This week's bookkeeping tip: Don't wait until next year to work on your taxes. Now it the time to get your books organized before the end of 2015. Waiting until the last minute to file can cost you hundreds, if not thousands, of dollars. Behind in your bookkeeping? Click here to join my free class tomorrow and learn how to get caught up.
Usually I only share my weekend activities with my newsletter family. But this past weekend was SO good, I had to share it with you too. It started on Friday with an amazing spin class. And then on Saturday I took a fabulous Zumba class. And the best part? 100% of the class proceeds went to support women with cancer. So beautiful.
Being an entrepreneur gives us the opportunity to make a difference in our local communities and the world.
But, we can only give back if we take care of our finances.
You have to develop and maintain a routine that allows you to stay on top of your books. Unfortunately, many entrepreneurs wait until the last minute to organize their books. Usually right before the tax deadline.
Did you know that by waiting until the last minute to organize your tax filing costs entrepreneurs thousands of dollars every year?! It's true.
A couple of years ago I interviewed Kelly Phillips Erb, a Forbes contributor known as the "Tax Girl". She shared that the biggest mistake that business owners make is overpaying their taxes.
Sometimes, small business owners are overpaying their taxes by hundreds or thousands of dollars every year.
One year, I had a $1,300 bill from my local government. I called them immediately for verification and they realized that they had made an error. And they immediately reduced the bill to zero dollars.
The only reason I knew that this fine was in error was because I had been staying on top of my books. And had been able to locate reference documents. If I had not been able to pull those documents, or had ignored the bill, I would have had to pay A LOT of money.
If you have been ignoring your books all year, you are not alone. Many small business owners do. But, now is the time to get it organized so that you can avoid unnecessary fines and penalties.
Learn how to get and stay organized in my FREE bookkeeping class. Click here to join.
Cheers to a banging fourth quarter,
Danetha Doe (@danethadoe) is a business strategist and helps entrepreneurs understand accounting so they can take their business to the next level. Selected as one of the Top 40 under 40 accounting professionals by CPA Practice Advisor, she is the author of the Simple Guide to Accounting and Financial Strategy for New Entrepreneurs. Click here to find out more about working with her.