! We’ll be joined by Chris Browning, a Financial Analyst and creator of Popcorn Finance podcast, who will be here to answer your questions.


We recently partnered with Chris to create a podcast on how small businesses can prepare for tax season. In the episode, Chris interviews CPA Keila Hill-Trawick with Little Fish Accounting on how to get ahead and avoid common mistakes for tax time, such as combining your business and personal expenses. They discuss how using a business debit card, such as Square Card, is an easy way to draw a clear line between personal and business expenses.

If you have any questions for Chris about taxes or your business, please click the reply button below and ask away!

 

 

Click here to watch the full episode on the Popcorn Finance YouTube channel: Avoid This Major Tax Mistake.

 

A few example questions:

  • Why is it so important not to combine your business and personal finances? 
  • When should I start preparing for tax season? 
  • What are some tax tips or secrets that can apply to any business?

 

How can Square Card make things easier for you come tax season? 

Square offers a business debit card, tied directly to your Square Balance, so you can instantly access the money you process with Square. 

  • Use labels for business and personal expenses in your Square app to make it easy to track your business expenses and keep them separate from your personal expenses. 
  • Keep tabs on your money with simplified reporting. Download a Square Card transaction report to view your expenses so you can simplify balancing your books or filing taxes.

Learn more about Square Card.

 

Feel free to start adding questions to this thread todayChris and Keila will answer them on January 20th. 

 

*We won’t be able to address account specific questions in this Q&A. Those are best directed to our CS team via email or the phone to keep your account secure!

 

Thanks for all of your questions—we look forward to hearing from you!

Tom
Seller Community Manager, Square
Find step-by-step help in our Support Center
Message 1 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

What is the best way to report income if there is an overlap btw 1099 misc income receive from a client and 1099-k received thru square - and not double count income?

Message 2 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

Make a list and compare them if they issue you two. Just count the one received through square and clip the other one behind it with all the invoices for future reference in case of an audit. 

 

Message 3 of 12
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Re: Live Q&A: Ask Finan Required Documents.

What documents does a customer need in order for me to have the correct filing for taxes. For context, the customer has been paying me for services for the entire year and I guess my question is, Do I send them an invoice, or is there some other special 1099 form that I need to send them?

 

Thank you in advance for your help

 

Blay

Message 4 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

How do we obtain a monthly statement if we use the square card for business purposes?

Message 5 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

What documents will I need  from Square to do my tax return?

Message 6 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

What time does this start in central time? I don't see it listed.

 

Message 7 of 12
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Admin

Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

Thanks for checking in, @RT32B! We'll be back to answer questions on Wednesday at 11:30am Central Time. It looks like you were able to drop in your question below and we'll be sure to tag you as soon as the reply to your post is live. Keep watch on your email inbox for updates or come back to this page on Wednesday for any followups. 💯

Tom
Seller Community Manager, Square
Find step-by-step help in our Support Center
Message 8 of 12
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Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

Since I'm just starting off I have to file quarterly for Illinois. Am I only calculating for the taxes I've collected on my sales?  What about fee that square takes for each sale.  How do we calculated that fee in our taxes?

Message 9 of 12
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Super Seller

Re: Live Q&A: Ask Financial Experts anything about how to prepare your business for tax season!

Thanks @Tom !

 

Hey Chris - love the podcast! Thanks for being a part of this!

 

We have an accountant that we've been using for many years, so we send them over all of our documents for Tax time. What are some non-standard documents/things that most businesses might not think to send over, but can have decent benefits to including?

 

Thanks!

Pesso

Pesso
Pesso's Ices & Ice Cream
Square Super Seller - I'm here to help!
Message 10 of 12
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