I’ve been there, not too long ago. And I know how overwhelming it can be making the leap into entrepreneurship.
You spin your wheels, consider the 20 things you need to do, and as you go to check each item off your list, you find 10 more things you never even thought of to add to that ever-growing list.
You are busy and you want to work on the fun stuff in what little time you have… like making a pretty web page and growing your social media following.
These things are important, but…
As a CPA and an entrepreneur myself, I’ve seen so many people in your exact shoes who prioritize wrong and jeopardize their success.
You focus first on the fun stuff, or what seems most important (like...
If you’re an entrepreneur or a small business owner, chances are you’ve heard whispers that you should be an S Corp. Maybe your accountant has already made that election for you and you’re currently set up as an S Corp, or perhaps your friends and family are encouraging you to do so.
S Corps can be powerful money saving tools, but they can also be more trouble than they’re worth.
Also, there are some specific guidelines for which businesses qualify for as an S Corp. Maybe you’ve simply heard of the name but don’t actually know what it is.
Understanding the general concept of self-employment tax and payroll tax is the first step in understanding how an S Corp can save you money.
If you’re in business by yourself and you do nothing, meaning you don’t register your business with the state...
Are you struggling with keeping track of your small business expenses in an organized way?
Today I’m going to share with you four easy to implement tips that will help you keep your small business expenses organized.
It’s important to develop a system to keep your income and expenses organized for a couple of reasons. The first is that it makes tax time so much easier. Keeping things organized as you go will save you time that is better spent working on the parts of your business that you’re passionate about, which will in turn bring you more money.
It will also save you money, because you won’t lose track of deductions and end up paying more in taxes than you should have.
You can’t include deductions on your tax return if you don’t remember they happened. It will also save you money if you’d otherwise be paying someone else to untangle your messy records at the end of the year.
It doesn’t have to be hard to keep track of your...
Today I want to talk all about using Venmo for business. Even though it can be used without fees, it might be costing your small business money depending on how you’re using it. Let me explain how that’s possible and what you can do instead.
Using Venmo for business might be causing you to be unorganized, which wastes your time and costs you money.
When it comes to the numbers side of your business, keep in the forefront of your mind that organization = time and time = money.
One of your biggest priorities should be keeping your numbers organized so that you can easily see your income and expenses without having to go back through a year’s worth of activity in multiple bank accounts and credit cards and have to sort through your business and personal funds to work it all out.
I’m going to preach this in...
Let’s talk about self-employed tax tips for network marketers.
You found a product you love and made the decision to sell it. Awesome! I’ve seen the potential network marketing can have and I certainly relate to the desire to earn extra income and break free of the life sucking 9-5. I’ve seen people leave all sorts of traditional jobs and become full time network marketers and they end up much happier and more fulfilled than in any of their other careers.
Maybe you’re partially motivated by the discounts on products you already use and love, or maybe you’re putting all your effort into making sure this can lead to a full-time gig. I’ve met women who fall into either of these categories and they're both ok!
In either scenario, you definitely have to consider taxes because… congrats, lady! You’re self-employed now! Official #bossbabe status! Now not only are you able to use...
Do you have a firm grasp on sales tax and your business?
Sales tax is a mother and it’s super important that you’ve considered it. It can either seem deceptively easy so you ignore it, or it can be totally overwhelming. Sales tax is a widely neglected area that is majorly important and constantly changing, especially if you sell products online – that goes for tangible products (ones you can touch) or digital ones.
Lots of people have confusion here, so I’m going to provide some clarity regarding sales tax basics for busy entrepreneurs in this article.
Here are 7 basic sales tax concepts for busy entrepreneurs:
Filing your tax return with the IRS does absolutely nothing for you on the sales tax side. Also, sales tax is something the states manage. Each state has their own rules and rates and those rates, in many states, go all the way down to the city level. The state of...
As a CPA in 2018, I worry about entrepreneurs more than ever.
One thing I’ve noticed when talking to a lot of entrepreneurs is they aren't all sure that’s what they are. So, let me clarify – if you make any side income that doesn’t go on a paycheck with taxes taken out – you are self-employed!
This goes for people who drive for Uber, deliver for Instacart, sell products through a direct sales or MLM company, sell items on Esty (or any other online platform), and so on. If you earn money directly from your own customers or clients or if you receive a 1099 at the end of the year because you were paid as an independent contractor – you are self-employed as far as the IRS is concerned, and there’s definitely more to it than the simplicity of being an employee.
Being self-employed is amazing and I’m a passionate supporter of entrepreneurship. I love seeing people believe in themselves, take a leap of faith and...
So you started out in business on your own?
I've been in your shoes. Entrepreneurship gives you all the emotions. Excitement, fear, anxiety, empowerment. You're learning new things every day and hustling hard to get your product or service out to the world and start bringing in the moo-lah so you can pay the bills and work towards financial freedom.
It's busy. It's exciting. And it can be really overwhelming.
Am I right?
If you're like most of my friends starting out on their own, I bet there's one part of your business that's hanging out on the back burner - the numbers side of things.
Look - I get it. The numbers side of your business isn't the fun part. It's not your passion, it's not going to get you any likes or attention, and it seems like it can wait. It's easy to neglect, especially if it overwhelms you as it is.
Waiting around does not make this responsibility go away. If you're neglecting the...
(I hate spam and will not share your info)