Every new year brings resolutions and ideas about how we can all make our lives better. From exercising five times a week, skipping the glazed doughnuts to quitting smoking, we all have been there when it comes to personal and professional goals. One of my resolutions is to become a better informed business owner. That means focusing on areas of my business that I am not the most familiar with (like blogging) and learning new ways to inform other business owners about sales tax issues, general accounting topics and anything else that I think is interesting.
My focus is to make a blog as informative as possible to people whose eyes glaze over when the words “sales tax”, “audits” and “accounting” appear anywhere. While the topic of taxes and accounting can be intimidating, every business must understand their tax responsibilities. Being as knowledgeable as possible will help you make this year a good one.
“Knowledge is power” is not just a saying, it is the truth. A better informed you means there is less chance of a nasty and costly tax surprise. So, while you are making resolutions to go to kickboxing four times a week instead of twice a month or finally learning how to fold a fitted sheet, also make resolutions for your professional life. One potential resolution is to devote as much time to learning about state tax issues (like why it's risky to take a tax credit on a return or what to look out for when you change your accounting staff or procedures) that affect your business as you do watching football, reruns of The Golden Girls or the Real Housewives.
Have a happy new year!