Oh my goodness....
It took about three weeks and I consumed countless bottles of wine and cups of coffee (and maybe a bag or two of vegan chocolate chips) but I am finally done with my business taxes!!
My sweet, dear, patient, loving husband stayed up with me until 2am Monday morning to finish them with me. The whole time we had a mantra that we kept repeating - 'It is not the end of the world.'
When you are a small business owner, it is hard to know what your tax burden is going to be. There is no monthly withdrawal from an employer based upon your salary. I have to do it myself, and my income isn't steady. Some months are awesome, some are slower, and you always have to make sure you set aside money for taxes.
This was our fourth time doing taxes since I started my business and I am still learning the accounting/tax side of it. My brain is not set up to understand excel spreadsheets well and my husband is a excel spreadsheet GOD so I just let him set up the formulas and I enter in all the information. Every year I figure out things to do differently and this year was the closest that we have ever come to the deadline thanks to some accounting hiccups I created.
The best thing about doing taxes and inventory though is seeing where your business stands. I grasp a better idea of what I own, what I have had sitting around for too long and how much I actually spend on supplies.
Also, with counting over 2500 different items that I have on hand (yeah....I have a lot of beads), I always find things that I forgot about and get new ideas on ways to use what I have on hand.
So here's to making this upcoming tax season even better than last and as my husband shouted at 2am early Monday morning...
~With Love, Ashlee~
YEA! Congrats on getting the taxes finished up! You should totally do a post on small business owners and taxes because it seriously gives me the biggest headache and I have no idea how to even go about doing it. Teach us your ways!
ReplyDelete