Mid-year budget review: how is your small biz doing?
photo by Leo Reynolds on flickr
It always seems to sneak up on you: the second installment of
estimated taxes are due today. For information on filing estimated taxes, visit the
IRS website as well as your local state’s tax website.
This is also a good reminder to do a mid-yearly
budget and finances review of your small business:
- Review your billings to-date: how do they compare to last year? Which clients or industries can you focus on more?
- Review your marketing plan: are you effectively using your marketing dollars? Should you allocate more (or less)?
- Review your monthly overhead (rent, office supplies, etc): can you reduce your spending in specific areas?
- Taxes and retirement: are you setting aside enough money each month? Do you have an auto-pay plan in place?
- Chat with your accountant: review specific questions now, rather than rushing before tax time
Have you recently become
self-employed and are feeling overwhelmed with tax questions? Check out
June Walker’s list of tax and business advice.
