February 9, 2018
‘Tis The Tax Season We’ve Been Dreading
By far… and I mean like… by FAR… my least favorite class in business school was Accounting (sorry Prof Beyer… it’s not you, it’s the T charts.) When I started Brains over Blonde, every bone in my body wanted to go FULL FLOWER CHILD entrepreneur, but I know I’d thank myself later if I covered my bases. So before I did anything else, I filed an LLC and opened a business bank account and credit card to keep all my business expenses separate (you MUST do this).
Since then, trust me, I’ve been watching my pennies. It’s not easy to balance launching a company, fluctuating income, new business expenses, and the costs of every day life (which let’s be honest – I’m not exactly low maintenance). BUT, that said, my accounting and expense tracking has been pretty… light. It was on my to-do list every month, but other more pressing things got in the way. I’m obsessed with task batching and organization in every other part of my business – so one of my business goals for 2018 is to TRACK EVERYTHING (especially all of my expenses) by the end of each month (I’ll keep you posted on my progress!).
Well, now, ’tis the (tax) season I’ve been dreading. Trust me, I wish I had gotten on top of this a little earlier. As an entrepreneur, I’m my own accountant, and it’s accrual world out there (just a lil tax humor for ya… don’t kill me.) The bottom line is my business is my baby, and I don’t want to screw this up, so I asked my personal assistant (aka Google) of few of the questions zooming through my brain:
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