Wings, wagers, and taxable winnings

If your Super Bowl plans include wings, critiquing commercials, and maybe opening up Draft Kings, I have one tiny request: keep track of your bets!

This goes for pretty much any gambling this year - keep a note in your phone with:

• The date + type of bet

• The amount won or lost

• Where you placed the bet (app/casino)

If you ever want to deduct those losses against your winnings (aka pay less tax when you hit it big), you need an accurate gambling log. Not trying to be a buzz kill, but the CPA in me just can't help it.

February is the time when tax forms really start rolling in! You should be receiving your W-2s and most of your 1099s this month. Drop them into your 2025 Tax folder, and upload to your CPA’s portal once you have most of them.

Most business owners don't struggle because they aren't making enough money; it's because they aren't in control of where their money is going once it hits their bank account. A good budget puts you in the driver's seat of your business's financials.

My free Budgeting for Studios guide gives you all the tools + tips you need to build the very first budget you'll actually stick to. It walks you through building a realistic (read: adaptable) budget using last year's numbers, adjusting for months with uneven income, saving for estimated taxes, and prioritizing paying yourself!

I'm sure you've already got a dinner reservation (riiiight?), or maybe you're planning a night in with Ben & Jerry's… either way, make sure your books don't get lonely with a money date this month.

This is my fun way of getting you to look at your bookkeeping! Grab your favorite drink, light a candle, whatever gets you in the mood to dive into your numbers:

• Finish your January bookkeeping (entering + reconciling everything)

• Take a look at your cash balance + upcoming bills

• Review any large/unusual expenses

• Transfer money to your tax savings account

Being consistent with a monthly bookkeeping check-in routine means you'll catch any issues before they become a much bigger, probably more expensive, problem.