NOT ANOTHER BORING TAX BLOG
It’s tax season! For many nanny agency owners, this can often be one of the most painful requirements of entrepreneurship.
Few (maybe none) of us enjoy doing our taxes, and if we’re being honest, even for those of us who adore our accountants, the word “dread” often bookmarks this annual fiscal responsibility.
However, there are ways to minimize the dread and stress when completing your taxes (and other required administrative tasks for that matter). And there are hidden benefits and tax credits that commonly go unclaimed by nanny agency owners.
So, today we’re sharing this with you so you can tackle those taxes with gumption!
Sanity saver: Get prepared.
Gather all your paperwork, deductions, passwords, receipts, and everything you might even potentially need. This way, once you start, you’re not spending unnecessary time searching for your information.
We recommend creating a plan and using a master checklist because this will help you feel organized. Tax season doesn’t have to be chaotic.
Tax treasure hunt: Continuing education.
We always hear that knowledge is power, but did you know it’s potentially also a tax credit? Did you take a professional development course to learn bookkeeping or how to submit your taxes?
Coaching and training—including retreats and online workshops—can merit a deduction. Also, keep those subscriptions to any industry publications because they’re often deductible, too.
Sanity saver: Set the mood for a positive mindset.
Get out your favorite pair of comfortable pants! Once you’re nice and cozy, put on some relaxing music, grab your favorite beverages and snacks, and make sure your lighting is pleasant.
Also, remind yourself that your discomfort is temporary, and keep your eye on the prize by visualizing the relief you’ll feel once you’re done!
Tax treasure hunt: Perk Up!
Remember when you worked in an office and your employer offered free coffee in the breakroom? You still get those perks (pun intended) even though you’re self-employed, so claim those expenses as tax deductions!
Sanity saver: Beautify your physical space.
Doing your taxes doesn’t exactly feel glamorous. However, you don’t have to break the bank to infuse a bit of luxury into your surroundings.
Now’s the time to break out your favorite colorful pens that feel so good in your hand and that elegant stationery. Even just adding a new plant in a cheerful pot can instantly transform your space and make you feel more positive.
Tax treasure hunt: Deduct the décor.
Some things you use to decorate your office can be deductions, and we don’t just mean the obvious! Essential oils provide aromatherapy, and a charming diffuser can work overtime as décor.
Then, pay the beauty forward by donating your old items instead of putting them in storage to never be seen again. As an amazing bonus, you might also qualify for a charitable tax receipt.
Sanity saver: Make it a (Zoom) party.
Okay, “party” might be an overstatement. However, over these past few years, co-working remotely has become an excellent way to remain connected with people while still working hard. Just having another entrepreneur to bounce ideas back and forth or to take a mini-mental health break together can make a heavy task much lighter.
Tax treasure hunt: You’ve got mail?
You probably already know that the hardware (headphones) and software (Zoom) that keep you connected are tax deductible, but many people forget to include snail mail communication in their credits!
You can claim any holiday, birthday, or postcards you send to someone due to your business relationship, as well as postage and any shipping fees. Keep the camaraderie coming because you can also deduct membership fees from professional associations!
Sanity saver: Chunk it out.
Accepting that you don’t have to do your taxes ALL at once can motivate you to keep pressing forward. Set a timer or complete your taxes in sections and tell yourself to make it to the next “break.” Then, step away from your computer and get some fresh air, stretch, or even just scroll on your phone for a bit to decompress.
Speaking of acceptance, you’re human, which means that you will make mistakes, get distracted, interrupted, and procrastinate. Delays happen even when you’re doing something that fuels you, much less when you’re doing something that requires maximum patience and concentration.
Remember to try to treat yourself with compassion—things may take longer than expected, but you’ll get it done! You always do.
Tackling taxes is just one of the many helpful topics we discuss in Arise. This is a community of nanny agency owners just like you. We meet on the first Tuesday of each month (and sometimes more), but the tips, resources, and support happen daily. Read what others have to say below and come back to join us here.
“What you focus on expands so I spend a lot of time thinking of what I'm grateful for! Between Megan Metzger and all of you I have such amazing resources for any random thing that comes up. I'm super thankful for all of you! " Jane Theilen, The Impeccable Nanny Agency
