For the last two weeks on Twitter, I have seen several W2 meme’s and people discussing what they will do once all their papers come in. There use to be a time when I got close to a thousand dollars back on my taxes. I was also a decade younger and naive to what handling my finances really meant. I wanted to share with my fellow business owners how they could maximize their tax refunds no matter the amount received.
If you are one of the millions of individuals trying to build wealth that last for generations, you are also one of those people looking to save additional funds every month. As I get closer to 30 years of age I realize that I need to have more money in my saving account. I’m no longer a teen or young adult who can depend on her parents to fund her lifestyle or take care of life expectancies such as new car, wedding, down-payment on a house, fix my washer and dryer, or other things that happen when you become a real adult.
I feel like I have been talking non-stop about money lately on the site. However, it has been for a good reason. Becoming knowledgeable about your business finances is important. Personally I believe, it’s easier to digest hearing about certain topics from another women versus a man who may belittle you or make you feel bad. I want to educate millions of women on how to run a business that grows and can change the world.
It’s that time of year when millions of Americans start anticipating their government tax refund. As a small business owner, I am just praying I don’t owe Uncle Sam a penny. Last year I got back $21 and I was so excited. Previous years I was zeroed out or I owed less than $500. So, that gave me little joy.
So many people just jump head first into starting a small business with their only thought being about making money. They don’t put any time into how they will manage the money once it starts rolling in, especially not when it comes to managing how they pay themselves. Clients always ask how do I manage my income. Here’s my answer.
If you are like most individuals accumulating wealth is important to you. Not because you want to be on the Forbes list or something of that nature. More so to have security for you, your family, and for generations to come. However, we all know that most people are spenders not savers. Earlier this year, I decided to join the savers. Last year, I did a plethora of work to get my finances on track but this year I really took it up a notch.
If you are person who grow up in home where money was not talked about and you were lost when you became adult here are some things I learned this year that has helped my personal and business life so much.
It’s that time of year, when H&R Block and Jackson Hewitt commercials are running rampant to remind people it is tax income season. When being a small business owner taxes take on a whole new meaning. At least they did to me, especially when I realized I was responsible for more than I could even comprehend at the time.
We have discussed using PayPal as a payment gateway for your small business. Are you aware of their new policy changes that effect you, the small business owner, directly? One thing most people (in general) do not do their due diligence to is reviewing companies terms of service, privacy policies, and other policies companies might have in place. Here is a quick break down of PayPal policies.
We are all unique and different when it comes to so many aspects of our lives. In recent years, I have learned that financial education truly does differ. Not just simply based on race, but so many other factors play into how people treat money in their personal and business lives. In order for your business to thrive you need to understand how to manage your money in a way that works for you. What works for one might not always work for others.
We are getting closer and closer to the New Year and tax season. This is the time of year most people start thinking about launching a business and others who are already running a business are trying to figure out how to do their taxes. Understanding taxes in general can be a whole new ball game for a newbie. Don’t miss out on these 7 tax write-offs for small business.
Being financially responsible is not just important for your personal life but it is extremely important for your business to stay out of the red. One of the things I repeat constantly over and over to clients at ICB Consults is all the money you make is not profit for you to spend on a new Michael Kors bag. Business does not work like that. Trust, I wish I could keep every penny I made, but that’s not the case.
In the middle of the month or even towards the end do you feel like you are scraping by to make ends meet? Are you living paycheck to paycheck? You are not alone in this matter, millions of American’s are living just like you. However, you can change that by doing a couple of things. It is really simple to create and live on a budget but we make it hard on ourselves.