Happy New Year!!

So I’m a little late in wishing you all a Happy New Year.

I took a long break from blogging, but as a stay at home mommy I need some adult conversation.   Even if it’s just reading lots and lots of comments from you all 😀

We started of the year with a good payday: $3,000 Company and $550 Rental income

 Category  Leftover  Deposit  Total
 Income  $       –  $ 3,550.00  $   3,550.00
 Taxes  $  10,116.93  $     750.00  $ 10,866.93
 Company  $       –  $    300.00  $      300.00
 Church  $       –  $     365.00  $       365.00
 Mortgage  $       –  $     747.50  $       747.50
 Insurance  $       –  $     293.00  $       293.00
 Utilities  $       –  $     142.00  $       142.00
 Gasoline  $       –  $       70.00  $        70.00
 Groceries  $       –  $       75.81  $        75.81
 Medical  $       –  $       –  $         –
 Repairs  $       –  $       –  $         –
 Gifts  $       –  $       –  $         –
 Other  $       –  $       –  $         –
 Savings  $    1,928.13  $       –  $    1,928.13

I ran out of money to deposit at Groceries because we had $626.52 left on our credit card from last month that I wanted to pay off.  We only had $170.33 in checking that I could use so I added $456.19 from this payday to cover the difference.

I am working on getting our taxes ready.  Hopefully we won’t be fined for not paying quarterly taxes, since we have all the money saved up to pay them right away.  And hopefully we won’t have to send off all of the $10,117 we saved for 2011 taxes.  Anybody have any advice about getting ready to for taxes when you own a small business?

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One response to “Happy New Year!!

  • stephanie

    Yes. Make the estimated tax payment by January 15th so that you don’t get a penalty. If you owe, you will most likely get one unless your CPA can arrange with the IRS to have it taken away.

    #2 use Quickbooks for your small business. The online version is fine for small businesses.

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