Missing Deadlines = Setting Your 💲💲 on 🔥!
For the final PART 3 of our Business Reset Refresh series, I am going to show you a simple tool to avoid setting your money on fire by missing important deadlines!
A common issue entrepreneurs face when they make the leap from employee to independent business owner, is missing the endless filing deadlines required to keep their business legal and in good standing. This is part of the "Be Your Own CEO" mindset that I teach. When you are self-employed you are responsible for filing and paying taxes, license fees, and other expenses on time, or else you are subject to hefty penalties.
Real Life Examples
Here are a few very common examples where missing a simple deadline created a real mess .
A $20 corporate Secretary of State annual renewal (5 minute process) was missed, resulting in a $250 fine, and revocation of the corporation.
Failure to file corporate dissolution paperwork on time (another 5 minute process that was FREE) resulted in fines and penalties of over $4,500.
Failure to file a city business license renewal by the deadline (5 minute process AGAIN) resulted in a tax of $1,500 instead of $0.
I have dozens more examples but you get the idea!
What You Can Do to Avoid This
It truly is as simple as knowing what to do and when to do it. Use technology to help with that. I teach this in my courses, and also provide this information to all new clients so they can stay ahead of the game. You can do this for yourself as follows:
Get a "laundry list" of all deadlines and deliverables that pertain to your business. Your tax preparer or bookkeeper can help. If you "DIY" your taxes and books, just look at everything you had to file and pay last year - normally the deadlines are the same each year. If you are new to business, google the city, state, and federal requirements relevant to you. I highly recommend getting professional advice at least in the beginning - there is so much to know and you want to make sure your bases are covered.
Don’t trust your future to your memory! Use a tool such as my google sheet Business Deadlines and Deliverables to track all upcoming requirements. You can collaborate with your bookkeeper or tax preparer on this sheet as well. If you don’t use this sheet, at least set up a shareable calendar and populate all dates, with reminders, for upcoming items.
Hope this helps - let me know what you think and what you need help with!