Although I’m not a spendthrift, I feel as if I never have enough money in my bank account. Because I’m setting aside cash in order to buy a new home, I’m always searching for ways to decrease my monthly expenses. Fortunately, through my research, I’ve found some great, simple tips that provide substantial savings over time. For instance, I turn off my HVAC unit whenever I’m traveling. I also conserve gasoline by running all of my errands for the week on the same day. On this blog, I hope you will discover some easy, painless ways to lower your regular monthly bills. Enjoy!
Building your own small business can be the perfect way to earn a living doing something you love. But along with the freedom of making your own schedule and working in a niche you enjoy, you may have already identified a few less desirable points of being a business owner — one of which is likely to be quarterly tax filings.
Why quarter taxes should never be postponed or avoided
While uncomfortable, it is crucially important that you do not avoid filing your business taxes on time each quarter. In fact, failing to pay quarterly taxes is often included in lists of common mistakes that new business owners make. Even worse, it may also be one of the common contributors to the failure of new or growing businesses.
Instead of dreading the process, new business owners can use the following tips to develop a proactive strategy that will make quarterly tax filings much less intimidating.
How digital options can help
No matter the age, background, or level of education, most Americans perform their work each day with a smartphone in their back pocket or close at hand. In a small business with few or no staff members, the smartphone can be the means to fill in some of the gaps in support staff and administration.
This is especially true in relation to recording and organizing the financial information that you will need to file your taxes. One of the biggest struggles an overworked small business owner is likely to face is disorganization.
Receipts, invoices, and other important pieces of paper that accumulate through the day often get stuck here and there. Even though the business owner has good intentions of filing them quickly, many of these important bits of financial information get lost or misplaced. When tax time arrives, the information may be difficult or impossible to retrieve.
Small business owners can instantly become better organized by installing a scanning app on their smartphone. Many available scanning apps are designed to quickly scan, sort, file, and email copies of receipts, invoices, and other information.
Small business owners can use their scanning app to regularly email copies of their documents directly to their tax and accounting service so that tax filings can be seamless.
To learn more about using digital apps and other resources to ease the pain of filing your quarterly taxes, discuss your situation and needs with a tax and accounting service in your area.
Share6 December 2019
