You want to start a business. Now what? You need to know that the numbers work for your new idea.
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Do you wish there were detailed instructions for the major life decisions you make? A book that told you all the fine print nobody ever talks about? It would tell you all the things you never thought you would say as a parent like “why is this french fry wet?” or as a new home owner “this wire is supposed to do what?!” As a new business owner, just like everything else, there is fine print and it often isn’t discussed.
Setting goals is the very first step, but it doesn’t end there. You must go back and revisit what you have set out to do! We all know the age old adage “Rome wasn’t built in a day,” however, there was vision and daily work done.
Every once in a while it’s good to do a check-in with yourself and evaluate where you are. We think you will realize you are farther along than you once were, you are stronger than you thought you could be, and you are determined and driven. It’s all worth celebrating!
When starting a new business, the focus is on the product or service you will offer, how you will offer it, and getting the money rolling in! What may not come to mind is taxes. You may also not consider what tax deductions you will be eligible for.
If you are a small business owner and filing your own taxes, it is important to know the tax deductions you are eligible for! You work hard and keep your business moving forward, the last thing you want is to give your money to the IRS. You want to save as much of your hard earned money as possible!
When it comes to filing your taxes, there are ways to save as an employer. There are tax deductions based on the expenses you pay for your employees. We want to make sure that as a business owner you are taking advantage of all the tax deductions possible!
Honestly, we are not big fans of filing extensions. We find that business owners have a hard time moving forward into the new year when they haven’t closed the previous year out. It’s almost as if they have a weight they are carrying and can’t put down. However, We do believe there are two good reasons to consider filing an extension.
Without a doubt, the number one reason to become an entrepreneur is so you control your own destiny. We are not just referring to how you live your day-to-day life, but your long-term future. When you think about the long-term, you should be considering retirement. As a business owner, you have so many opportunities to create a huge nest egg for your future!
Don’t fall into the trap of making the same mistakes over and over! Running an efficient and profitable business is worth the effort!