For some reason my company has been set up as a C Corp, which will be discussed later. Additionally, it has been set up on a different calendar than the January-December calendar. This means that July 31st, is the end of my year. Which means that I am scrambling to complete my year end taxes.
This is obviously not my favorite time. I am going through every expense and trying not to kill Quickbooks. I have figure out that Quickbooks is not to be used by a new user. It is meant to be used by and Accountant or Bookkeeper.
I just quickly wanted to talk about how much taxes can weight me down. I thought I would not have to worry about taxes, but they are a real downer. I have had to classify all of my expenses and in the middle of this try to figure out how I am going to to pay and when I am going to pay my expenses. Putting me knee deep in a cash flow problem. Here are some things that I have learned.
1. At the end of each month reconcile your accounts, it makes it easier at the end of the year end.
2. Go to your local library and check out some tax and accounting books so that you know what is going on.
3. Ask as many questions as you can from your bookkeeper and accountant. They should have to explain everything.
4. Seek counsel. References are not enough, how do you know your accountant is doing the right thing?
5. Take a deep breathe. It will be okay and you will be able to cover your liabilities just take a deep breathe and it will all be under control.
Good Luck!
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