online 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 Tips to reduce your tax liability next year

3 Tips to reduce your tax liability next year

Many of us are trying to get away from the norm and take control of our own life. We are focus on being our on boss. One thing I want to do is not only be the boss but stay the boss. It is absolutely amazing how many are taking control of our life, future and finances. One thing we want to make sure of is that we are not just doing it because that is what everyone else is doing. A business without a plan will fail. 

The internet has made it easier for many of us to start our entrepreneur journeys. Quick sales and fast money through mentoring, coaching, consultants. These overnight profits are left not managed with no plan.