BlogBookkeeping tips to help you build a solid financial foundation for your business. |
Your business exists to PAY you. Your business shouldn’t eat up all your profits. Paying yourself isn’t a bonus; it’s a necessity.
Over the years I’ve noticed a few reasons people don’t pay themselves: 1️⃣Afraid they won’t have enough money to pay their business expenses (or sometimes they literally don’t have enough money left to pay themselves after their expenses) 2️⃣Don’t know how to do it (i.e. do I write myself a check, is it a business expense, etc) 3️⃣Saving it in the business for a rainy day Over the next few posts I’m going to debunk each of these reasons people don’t pay themselves so check back soon! If you were (still are!) scrambling to get your business finances in order for your tax accountant, let me tell you, you're not alone! Tax time is stressful for everyone. But QuickBooks Online can help streamline the process by keeping your books organized throughout the year— or when you're racing against the filing deadline.
One of the biggest challenges in tax preparation is making sure all your expenses are properly categorized and none are missing. With QuickBooks, you can:
And one your income and expenses are categorized, you can generate tax-ready financial reports in just a few clicks. It also syncs with tax software like TurboTax if you're DIYing your taxes. Now is the perfect time to get started with QuickBooks! When you sign up using my affiliate link, you'll receive 30% off for six months, plus 30 days of QuickBooks Live Expert Assisted—giving you the support you need to get your books tax-ready with confidence. Don't let tax season overwhelm you again next year. Get started with QuickBooks today and take control of your finances! Never stress about how you’ll pay your taxes again.
Every year tax season rolls around and business owners scramble to figure out how to pay for them. You made money all year but now there’s nothing left for taxes so you have to use your personal savings… sound familiar? The good news? There’s an easy way to avoid this! I love this simple system based on the book Profit First that ensures you always have money set aside for taxes. Here’s how to start today: 1. Open a separate bank account just for taxes. Relay Bank is a great option with no minimum balances or fees. 2. Transfer a set percentage every time you get paid (or at least once a month). I usually recommend somewhere between 10-25%, but it varies based on your business and where you live. 3. Forget it exists until tax time! No stress, no scrambling. With this system, you’ll always have the cash to cover your tax estimates throughout the year. Start now, and thank yourself later! 😉 |