November 9, 2021

4 Money Challenges when you're self employed

4 Money, Tax & Accounting Challenges for Self Employed 1099 Income Earners.

My name is Tiara, and I'm an accountant that helps small businesses with their accounting, tax and bookkeeping.  Unlike your typical accountant, I love helping business owners implement tax reduction strategies so they can keep more of their hard earned money.

If you're self employed, there are so many different tips given to you across the internet about what are the basics of your accounting, finances and taxes, that's it's really confusing.

In this short article I want to hit on four of the basics that every 1099 contractor, self-employed person, or small business owner needs to understand about their taxes and accounting.

If you like the idea of lowering your taxes or having a professional enrolled agent or accounting to come alongside you, you're going to love working with us here at scale tax and accounting.

We love getting it but it can be extremely hard to manage it.

Not hard because you just can’t do it or because you’re bad at managing money (I hate that notion, that women are just bad with money 😡).

But hard because there are so many challenges & things to consider especially when you're self employed.

It’s easy when you’re an employee & someone else is cutting you a paycheck.

But once you become self employed or a business owner, you now have the responsibility of breaking it all down & managing it yourself.

So, it adds additional challenges.

But don’t worry Ladies,
Im here to help y’all figure it all out & get y’all stuff all the way together. 🦹♀️

4 Challenges for Entrepreneurs and Self Employed People

1 - Fluctuating Income

Creating a budget and a consistent revenue source can help you manage the inconsistent income you may be experiencing.

2 - How to Estimate Your Taxes

Using a professional to help you understand your tax responsibilities and the tax benefits of being a business owner is your best bet.

3 - How to Track Expenses

Track your expenses with the bookkeeping system and make sure that you only use your business bank account for business expenses.

4 - Learn how to Pay Yourself

Pay yourself 40% of your monthly income by doing an owners draw or taking a payroll with an S Corp.

One of the major things that people need to do if they are self-employed or on their own small business, is understand what is the best business entity to support them and minimize their taxes. Self-employed and visuals need to figure out if they should be an LLC or if it's worth converting to an S corporation. Once you've decided to become an S Corp. or even if you are an LLC, you need to make sure that you pay yourself properly.

If you're looking for an accountant for women entrepreneurs, real estate agents, daycare businesses or small business owners, then we'd love to connect with you and see if we can find ways to reduce your taxes.

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Do everything possible to reduce your taxes and take your time back!

Pay your fair share, and not a penny more while spending more time with your loved ones.

Don't Procrastinate Another Day