Tips for Managing Your Money When You’re Self-Employed – Part 2

You want to make good money doing what you’re good at and what you love. However, this does take more than skill at your business; it also requires sound money management. In out last post, we shared three important tips to help you learn to manage your money: keeping separate bank accounts, ensuring you have enough money for taxes, and using accounting software. Let us share some more essential tips with you to simplify your life on a personal and business basis. These include:

Tax Savings Account — Now that you’re a business owner, you owe money to Uncle Sam for yourself and your business. This means estimating how much you have to set aside for personal and business income taxes. Putting money away prevents the shock of paying those amounts all at once. We recommend setting up a savings account specifically for this purpose. Keep track of your income so you have a basic idea of how much you will owe.

Accounting Services — Making use of an accounting firm is a smart decision for many. For example, if you don’t like to handle the financial aspects of your personal or business life, you want someone more knowledgeable and experienced, or if your business grows too quickly to keep up. A company of money experts frees up your time and ensures your books are kept in fine financial order. Reach out to us to find an accountant on Long Island, NY.