Wednesday, January 30, 2008

BUSINESS ACCOUNTING (BA)
MILLYNNEUM BUSINESS ACUMEN (MBA)
FISCAL DISCIPLINE (PhD)

Whatever your business, set up good accounting procedures now and save yourself headaches later. Tax day, April 15, is right around the corner. Start now and get your financial house in order.

There is simply no way I could handle all the appropriate paperwork for my business and personal taxes alone. Don’t cut corners: invest in your business and hire a professional to take care of the numbers. That way, you can focus on what you do best. In my case, I get the best return on my investment by focusing on writing, marketing and teaching, things I do best.

I trust my accountant, Edward Torres CPA to keep me on track. If you’re in the New York area, I’d highly recommend “ET” and team, led by Marie, Roman and Carl @ http://etcpa.com. Realize your “A” team can only help you as much as you help yourself. Here’s what I’ve learned over the past decade:

> Clearly separate personal and business expenses;

> Keep accurate records;

> Always obtain receipts;

> Submit city, state, federal/IRS payments on time to avoid penalties;

> Use “ion” words like extension and negotiation to your benefit, if necessary.

Building a business can be challenging, but fun! I’ve found some of the financial aspects aren’t as daunting as I first thought. As ET says, “It’s all about setting up your books right. Once everything is on track, you add zeros as your business grows!”

Good luck! You have more than 10 weeks until the tax deadline, which is more than enough time to tie up any loose ends. E-file and enjoy your electronic refund while everyone else is sweating bullets trying to meet the deadline!

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