Staying on top of the bureaucratic side of business is not fun, but it’s an essential part of responsible entrepreneurship. Moreover, if you’re wasting money paying taxes, insurance, or other costs that you don’t need to you could be sabotaging your own success. Because keeping your business’ affairs in order is such an important part of entrepreneurship, but one that is too easily ignored in favor of more exciting projects, here are a few articles to help you get and stay on track with your costs:
The Tax Man Cometh
We know it seems like tax season just ended, but it’s never too early to start preparing for next year. If you’re a graphic designer and you don’t know about these 9 tax deductions that you could be eligible for, you may be paying more than you need to and that’s the last thing any smart entrepreneur wants to do. Take a look through them and start setting yourself up to save this year.
On the Side
Even entrepreneurs with a booming business are savvy enough to know that having a side gig or two is never a bad idea. The question is, what do you owe (if anything) in taxes for those side gigs? If you’re not paying correctly, you could get hit with big penalties down the road. Take a look at this article from Forbes to make sure your books are in order.
Insure Your Future
Too many small and medium sized businesses end up paying outsized insurance costs without even realizing it. To put it simply, most entrepreneurs are not well versed in insurance, and this leaves them open and vulnerable to being taken advantage of or simply not realizing how much or how little it is worth it to them to pay. Luckily we’ve got an article on just this topic that’s worth a look if this is a concern for your business.
If taxes weren’t already confusing enough, they can get even more muddled if your business is conducted with clients abroad as well. For a primer on how US based entrepreneurs should report their global business, check out this article from Entrepreneur Magazine.
How are you making sure your entrepreneurial affairs are in order? Tell us in the comments!