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5 TIPS for Home-Based Business Entrepreneurs
Have you ever heard that only a small part (5%) of 'all' Home-Based Business entrepreneurs achieve success? Do an online research on your favorite Search Engine and you will understand what I mean. In this article I'm going to show you the KEY...
Customer Service Tips for Small Businesses
We hear it all the time about big companies, and most likely we have professed a few of the same sentiments ourselves: "They've gotten too big to care about individual customers," "Personalized service is a thing of the past," and "If you get mad...
How "The Whine" Assures Small Business Failures
If you have dealt with many people in the Internet marketing field, you have undoubtedly run across "The Whine". This is an attitude filled with self pity, the desire to have the rewards of Net marketing without paying the price, and often a great...
Small Business Outsourcing: An Introduction
Outsourcing is the delegation of a business process to an external service provider. The service provider will then be responsible for the day-to-day running and maintenance of the delegated process.
Before outsourcing an IT function, look at...
The 3rd Plan Missing from your Business
If you're like most people, you probably started with wonderful ideas of fulfilling your dreams, to be successful and to take charge of your own destiny.
I hope you have achieved those or are well on your way.
You wouldn’t think of...
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The Tax Connection: Small Businesses and Tax Time
I'm sure you've heard the daunting statistics that only 1 out of
every 5 businesses makes it to their 5th year. But do you know
why this is true?
While I can only speculate, I have heard one of the biggest
reasons for business bankruptcy is taxes.
The problem is a cyclic one. The owner starts making money hand
over fist, and of course, spends it just as quickly. Money comes
in and goes right back out. Sure, putting money back into your
business is necessary, but you must manage your spending wisely.
Remember, the U.S. government takes about one-quarter to
one-third of our income. Plant that firmly in your mind! As a
self-employed individual living in the U.S., it will probably be
closer to one-third. So it might be best to just set aside
one-third of your income for the tax man. If it turns out it's a
little less, then you'll have some extra cash.
In other countries, this number may actually go up to as much as
one-half to two-thirds of your total income. Isn't that why
we
all love socialist economies?
All joking aside, the point is, if you spend everything you
have, you will not be able to pay your taxes come tax time.
Obviously, you don't want to get yourself in the position where
you owe $10,000 or more (especially if you already spent your
profits) all at once.
The best way to avoid this frightening situation is to spread
your tax payments out. Monthly is best, but quarterly is a great
start. A good accountant will be able to help you estimate what
to pay based on what you're earning. That way, your taxes are
spread out evenly throughout the year.
So remember to factor your taxes into your overall financial
situation before it's too late!
About the author:
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| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
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| NSW Small Business |
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