If you are married and file joint (MFJ) with your spouse and have already filed your 2018 tax return, consider this: thanks to 20% QBID in the new tax law, married filing separate (MFS) might give you a better tax answer.
When Benjamin Franklin said “only two things are certain in life, death and taxes,” he obviously never considered a time when Comcast and Verizon bills would be just as certain. The reality of running a business is that there will always be bills to pay. That’s where the third question from our series, The Four Burning Questions Business Owners Have, comes in: How much do I owe people?
When people see a nice house they’re going to say, “Wow, that’s a really nice house.” You never hear “Wow, that’s a really nice foundation” because the foundation is unseen by outside viewers. However, a house’s foundation is crucial to the stability of the house. Similarly, there is a foundation that is crucial to having a successful business. That foundation is formed by a good accounting process.
You probably started your business because you’re passionate about a product or service, and wanted to share it. When things like invoicing, payroll, and numbers start encroaching, the passion part often ends up in the back seat and your time is consumed by making sure everything adds up. Knowing the answers to four key questions will give business owners back the time for the passion.