I spoke with my CPA the other day and he informed me of roughly how much I would owe at the end of March when my business taxes are due. I almost had a coronary. The first few years of my professional career, I made less than I’m going to be paying in taxes.
If you’re running a business, make sure you get a CPA. The good ones will give you free advice all year and charge you for your taxes at the end of the year. Eventually, you’ll probably need a full time accountant, or at the very least, a part time accountant. Having a CPA who you can rely on for advice is crucial though. This year alone, he’s probably saved me about $10,000. I suspect the trend will continue in the future.
Hope all of you had a great holiday. I was back in my office at 6:30am this morning. Nobody ever said running a solo business was easy.