As tax season looms, many travel advisors find themselves in unfamiliar waters. Organizing finances and preparing for tax filings can be daunting, but with the right knowledge and strategies, this annual chore becomes much more manageable. In this episode, tax expert Andrew Roed shares tips to help travel advisors stay organized, save money, and avoid costly mistakes. From choosing the right business structure to smart payment strategies and avoiding IRS penalties, Andrew covers what every advisor needs to know. He also clears up common deduction myths, explains estimated tax payments, and reveals how to use your financial data to grow your business. Don’t let tax season stress you out - tune in now and take control of your finances!

About Andrew Roed:

Andrew Roed is an IRS Enrolled Agent, husband to a Travel Advisor and owner of a Company called Taxes For Travel Agents, LLC. Taxes for Travel Agents, LLC focuses on providing tax preparation, tax planning and most importantly financial education for Travel Advisors.

Facebook Group: Taxes for Travel Agents

Today we will cover:

(01:20) Andrew’s background; becoming a tax expert for travel advisors
(04:50) Sole Proprietorship vs. LLC
(08:25) Treating your LLC as a separate entity
(10:25) Switching to an S Corporation status: is it right for you?
(14:10) Strategies for paying yourself as a business owner
(19:45) Planning for taxes; setting aside funds and estimated payments
(28:40) Tax deductions and write-offs; examples of business expenses
(35:10) Tax surprises and hidden costs; hiring a professional for tax preparation
(40:45) Utilizing tax data and planning for the future
(53:40) Retirement planning options for travel advisors; Solo 401(k)

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118. Tax Prep 101 with Andrew Roed

TIQUE Talks: The Business Podcast for Travel Advisors