When it comes to managing the money in your business, you want to ensure that you are tracking your income and expenses like you once tracked down the name, age, and shoe size of the girl your ex started dating.
Because you want to have enough cash to fund your business AND pay yourself.
Know what service is making you the most money and what you should send packing.
See where you’re overspending.
You hustled, created a kicka$$ social media strategy, pitched to some clients, and now have money flowing into your business. But how much of that should you actually be funneling back to you?
Great question. But what most entrepreneurs don’t realize is that this isn’t just a matter of determining how much to pay yourself.
It’s also discussion on how to go about making those payments.
Struggling to determine which business taxes you have to pay, when those business taxes are due, and how to maximize your deductions to save the most come tax time?
I’m here to simplify it all for you.
Taxes can be confusing, but this post will help you understand the basics so that you ensure you a) stay legal and b) hopefully save some substantial money (tax-planning strategies are a real thing, lady! I use them every year to help keep more in my pocket and less in the government’s).
Taking the leap into starting your own business can be…well…scary. Intimidating. Nerve-wracking. All of the above.
I remember battling the, “Am I even good enough to do this?” negative voices in my head. Along with the, “Is this really what I want to do?” and “Will I even like being an entrepreneur?” questions because, you know, our mind clings to the comfortable and avoids anything unknown. We’re a species of survival, you know.
But it can also be exhilarating. And rewarding. And challenging in the best way possible.
While many entrepreneurs are simply focused on making enough money to support their biz and pay themselves, you have graduated to the point where you have more than you know what to do with.
Great problem, sister.
However, you want to ensure that all the work you put into earning those dollars isn’t for naught. Excess cash in the bank isn’t a free pass to start upgrading to first class or renting out office space you don’t need.
It’s a chance to start building even more financial freedom for you and an opportunity to scale your income to the next level.
You want to know something I probably shouldn’t tell you as someone who’s an “expert” in this field?
I waited WAY too long to form an LLC for my business.
I started my company as we all do, in a whirlwind of ideas and social media marketing, trying to figure out how to create a website and attract clients.
And once everything was up & running, I was also up. And RUNNING.
At the start of 2019, I officially got official – I put on my big girl pants, registered for LLCs, and opened my FIRST EVER business bank accounts for both my real estate business AND Britt & the Benjamins. I now have so many debit & credit cards, I need two wallets.
However, while I wrote a post a while back telling you WHY you need to get a business bank account, I didn’t divulge the HOW, i.e. the laundry list of items to look for when you decide your business is ready to put on its big girl pants, too.
I would say that 90% of the questions I receive from entrepreneurs center around one thing: taxes.
And I get it. They are confusing. And always changing. And sometimes extremely boring.
Trust me, I’ve done hundreds in my lifetime. I should know.
Which is why I hopped on Instagram to ask you what your biggest tax question is, and girl, here are your answers:
If you’re anything like me, your world seems to reside in a state of constant movement. I work 50 hours per week at my full-time job, spend my spare time renovating properties or working on my business, and somehow manage to squeeze in time to pop a Stouffeur’s in the oven for the Keithster and I while we drink wine on the couch & catch-up on our day.
It’s like being the child of Olivia Pope & Leslie Knope in the best & worst kinds of way.