I am so glad that tax season is over. I went to sign the paperwork for my forms last week and thought I was going to receive the best news ever. Well, I was disappointed. I have to pay. For the first time, I have to pay more than I ever thought I would have to give to the IRS. Now I understand why my dad always waits until the last minute to do his American duty. Uncle Sam is no joke. We all know it's been said that nothing is certain except death and taxes.
There is always a lesson to learn as I continue to grow in the business world. There are many advantages to owning a business. You set your own schedule. You meet unique people. I love what I do! But, it’s not always a bed of roses, especially during this time of year (tax time). Okay, enough of the whining. I have to accept the ups and downs of being the boss. So, I want to share some tips with my fellow small business owners.
My accountant reminded me that I am the employer and the employee. When I worked, the company took out taxes. Being self-employed, it’s on me. Advice given to me, set aside 10 – 15 percent from every pay check and save it for the man next tax season. Another tip, hire a payroll service to take out taxes for each pay day. You have to do what’s best (and legal... LOL) for your company. Do your homework and get assistance if needed. Before I go, remember this quote from Leonardo Del Vecchio, “I don't like paying taxes, but I like sleeping at night.”