Last week, I went to do my yearly taxes.
Now this makes most people cringe, but for me, it was uplifting.
Not only did it give me a chance to see how things have changed in my business over the last 12 months, but I also analysed where money was going out, where it was coming in, places where we could make more money.
I also got to take about my accountant about budgeting over the next 12 months. I have forecasted my earnings for the next year, but I also know that I’ll have to invest heavily over in that time, in order to move my business to the next level.
We talked about the tax implications of both of those. Where will the money come from.
We also talked about setting aside money for taxes. Here in Australia, we have this thing called provisional tax, whereby you have to pay a big lump sum of tax each quarter. We went through all of my income sources, including non business income and investments, and now I know how much I need to put aside each week, in order to not get hit with a massive tax bill.