Small Business Tax
You have to watch every little thing when you are staring your own business. One little misstep can land you in a lot of hot water. Though most people know this, there are some who start a new business when they don’t know what they are doing. I worked for such a woman once, and it was no surprise when she had to sell her business a few years after opening. One thing she neglected to keep an eye on was her small business tax, and she ended up in over her head.
You have to have a lawyer and an accountant if you want to be successful. You can’t possibly keep things in check all by yourself. No matter how smart or how hard you work, you can’t possibly keep up like you need to. There are so many different things you have to know and have to do. Your small business tax is something that you have to keep track of, but you should make sure your accountant stays on top of it for you as well. If anything, make sure they are checking over what you are doing as a failsafe.
If you don’t understand anything about a small business tax, you have to find out, or you have to really trust that your accountant knows what they are doing. In most cases, you won’t have anything to worry about, but bad things happen. One mistake can snowball into something larger. The woman I worked for had this exact problem. I was taking care of some of her work load, but I was strictly data entry, and I made sure she knew this. I basically organized the financial information she gave me, and then it was handed over to her accountant. I know very little about small business tax, and I made that very clear.
We parted company early last year because she could not longer afford to pay for the extra help. That was the first clue that something was wrong. I have talked to her since she had to sell, but I’m not exactly sure what happened. I do know it had something to do with her small business tax and some of her records. She was bad about getting receipts, and there were too many holes. She was nice woman with a good heart, but she was in over her head. Read up and understand what is going on and what is expected of you so that you don’t end up with the same fate.
