The best problem for a small business is to pay taxes.

Slides:



Advertisements
Similar presentations
Record Keeping.
Advertisements

Mr. Chapman Information Processing 10.  Now that you are entering your senior years of high school, it is important that you start to think about what.
Taxes & The Pampered Chef by McKenzie Rogers, C.P.A.
H233 Consumer Management Budget Expenses. Recommended Monthly Spending.
Subtitle Making and Living Within a Budget. How should you spend your money? How do you spend your money?
Which one calculates Net Worth?
BUDGETING. Budget Categories  Income--$$$ coming IN  Expenses--$$$ going OUT  Fixed  Flexible  Discretionary  Savings (10% of income)
A plan for how to spend your money What is a budget?
 College or University to attend:  The Ohio State  * Tuition  19,926 (1 year)  79,704(4 years)  * Major  Medical terminology or one of the life.
Section 6.2 Track Income and Expenses.  Goals: Describe how to set up an effective filing system for your records. Explain the difference between fixed.
Prepared By: I & S Tax Service LLC. Gross Receipts and Sales (Total income for this tax year) Returns & Allowances (Refunds to customers) Beginning Inventory.
Only 40 percent of Americans use a budget to plan their spending… The rest routinely spend more than they can afford.
CAREER BUDGET NAME 2014 – 2015 CAREER?. CAREER Career Qualifications: Entry Level Pay: Education Loan Payment: Location: Employer: Insert Career Image.
FBI Profiler Jonathan Foster What does an FBI profiler do? Study serial killers and work the cases. The job is dangerous and very time consuming. Free-for-service.
Accountant Jesse Muehler. Accountant Prepare and examine financial records Make sure that records are accurate and that taxes are paid right Perform overviews.
Budgeting for Your Future… Ms. Smith Personal Finance.
Understand the purpose of cash flow planning.
Income and Expense Statement
The bare basics you need to know.
Budgeting 101 Many Americans do not know how to manage their money to keep themselves out of debt, let alone to save money. Budgeting can help!
Financial Statements for Business Planning
BUDGETING.
Income and Expense Statement
Spending Plans Advanced Level.
Budget Unit Personal Finance Coach Guttmann
Spending Plans Advanced Level.
“Take Charge of Your Finances” Advanced Level
Personal Finance Budgeting Introduction to budgeting.
Spending Plans Advanced Level.
Spending Plans.
Budgeting Economics Ms. McRoy.
Lesson 2-Continued.
Spending Plans Advanced Level.
Drinks with his friends Council tax
Quiz on Balancing a Checkbook and writing a check
Bare basics you need to know.
Evaluate the costs and benefits of budgeting
JOURNAL Name 5 ways you could balance your budget if your cash flow was negative.
Income and Expense Statement
Spending Plans Advanced Level.
All of this information can also be found in your JA workbooks.
Thur 11/8 Warm Up Mental VOTE Riddle Study Commission Quiz tomorrow
What is a Budget and Why do I need one!
Spending Plans Advanced Level.
January 14, 2013 Make a list of all the money you spent last month.
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Spending Plans Brown Family Lesson.
Learning Objective Agenda: 1. Dates to remember
Warm Up On a separate sheet of paper, what are some things that you have bought recently? Are these things needed or wanted? What kind of things do your.
SECTION 10-8 Other Housing Costs pp
Spending Plans Advanced Level.
Budgeting Creating a Personal Budget
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Spending Plans Advanced Level.
“Take Charge of Your Finances” Advanced Level
Insurance & Other Housing Costs
Budgeting Take Charge.
Planning for the Future:
Chapter 8 Standard FIN-FL-4
To Do: (10 minutes to complete)
Drinks with his friends Council tax
Communications Campaign Final
‘Where to get the money?’ comes after ‘Do I need the money?’
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Patricia Lancaster, CPA, CFP®
Presentation transcript:

The best problem for a small business is to pay taxes. Tax Tips The best problem for a small business is to pay taxes. www.SmallBusinessSolver.com © 2018

Practice Quiz If you took a potential customer to a restaurant, that would be... If you work from home a lot but have an office, that would be... If you have a car but drive your mother to the airport, that would be... If you call a friend on your office phone, that would be... If you call a friend on your cell phone, that would be... www.SmallBusinessSolver.com © 2018

Learn how to be more organized for tax expenses. Make taxes easier. The Goal Learn how to be more organized for tax expenses. Make taxes easier. www.SmallBusinessSolver.com © 2018

Key Points Date Car Location Entertainment Talk General Example What not to do Your next steps Wrap up www.SmallBusinessSolver.com © 2018

Grab your worksheet and follow along. www.SmallBusinessSolver.com © 2018

Date Stay organized Do a little each day Date Records Sept 1 Sept 2 www.SmallBusinessSolver.com © 2018

Car Personal Car Miles versus Work Car Miles Lease? Bought outright? Repair Insurance Registration Gas www.SmallBusinessSolver.com © 2018

Location Rent or mortgage Utilities Property taxes Repairs www.SmallBusinessSolver.com © 2018

Entertainment Coffees Lunches Breakfasts Dinners Sports games Golf www.SmallBusinessSolver.com © 2018

Talk Landlines Internet Long distance cards Cell phone calls that are business related www.SmallBusinessSolver.com © 2018

General Office supplies Office equipment Services Air Parking www.SmallBusinessSolver.com © 2018

Example Car Location Entertain Talk General Date Personal Car Miles Work Car Miles Lease or Value Repair / Insurance / Registration / Gas Rent / Utilities / Repair / Value Phone / Internet Supplies / Equip / Services / Air / Parking 9/1/09 51 36 354.67 212.00 250.00 - 35.36 40.00 9/2/09 12 42 35.00 20.50 9/3/09 18 30.00 9/4/09 21 33 2.50 10.49 9/5/09 24 26.23 www.SmallBusinessSolver.com © 2018

Top Mistakes To Avoid Spending hours yourself, not a bookkeeper Not collecting receipts Not filing taxes Not paying taxes Not taking advantage of all of the tax rebates and throwing money away www.SmallBusinessSolver.com © 2018

Now What? Retain and collect your receipts Create a single file to put all of your receipts Create a single database Start looking for a bookkeeper Use a bookkeeper after the first three months Adjust how your collect based on bookkeeper’s recommendations www.SmallBusinessSolver.com © 2018

Key Points Date Car Location Entertainment Talk General Example What not to do Your next steps Wrap up www.SmallBusinessSolver.com © 2018

Learn how to be more organized for tax expenses. Make taxes easier. The Goal Learn how to be more organized for tax expenses. Make taxes easier. www.SmallBusinessSolver.com © 2018

Create a tax organization system from day one. www.SmallBusinessSolver.com © 2018