Being prepared for your accountant is important. Keep receipts for everything that you purchase for your business. Track your mileage in a little book that you can keep in the console or glovebox. Getting your taxes completed by April 15th is wise. Try not to file extensions. Put a period at the end of last year on April 15th. Don't drag it out. Just get it done.
Move on to this new year, 2009! Whoo Hoo! Yes, the quarter is done. Have you tracked your business expenses? If not, plan time this week to sit yourself down and input your numbers. Being prepared for next year's taxes now, will make your life less stressful. You will be able to sell more, by being confident about your expenses. Write them down and track them.
Make your quarterly payments. The one thing that is troubling in our profession, is that, most self-employed people forget that 38% of every check that you receive, belongs to the IRS. Pay it now, not later. Later you will end up paying more and be stressed about it. Get it done.
In Connecticut, we also, pay a state income tax. Hard to believe that our governments are running out of money when you think about all of the fees that we pay, but, yes, they claim it is true. There budgets, along with ours, do need to be slimmed down and cut back.
Plan for your next quarter. How many transactions will you close by June? Write it down and look at it everyday. Remind yourself about the amount of production you will need to have to survive in your business. Set your goal to win! Be on top of your business and you will win in this market.
It's a Good Life!
Fran
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