business tips

How to pay estimated taxes

How to pay estimated taxes

So every business and individual according to the IRS are required to pay taxes as we receive our income. I call this paying as you go. It is actually helpful in preparing for taxes at the beginning of year and for avoiding extra cost. The IRS says anyone who owe more than $1,000 in tax and has not paid taxes through out the year can be penalized and charged interest. Many of us forget, but it’s just like getting paid as an employee.

The employer negotiate your gross pay, you give permission to withholding tax, social security, medicare and you are paid the net amount. This is true for businesses as well. You are responsible to pay a 15.3% self employed tax

How to work well with an Accountant

How to work well with an Accountant

I want to provide 5 easy ways to get along with your accountant. Rather you have one yet or not, this will still benefit you. A business owner and accountant are entering into a business partnership. This will be one of the most important business relationship you commit to. So it is very important that the relationship is set up successfully. So here are a few things you, the business owner can do to make sure this happens.

1.) Have a separate business account

Can your business produce financial statements?

Can your business produce financial statements?

If you are in business and you cannot produce at least a monthly financial statement for your business you are not managing your business properly. Now I know we all do the best we can do. I know some of us can only afford keeping track of your expenses and income via an excel sheet. This is OK when starting out or if you cannot afford on going bookkeeping payments.

However,

as your business grows,