I had a great session with a client this week. Her sales so far this year are 8.5 times what they were for the whole of 2011 and she is well on her way to building her mini empire!
She is in my SetUP to StartUP program. This is the one for entrepreneurs in the first year or two of their business who are ready to switch from Excel spreadsheets to QuickBooks. Clients gain confidence around their numbers and develop healthy financial habits. At the end of our three months together, they have a solid foundation on which to grow their mini empire.
Besides helping her set up her tracking system using QuickBooks Online, I created three easy-to-use worksheets for her to:
- calculate her home office expense deduction,
- keep a mileage log, and
- estimate what, if any, her 2012 estimated federal tax payments should be as a sole proprietor.
This last one is especially important for those of you who have made some money this year and are wondering whether or not they need to be making estimated payments to the Internal Revenue Service of the United States.
Click here to download these FREE worksheets.
So, as a refresher, the IRS requires sole proprietors, limited liability company members, partners, and s-corporation shareholders to pay estimated taxes throughout the year if they think their tax liability is going to be more than $1,000 AND they meet a convoluted rule that the IRS has helpfully graphed out on page 26 of its Publication 505: Estimated Taxes.
Please let me know if you have any questions or comments and I’ll be happy, as always, to answer them.
Very interesting article about a non interesting, dry subject! Thank u Monique!
you are so welcome, hema. it’s my genius work and i love to make the information usable, interesting and understandable. thanks for stopping by.