Please forgive me. But I am needing help. I am running a business for 15 years. And another for going on 3. You would think that I would be good at this by now. How do I have a profit if I’m barely surviving. I don’t have any money left over to pay taxes let alone call it a profit. It’s like I’m struggling. And can’t figure this crap out. -Mr. Overwhelmed
Cashflow? Are you on payroll or withdrawing the profits?
Do you have a skilled bookkeeper?
I do not have a skilled bookkeeper. I am on payroll on the first company, the second company I run a payroll for myself as cash flow allows.
I would encourage you to hire a bookkeeper. If you dont know your cashflow. That is the problem you seem to be running into and a good bookkeeper can help you with that.
https://reddit.com/r/smallbusiness/comments/17zauxd/getting_current_bookkeeping_taxes/k9zflla/
I commented on someone’s post a week or so ago- I would take a look at these guys - the tax Hive people. Watch the YouTube link from the shark tank guy. They’ll get you heading in the right direction!