businesses

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

3 things you have to constantly do in business

3 things you have to constantly do in business

I wrote a facebook and instagram post yesterday and thought it to be blog worthy. Sometimes we miss the small simplicity of how life or business works. I hope as business owners we all have the goal to grow everyday.

The truth is, to grow in a positive direction you have to be very intentional about your life or the decisions you make in your life. I believe making the decision to go into business for myself was the best decision I have ever made. I made that decision 5 to 6 years ago and my business is just now getting off the ground. Not because I haven’t been working but because I am now reaping the rewards of my work

Success is not overnight. Even if someone made 6 figures in one year or a million in one year, most won’t share all the businesses they started and stopped. Or how long it actually took to get the courage to start a business in the first place. So I want to share the 3 B’s with you that are steps I took when I start something. Because always remember you first business is not going to be your last business. Your first product won’t be your last product. You will evolve.

4 different taxes you need to know

4 different taxes you need to know

When you start a business there are 4 different taxes you should be aware of. Unpaid taxes are a major reason businesses fail. Understand , that the money you collect is taxed, so a portion of that money goes to the government. That is why it is beneficial to have a bookkeeper. We will keep track of how much you owe and when you owe it based on the transactions made in your business.