178 - Taxes
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In this video, I'm going to discuss a very important topic for all small business owners and entrepreneurs - taxes.
Firstly, it's important to know the rules and regulations in your particular area to find out if sales tax is something you need to charge your customers. In my state, Arizona, we don't have to charge our customers sales tax on the services we provide(we do now, since making this video). However, it varies from state to state and country to country. Therefore, consulting a professional, accountant or tax advisor in your area is essential to determine if you need to charge sales tax.
Now, let's talk about business and personal taxes. Many small business owners and entrepreneurs neglect to set money aside for taxes when they start bringing in a decent amount of money. My recommendation is to set aside 25 to 50% of your revenue for taxes. This amount is in addition to payroll taxes and unemployment. I also suggest paying taxes quarterly even if it's not required, so that you don't have to pay a large tax bill at the end of the year.
It's essential to stay on top of your finances and save for taxes. Setting up a separate account and transferring a portion of all incoming revenue for taxes is a great way to keep track of your finances. Ensure that the funds in that account are only for taxes.
It's important to take taxes seriously because many businesses go out of business due to money management issues. My advice is to have more money set aside for taxes than not enough. I've experienced a couple of stressful years when my tax bill was higher than expected. You don't want to be in that situation.
However, please note that I am not giving tax advice. Everyone's financial situation is different. Therefore, it's always advisable to seek a tax professional's advice on what you should do.
Well, that's it for this video. If you have any questions, feel free to reach out. See you on the next one!
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