Happy Monday, fabulous!
This week's money tip: One of the biggest tax mistakes small business owners make is not setting aside enough money to cover their tax payments. Going forward, for every dollar you earn in business set aside 30% to cover taxes. Transfer it to a separate bank account so you are not tempted to spend it.
Were you able to take some time to relax this weekend?
Hopefully you were, because as we head into the final week of the first quarter it's time to kick it up a notch!
Kick it up a notch and reflect. When it comes to money, what is keeping you up at night?
- Do you have challenges with cash flow or paying bills?
- Are you wondering why you're paying 40% of your business earnings in taxes?
- Were you hit with a payroll fine and wondering what you did wrong?
I hear these questions consistently from business owners just like you.
In case you aren't familiar with my story, I started my first business at the age of 20. By 21, I was homeless, depressed and unsure of how to create the life of my dreams.
I realized that my ignorance around cash flow and budget planning, was the main cause behind my company's failure.
It is my mission to help as many small business owners like yourself understand the nuts and bolts of accounting- not just for tax filing, but for maintaining a financially healthy and thriving business.
A business that allows you to sleep peacefully at night and pay all of your expenses, comfortably.
What is keeping you up at night about money?
I want to hear from you! What are your burning questions about cash flow, tax planning, bookkeeping and budgeting for your business?
Tweet me @danethadoe and let me know.
With all my love,
Danetha Doe is on a mission to help every woman become financially independent. Sign up for weekly newsletter for free money tips delivered every Monday morning.