Bosses Who Slay: Beatrice David & Associates TAX TIME

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One thing that makes me scared about business is the tax part. The tax area is not my area of expertise. A lot of businesses also agree because I have seen business owners come in after they get in trouble with their taxes. A lot of individuals are also just afraid and avoid taxes as fear of having to owe money to the government.

As we continue the Buy Black Campaign, I am excited to tell you that I recently interviewed Wendy Hines, the owner of Beatrice David & Associates and she is a boss who slays.  Beatrice David & Associates began in 1986 with Brian David Adams and Wendy Beatrice Hines, hence the name “Beatrice David” in efforts to provide assistance to small businesses in the Twin Cities and has grown nationwide.

The service areas Beatrice David & Associates work primarily in is:

  1. Small business support
  2. Income tax support
  3. Teaching small business classes
  4. Tax and accounting services

emergency-money-fundBeatrice David & Associates offer a boutique type service, they look at clients, determine their needs and give them exactly what they need. Your service would be tailored made which is great especially if you do not need assistance in one area but another. Because the services are so tailor made the clients can call at anytime and services will be provided.

Beatrice David & Associates has worked with many nonprofits who provide services to people who are starting or already in small business. Not only do they work with small businesses, they provide services for individuals as well.

One thing that I really love about my work is the way I can work with people all over the globe and we have technology to thank. Beatrice David & Associates have taken technology up on their offer and have the capacity to work with you around the world. Moving soon? Well the services can come right along with you.

 

 

Lesson 1:

Did you know that if you are a business owner and that if you carved out a space in your home for an office then that is a deductible on your taxes? Did you know what the term “Cottage Industry” means? I had to look it up. The dictionary says, “a business or manufacturing activity carried on in a person’s home.” Beatrice David & Associates spent 18 years in an office space in Minneapolis but just recently moved back to the cottage industry. This is beneficial for the taxes as well as personal.

Beatrice David & Associates provide services to a diverse pool of clients.  They provide services to people who have invented products, retail owners, there are some in light manufacturing and other areas. Remember that they do not provide a “one size fits all” type of service so whatever business you are in they can cater to your needs.

Wendy said, “What we want are successful clients, we want to help accommodate their growth.” Sometimes Wendy has to be the hard cop, she helps bring clients to understand what is in the numbers and what is more realistic.

Lesson 2:

Owners at a beauty supply shop reached out to Beatrice David & Associates to ask a question. They were paying someone to do their monthly financial statements but never had looked at them. They did not understand what the statement meant, the person preparing was putting in numbers that were not right and when the bank asked about them they could not explain. The preparers were not there to help.

There are a lot of people that do the right thing and they get people to prepare the financial statement. You have to understand the numbers so that you can see where you can cut costs or if you are even making money, so learn what the numbers are saying.

Lesson 3:

When people get into trouble with their business it usually tends to be around their taxes. They just do not understand the different types of taxes.

You are going to earn $50 an hour but think about the tax coming off of that hourly rate.

Many people seek help after they get into trouble. Beatrice David & Associates would love to help more on the front end so that they understand their responsibilities but are willing to work with people in almost every situation.

In the future they would love to provide more educational handouts and have the use of an online portal.

For small business owners:

Wendy wants you know that, if you are in business it is important to have good records and record keeping is good to support taxes but also so that you know how your business is fairing the health of your business is important and that you can pinpoint necessary changes. If you are not looking closely at what you are spending it is easy to spend more if you are not looking. Be constantly looking at your business through a financial lenses.

Looking to start a business?women-and-money

Wendy advises on choosing something that is not labor intensive, because labor cost. Online businesses are great, your job is to drive traffic to your business. Find something that does not require a lot of capital.

So are you looking for a firm like Beatrice David & Associates for your small business or know someone that needs help in their business financials? Well Beatrice, David & Associates is here to help.

Visit their site for more information, We Speak Taxes.

Wish to email them, here you go, debitcredt@aol.com

I have learned a lot in this interview, I am hoping you did too. If so leave your comments below as well as questions if you have them.

Please feel free to share this with others as we support Black Business Owners. Don’t forget to nominate a Black Owned Business as we will be featuring and celebrating them on this site.

Thanks for reading!

Peace and Blessings,
CicelyRenee

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CicelyRenee

God First! Faith-Based Lifestyle Blog. I have the Creative Wellness Project Ministry focused on Bible Study through creative activities. Located in Lewisville, TX and virtually!

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