Taxes Making You Crazy?!

 
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If you always find yourself scrambling at tax time, you may want to take a hard look at how you’re running your business and/or personal finances. The old saying is true, “In this world nothing is certain but death and taxes.”

If you know you’ll be paying taxes, why not set aside a bit of money each month to cover the expense, rather than wait and catch yourself unawares. If you’re stuck putting the charge on your credit card, you’ll pay more in fees and interest, and NO ONE wants that!

If you own a business, likely you’ll pay taxes quarterly, and that means they will be due before you know it…are you prepared? It’s safe practice to set aside about 1/3 of the money your business takes in for taxes, that way you’ll always be ready.

To your financial health!
Katlyn

 

#1 Money Mistake...

 
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Are you a small business owner struggling with money? You know there is money coming into your business, but where is it all going? Have you set a budget?

One of the biggest mistakes a small business owner can make is not setting a proper budget. Thankfully there are SO many awesome resources out there for those who want to create a personal or business budget that they can stick to! With apps like YNAB, Mint, and Every Dollar you can take personal budgeting to a whole new level.

Some businesses may require the help of a bookkeeper whose job it is to track, classify and INTERPRET the going’s on of your business so that you, the business owner, can make smart financial decisions. Find out how you can set and reach better financial goals for your business by reaching out to a virtual bookkeeping professional!

Citizen Virtual is open for business and looking for clients. Please reach out today if you are in need of a bookkeeping professional!

Katlyn

 

Personal vs. Business Bank Accounts

 
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Hey guys, can we talk for a second about money? Of course we can! That’s why we’re here, right? Specifically I want to touch on business ownership and personal vs. business finances and why it is SO important to keep those things SEPARATE.

Why?

If you are a business owner or would like to become one.. this tip is for you! If you haven’t separated your business accounts from your personal accounts- Do. 👏🏼 It. 👏🏼 Now! 👏🏼

Sorting through personal vs. business expenses is a bookkeepers NIGHTMARE. Save them (and yourself) the trouble and open up a simple checking account that will be used solely for business purposes. It’s that easy!

The IRS really highlights the reasons why you should keep your personal and business finances separately when it comes to tax time. If you cannot prove you used the funds expensed for BUSINESS use only, or in an “ordinary and necessary” way, then this could mean trouble if you’re ever audited.

Having a dedicated account used for business income and expenses will also make taxes easier. If you accept payments from customers and clients via payment apps such as Cash App, Venmo, PayPal, etc, these accounts should also ONLY be used for business purposes. Need a loan or a credit card for your business? Perfect, set that up through your business and do not use any part of it for personal spending.

The general rule of thumb is, keep your business and personal accounts separate in all regards. This helps you feel more like a business, it keeps your records straight and you’ll have an easier time with tax preparation.

Anyone else have helpful financial tips you’d like covered in another post? Comment below and let me know what you think!

Katlyn

 

Introductions

 
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Hello and thanks for stopping in! My name is Katlyn and I’m the owner and operator of Citizen Virtual Business Services. My main job in connection with Citizen Virtual is remote Bookkeeping for small to mid sized businesses, primarily in the private practice Medical/Dental field, but really any service based industry. As a bookkeeper it is my goal to work with business owners and keep their records up to date and accurate, this helps them to make profitable decisions and cut costs where possible. Accurate and up to date records also means a stress free tax season! It’s a win-win situation!

A little about me

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I live in WA state with my husband Cameron and our small dog Sadie. We bought, gutted and built an Airstream in 2017 and now live in it full time. Living in a tiny house has given me the opportunity to assist my husband with his small business while working to grow my own because our cost of living is significantly reduced. I am always on the hunt for tips and tricks to living simply and on a budget and I’d love to share those tips with you too! I’ve had an interest in business, finance and economics for many years, dating back into my teens and I’m thrilled to finally be working exclusively in that industry.

I was graduating high school right around the time of the 2008 recession so out of practicality I began working first as a sterilization tech, then a dental assistant and finally as a front office coordinator/manager for a busy Seattle dental office. I did this work for over 9 years, gaining experience and inside knowledge of how a dental business is run. I tracked profit goals, I scheduled according to both patient need and profitability need, I treatment planned and presented huge cases to patients and handled much of the managing of the practice. This experience has given me an inside perspective into medical/dental businesses and allows me a certain advantage to this type of bookkeeping. I’m excited to use my knowledge and experience to help private practice dental and medical offices to thrive and succeed.

How can I serve you?

Since Citizen Virtual is a new business, I am actively looking to work with qualifying clients as soon as possible. If you or someone you know would like to learn more about how virtual bookkeeping can benefit your business and help it to grow, please call, email or send me a message for a free 30 minute consultation.

I look forward to serving you.
Katlyn

Citizen Virtual Business Services LLC | 425-312-3163 | katlynbookkeeper@gmail.com | @citizenvirtual