Business Owners! Let’s Talk TAXES.
Uncle Sam does not play around with his money. Here are some business hacks for paying your dues.
Ok, here we go!
1. Estimate your taxes and pay quarterly
If you expect the current year’s earnings to be similar to last year, you can use last year’s taxes return to calculate your estimated payments.
Your CPA should provide you with info. Paying each quarter makes it easier year-end.
2. Deduct your home office
Are you a freelancer? Do you work from home? Deduct expenses like insurance, mortgage interest payments, repairs and utilities like internet service! You can’t deduct it all, but you can do portions. Ask your CPA. It will save you a ton!
3. Track your expenses
Put all of your expenses on a biz credit card and track spending. By doing so, you can use a finance mgmt program like @Quicken @freshbooks or @WaveAccounting and link the card. Transaction will auto-update and you can just go in and categorize them.
June 19, 2019