Beth Temple on April 21, 2011
Today we welcome to the blog Beth Temple (@bethtemple4u), a digital consultant whose column is for the “preneurs” in The Hired Guns family. Although her focus will be split among advice for the entrepreneur, intrapreneur, and solopreneur, she will always return to proven ways to get ahead–whether it’s by growing your company, mastering important leadership skills, or learning how to sell yourself.
I know what you’re thinking–you missed the mark. Tax Day has come and gone. Well, for this year it has, but trust me, it will be back next year, and the best time to start planning for April 15, 2012, is now.
If you are like most small business owners (and yes, being just one person counts as being a business!), you’ve probably made some tax mistakes. I did my first year out: I didn’t realize that I had to pay quarterly estimated taxes based on forecasted income. Only made that mistake once.
Here are some things you should be doing now (and forever after) to help ensure a smooth tax season next year:
1) Beth’s 40% rule: In order to be sure I have the money I need throughout the year to pay for taxes, I take out 40% from every check (let me repeat that–EVERY check) and put it in a special account just for taxes. This way I don’t see it, I don’t spend it, and I always have the cash I need. Put the money in a saving account attached to your business checking account–it’s never a good idea to co-mingle your business and personal money. At the end of the year, if there is any left over in the tax account (and there usually is), that’s my yearly bonus. I either invest it back into the business or buy something small as a reward. (You could also use it to bulk up the three to six months’ worth of living expenses that financial experts say we all should have but often don’t.) Read More →
The future looks bright for us freelancers and solopreneurs. The day will come — and come soon — when we will be recognized more for our ability to help build strong businesses than our gypsy existence. Why? Because businesses will need us to be the eyes and ears of what is happening outside of their business. Businesses (and sectors) have, for too long, been insular in their approaches and models. The result of this insularity has been stagnation. Those businesses need people from the outside to bring in new perspectives. Think of us as the bees of the coming economy – cross-pollinating ideas and best practices among and amidst the big companies. Read More →
The digital business consultant 
