Comments on: The small business owner’s guide to a stress-free tax season

By: Jackson Gilbert

Jackson Gilbert — Mon, 03 Feb 2020 09:16:11 +0000

Hey Jessica, These tips are Awesome. Tax rules are pretty messed up to understand for a layman. Having a professional by your side to understand how to file tax returns, pay advance tax, claim tax benefits etc always helps. When i was starting up my business, I couldn’t make sense of advance tax related problems (i know basics of tax rules). Then, I found a great tax consultant. That made my work easy. Keep up the good work.

By: Jessica

Jessica — Mon, 26 Aug 2019 20:55:36 +0000

In reply to Bob.

Hi Bob!

They don’t make it easy. 🙂 Let me know if you ever need a referral for a tax accountant. -Jessica

By: Rose

Rose — Mon, 26 Aug 2019 06:08:59 +0000

I just love these tips. I always have a hard time keeping my expenses in place, but gradually I am picking one thing at a time, and guess what, I am already seeing the positive results.
Rose

By: Kathy Spencer

Kathy Spencer — Sat, 17 Aug 2019 07:05:23 +0000

Thanks for the wonderful post-Jessica. Initially, even I was worried about how to fix this tax thing but gradually, I figured it out. Your article helped to solve the remaining doubts I had. Keep sharing more information like this.
Kathy

By: Bob

Bob — Wed, 27 Feb 2019 02:59:10 +0000

I like your tip about paying a vendor more than $600. I never knew that there were so many tax rules and loops. I’ll have to consider hiring a tax consultant for this April.

By: Jessica Blasingame

Jessica Blasingame — Mon, 23 Jul 2018 18:17:55 +0000

In reply to Rajesh Sharma. Hi Rajesh! Good question. This is not an easy answer as the amount you set aside for taxes is based on your personal circumstances typically (if you are a sole proprietor, LLC, or S Corp) but generally you want to set aside the amount you will owe each time estimated taxes are due (income taxes for federal and state). Some tax accountants recommend a flat rate of 25% or 30% of your income to be safe or you can work with an accountant to do a more accurate calculation. Either way being prepared with money set aside will allow you to be prepared when those taxes are due. Let me know if I can be of more help! Jessica

By: Rajesh Sharma

Rajesh Sharma — Sat, 21 Jul 2018 05:21:09 +0000

Hi Jessica,
Your tip on keeping different bank accounts for different businesses catch my attention. Can you please elaborate on how a saving account can set aside business taxes? Or if there is any post on this, I will like to read it. Great Info.
Looking forward,
Rajesh

By: Jessica Mishra Blasingame

Jessica Mishra Blasingame — Tue, 03 Jul 2018 21:58:02 +0000

In reply to Ken Hwan. Hi Ken! Definitely! If you incur business expenses you definitely want to take them as deductions :) The more organized you can be during the year the easier it will be on you at tax time. Thanks for checking out my post and let me know if you have any questions. -Jessica

By: Ken Hwan

Ken Hwan — Mon, 02 Jul 2018 18:19:27 +0000

I really liked your advice to keep a record of the different types of expenses that you make throughout the year, especially for meals and entertainment, office expenses, and and travel! I have a lot of work expenses that come out of my job, and I want to make sure that my end of year taxes are compensated for all of my business expenses!