Most solopreneurs dread doing their bookkeeping. Some give every piece of paper to an accountant at tax time. Some don’t open their bank statement when it arrives each month or cringe as they look at the balance.
Pay all bills thanks prior to the end of the year. Payment to cell services, rent, insurance, and utilities in connection with the business can be included for accounting and applicable tax waivers.
My time is too valuable to spend trying to “convince” anyone of anything. Think about… do doctors try and convince other people to become doctors? Do Accountants try and convince other people to become Accountants Harringay? Even if they do try, what are their chances of being successful. People have a choice of how they want to live and not everyone chooses our path to financial freedom (bizarre I know). The thing is though, the negative people in my warm market wouldn’t stand a chance of being successful if I had to “convince” them.
Worst part is the major road we live right off of is a straight shot to the account’s office. No turns AT ALL until one reaches within 2 blocks of the office. Yet somehow my woofie, instead of heading dead due north, has added a western bent to the normally straight-forward journey.
When incurring tax debt, the one thing that should never be done is to not make a payment at all. The penalties for nonpayment can be quite steep and could result in liens or levies being placed on the taxpayer’s personal assets. Also, any late payment or nonpayment of a debt can negatively affect one’s credit report. Once a person’s credit is determined to be “bad”, it is extremely hard to repair. Having poor credit can prevent a person from receiving new loans in the future, which can make buying a home or new car very difficult.
Have you priced your product right? It is essential to track the cost to produce your products or services and monitor your markup for the financial health of your business.
That’s all I have for you in this, the second article in the series, “Marketing Methods That Immediately Grow Your Small Business.” Join me in the next installment when we discuss how you can quickly get new customers by legally accessing the customer lists of other businesses.