S7E10: Taxes, Buying a House, and Changing Your Name
When you get married, there are several things that come into play regarding taxes.
There’s a lot that goes into planning a wedding. But, what about after you’re married?
Here's what you need to know.
This week, we’re dishing about…
Filing 'married filing jointly' vs 'married filing separately' - pros/cons of each.
Things to think about if purchasing a house together and how this affects your taxes.
Combining finances and how that relates to taxes.
Changing your name and what that means for your taxes.
Starting a business endeavor with your partner and how to successfully run a business with your spouse.
… and more!
Meet Amy!
Owner, The Accountant for Creatives
Amy Northard is the Accountant for Creatives®. She is a Certified Public Accountant (CPA) who specializes in working with creative small business owners to make taxes and bookkeeping less stressful. She has a passion for helping small business owners wade through all the financial things it takes to start and operate a business so they can focus on their craft. In addition to preparing tax returns and bookkeeping for clients all over the U.S., Amy enjoys teaching small business financial basics through her online course Be Your Own CFO.
Business Details…
How long have you been in business? 9 1/2 years
What areas do you serve? The United States
Why did you decide to start your own business?
I had just gotten my CPA license and couldn't picture myself sitting in a cubicle from before sun-up to after sun-down for a quarter of a year. This time is also known as 'tax season.' I started interviewing for a new job and my search for 'work-life-balance' was not well-received by many of the accounting jobs I was looking at. I decided to take a part-time, benefits-providing bridge job not doing anything accounting related while I built my business on the side. I've always been drawn to creative projects and small businesses, so it was a natural fit that my business focused on that niche.
What's the coolest thing about owning your own business?
I love the freedom of being able to implement changes in processes and benefits as I see fit, instead of having to go through a million bureaucratic meetings to make minimal changes happen. It's also pretty cool that this business is currently supporting 11 full-time adult salaries plus benefits.
Business Info
Do you have a favorite story to share?
We just took our team to Austin, TX and stayed in an airstream park. It was such a great time to bond with each other and build friendships with people we only ever see through Zoom calls.
What challenges have you had to overcome?
Employing others comes with so much joy and some stress. You want to make sure everyone is happy in their job while balancing the profitability of adding new employees and all of the obvious and non-obvious expenses associated with it.
What advice could you offer to someone starting a business like yours?
Online reviews and word-of-mouth referrals are the best advertising. They have been instrumental in starting my business from the very first client I had to over 500 now.
*Sara’s note: I hired Amy based on a referral from Ashlee Hightower.
Daily Life
What is daily life like in your household?
My husband and I both work in this business full-time. One of us takes our kiddo to school and then after a coffee or two, we start the work day. My husband focuses on the blog content, website-related things, and all other-tech needs of the business and team. We pick our kiddo up from school, might work a bit more while he decompresses from school, and then hang out together/eat dinner. This is a little different during tax season, but thankfully not much. Usually, I just end up working a little earlier in the morning and a few hours after bedtime.
Are there any challenges or obstacles that you've had to overcome?
As a husband-wife team, we've learned that we work best if we have our own office spaces and our own zones of genius in the business.
What advice would you offer to other business owners in a similar situation?
If there are other husband-wife business partners, I would say - take a business planning retreat at least once a year where you can focus on your plans for the business instead of just constantly being stuck 'in' the daily business to-dos.
Wedding Details
What, if anything, would you change about your wedding?
I wouldn't change a thing. It was an upscale barn wedding with pulled pork mac 'n cheese for dinner and our friends still comment on how fun it was, about 8 years later!
How did you choose your wedding vendors?
My husband actually found almost all of our main wedding vendors. I had a photographer in mind that I followed on Instagram and was so excited she was available.
What advice could you offer to engaged couples planning their wedding?
Enjoy the process: go for tastings, listen to bands, take day-dates to visit venues. The planning part doesn't have to be stressful if you don't make it!
Photo credits: @laurenpeachie and @kellyoconnorphotography
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