Tuesday, March 5, 2013

Taxes

 
I DREAD this time of year, seriously. I never know what to expect on what I owe, I am blessed that my business took off and am making so many sales. However I don't pay taxes out of a "paycheck" like most of the population. I pay mine once a year {soon to be quarterly}and so this year its looking like xx,xxx that I will owe back. This year, I got smart and hired a CPA to help me with specific areas {I do the number crunching} and she truly knows her stuff, thank you Lord. This year will be a first for many things and I'm excited to announce that Yourcharmedlife is officially "Yourcharmedlife Inc." a S corp as of March and so excited for these changes. I can only hope that my business continues to bloom and grow, my true dream is to open my own boutique shop in the next 2-3 years.


4 comments:

  1. Congrats!!! It is so exciting to hear when my fav blogs are succeeding!!

    Take Care,
    Mandy Jean
    www.mandyjeanchic.com

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  2. ugh, agreed, I hate taxes. Thank goodness my husband understands enough, and then we hand them off to the accountant. You did a good thing by incorporating and getting help. I find that I'm excellent with the creative side of our business and my husb is excellent at the technical things. Congrats on your successful year!!

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  3. First year for me, I used turbo tax's online calculator to get an estimate of what I'll owe & started saving for those & an account (recommended by a friend) who can make sure I do it all right. I was trying to save every penny for my wedding last year, but this year I decided to cut myself actual pay check every week based of income & put 30% away for taxes. That percent will go down a bit once I pay off last years & get caught up on this years. This way I'll most likely get a "refund" at the end of the year instead of feeling like I'm in debt. Granted I still feel like I'm in debt most of the year when I work 40 hours & then write my self a pay check that is equivalent to me working 10 hours at min wage, but that's life when you own a small business.

    Courtney
    www.Storybookhearts.com
    www.BookCraft.etsy.com

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  4. Oh yuck. This is the first year that I'm really dealing with all the tax stuff, and I hate it already. I'm just now getting to it, so we'll see how it goes!
    Congrats on now being YourCharmedLife, Inc! This is awesome, and I'm wishing you much continued success. =0)
    ~Kim

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