Entrepreneur Tax Surprise

Published by Meg_Meyer on April 18, 2008 at 10:24 AM in Business Coaching, business

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Now that your taxes return forms are off to the government, I’m curious about how many entrepreneurs, whether new or veteran, had some surprises this year.

Did you find yourself overpaying over the last year and getting money back? Did you underestimate and owe, as I did? Or did you estimate your quarterly taxes and break even?

The smartest sole-proprietors make sure to break even. You want to send the government just enough money that they aren’t earning interest on the money they give back to you later (what most people call the “tax return”). You want to be able to let that money accrue interest in your own bank account on your behalf.

Now is the time to improve your system of accounting, saving receipts, logging car expenses, etc. Whether you use the big box method, or organize everything into files, this week is the best time to build upon what works and get rid of what doesn’t.

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