Timing Your Taxes: How to Stay One Step Ahead of Uncle Sam

taxesTaxes are all about timing. Planning ahead throughout the year is the best way to stay ahead of the game and ensure that you’re never stuck owing more than you can afford. As a small business owner, it’s also essential to stay on top of tax documents for your employees and independent contractors, whose own taxes and the ability to file will be dependent upon your timing. Continue reading “Timing Your Taxes: How to Stay One Step Ahead of Uncle Sam”

5 Ways to Reduce Personal Spending for Small Business Owners

This guest post on small business spending is provided by our partner Wave Accounting.

Some small business owners find themselves developing a dangerous habit – using the proceeds from their business to cover ballooning debt generated by their personal expenses. Even if your small business is financially healthy, it can easily suffer if your personal spending is out of control. This situation gets even worse when you’re not tracking personal and business spending separately. Here are five ways small business owners can reduce personal spending:

Understand how you spend

The first step to harnessing your personal spending is to understand how, where, when and why you spend. Before you develop any sort of budget template, characterize your spending behaviour as it is now. Consider connecting an expense tracking software such as Wave Accounting to your bank account and credit card and accurately tracking every transaction for a month. Do this without judgment – the point of this exercise is to create solid data that you can use to identify personal spending triggers and find the black holes in your budget.

Continue reading “5 Ways to Reduce Personal Spending for Small Business Owners”

Simple Tips For Holiday Budgeting

Budgeting can be difficult throughout the year, but the holidays pose a particularly tempting time to go overboard with spending. For those committed to staying on or under budget this holiday season, there are a few simple ways to make sure you are controlling your credit card spending. Continue reading “Simple Tips For Holiday Budgeting”