Let’s just start out by being completely honest with each other, shall we? We all hate, hate tax season! Either we completely despise it or we run around in circles with our hands flailing about just thinking about it. I hated filing my returns too. I procrastinated until the last minute on the dreaded date – April 15th. I felt like there was ticking time bomb, ready to explode somewhere, but let me just wait till 10 seconds on the clock and do something trivial while time flies by. Have you ever felt the same thing? Don’t worry though, tax season does that to you.
I know procrastination can seem like the best idea in the world, but here’s some friendly advice: don’t do it. Just don’t. When it comes to filing your returns, planning in advance really helps. It may even help you reduce your income tax liabilities, because you’re thinking about it more thoroughly than you would if you were filing at the last minute. So, no more last minute fretting. Follow these tips and you’ll do just fine.
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Running a business only works if you get paid. Sending out invoices with no answer from the client or customer can cause you to pull your hair out and stay up all night wondering how you’re going to pay the bills.
Now that GoDaddy Online Bookkeeping also includes a new Invoicing feature, we’ve taken a marked interest in how our customers invoice. And we’ve come up with several best practices that seem to get invoices paid promptly and in full.
By Greg Lindberg, 1800Accountant Writer
In the eyes of most small business owners, bookkeeping is likely one of their least favorite things to do. When you sit down and think about it, who truly enjoys pouring over lengthy spreadsheets and calculating financial figures that will often make your head spin? Even though bookkeeping is not a highly popular task it is still one of the most important priorities on any business owner’s to-do list.
Bookkeeping is a practice that involves maintaining all of the financial records of a business. It is vital to keep a keen eye on the profits a small business generates, the money it pays in the form of expenses, and the taxes it incurs on a regular basis. When you can see a clear snapshot of this information in front of you, the financial side of your small business will immediately become very important to you.
Starting your own business as an entrepreneur puts you at significant financial and personal risks. However, there is one risk – not saving for retirement – that you don’t have to subject yourself to. Whether you run your business alone or have a few employees at your back, there is a 401k plan available that can help you ensure that your golden years are stress-free.
Just because your business is a one-person operation doesn’t mean you (and your spouse) have to miss out on the benefits of saving for retirement with a 401k account. You can set up an individual 401k (also known as a one-participant or solo- 401k) plan through your bank or another financial institution in order to contribute pre-tax funds into a savings, mutual fund, or money market account of your choosing.
At the beginning of each year, businesses begin to look at what they spent the year before, gather up receipts, approve budgets for the year, and start to get ready to file their taxes. Prepping your small business’ taxes early can be a long drawn-out process but gathering and preparing everything early on ensures that you and your employees are taken care of completely before April 15th.
Organize all of your records