Tax Prep in 47 Minutes

Make Next Tax Season Your Easiest Yet

This tax season is finally over today—whewwww!

We all make jokes about tax season, but the truth is: it doesn’t need to be as complicated or anxiety-inducing as we often make it.

We’ve sat down with several tax experts and thousands of creators over the years to get their insights on how to stay organized throughout the year so tax season becomes a breeze.

So here’s the playbook for making tax season a whole lot simpler.

3 Tax Habits to Start Today (Not Next April)

1️⃣ Set Up Business Banking (7 min)

It seems small, but mixing business and personal finances makes tax season way more difficult.

What to do now:

• Open a dedicated business bank account this week.

• Apply for business credit and use it exclusively for creator expenses (if needed).

Why this can’t wait:

• Every day you delay means more mixed transactions to sort through later. Separating your finances now gives you the cleanest slate possible for next tax season.

• It also protects your personal assets and makes expenses more defensible should the IRS ever audit you.

Exciting news: We’re launching Karat Business Banking to help you do exactly this. 👀

It’s not open to the public just yet, but we’re onboarding Karat cardholders and getting positive feedback.

If you want early access when we open it up a bit more, drop your email in the form on the website:

2️⃣ Ask an Accountant Questions (5 min)

If you’re ending this tax season feeling like you could’ve done a thing or two better, use the “Ask an Accountant” channel in our Discord to pick a CPA’s brain.

What to do now:

• Join our Discord (it’s free).

• Send your question in the Ask an Accountant channel.

  • You can ask about things like expenses you can write off, deductions you may qualify for, when to switch from LLC to S-Corp, and more.

• Let our partner CPAs help you out.

Why this can’t wait:

• The sooner you get a handle on your expenses, deductions, business structure, etc. the smoother next tax season will be.

• Certain expenses (ie. mileage) may require in-the-moment tracking or keeping track of receipts. This is challenging to manage retroactively.

3️⃣ Add Quarterly Estimate Dates to Your Cal (5 min)

Paying for taxes four times per year isn’t just an IRS requirement—it’s a stress-reduction strategy. Each quarterly payment means less to worry about in April.

Who needs to pay quarterly taxes? Self-employed people who expect to owe $1,000 or more in taxes should pay estimated quarterly taxes.

What to do now:

If the above description sounds like you, add the following dates into your calendar:

🚨 The first payment for 2025 was due April 15th.

Why this can’t wait:

• You can get hit with penalties and interest if you fail to make quarterly estimated tax payments.

• Adding these to your calendar ahead of time can help you stay on top of it.

🤑 Already on top of these things? Read our free tax guide for more in-depth insights and strategies.

1 Habit to Do All Year Long

Add an Admin Meeting to Your Cal (30 min/wk)

Taking care of things a little bit at a time makes it easier in the long-run. But the following through piece is difficult.

Solution: Schedule it into your calendar.

Seriously.

We’ve found creators who implement this feel far more organized, calm, and prepared for tax season.

What to do now:

• Pick a recurring time each week or month (depending on your tax situation/complexity) for a 30-minute meeting.

Then do this during those meetings:

• Update your bookkeeping.

• Make note of any new agencies or clients you’ve worked with during this time.

  • Why? When it comes time to collect your 1099s, you’ll have a list of everywhere you might be expecting one from.

• On the last meeting of the month, make note of the cost of rent, utilities, etc. if you have a home office you’re taking a deduction on. Download proof of payment for these and upload into a Google Drive folder.

Why you should do this:

• Retroactively tracking a year of expenses and income is a nightmare. It’s far easier to do your books a little bit at a time.

• You’ll have a clearer picture of your finances, where 1099s will come from, etc.

Content Planning Framework to Try

A friend sent me this video—how a creator posts a minimum of 3x per week without spending hours upon hours creating.

She created a simple framework for herself that’s repeatable and gives her something to work off of when she needs inspiration.

She picks one theme for the week and creates content around that theme in 3 different formats:

1. One storytelling video

2. One video that’s more value-driven

3. One carousel

If you’re struggling to stay consistent or feel like your content is all over the place, give this framework a try.

Quick Links

🔓 Instagram testing locked Reels with secret codes.

📈 Unique signature series ideas to grow your page.

🤝 Content creator conferences to attend this year.

🎥 Filmmaker/creator needed for $8k/mo UGC role.

This Week in Creator Studio

This Thursday April 17th at 4PM ET we’re interviewing Mino Lee in Creator Studio (our free Discord community).

Tune in to learn how to build a $1M business from content. 👀

See ya next week,

Karat