Being a business owner is a lot of hard work (and a lot of rewards when we are in our passion). When I started my businesses officially in 2006, I was amazed at what I didn’t know that I didn’t know. I didn’t have an MBA or really know the first step to starting a business. I just had a passion and some corporate experience to start with.
I’m a self-taught entrepreneur with a passion for what I love and a commitment to learn what I don’t know. Additionally, I have a commitment to share my learned knowledge with other entrepreneurs so they don’t have to learn the hard way like I did. One area of business that has made the biggest difference is to get a great accounting and bookkeeping foundation. You have to know your numbers in order to see where you are.
A great resource I have found is Cameron & Associates, Inc. They are down-t0-earth, personable, incredibly knowledgeable and do a great job of education their clients. As an entrepreneur, when a vendor takes the time to educate me while doing a great job at what they do best, I am hooked. When I asked CEO and owner, Marvin Cameron, what tips he has for entrepreneurs as we near the end of the year, this is what he recommended:
- Remember, “Tax Planning” must occur before the year ends. The opportunity for most deductions and tax saving strategies occur prior to December 31st. Therefore, now is the time to review your income and expenses with your tax advisor.
- If you are currently renting and are trying to decide whether or not buying a home is right for you, now may be the ideal time to buy for several reasons. One of those reasons, if you meet the qualifications, is that you may be able to receive $8,000.00 in cash from the government. Consult your tax advisor for details.
- If you are considering or need to upgrade certain items in your home, purchasing before the year-end may be beneficial. Certain energy efficient products may be eligible for a credit on your taxes of up to $1,500.00. Consult your tax advisor for qualifying items.
- If you own a business and are considering purchasing new equipment for the company, the government currently has several different tax incentives in place. Consult your tax advisor for what is right for you.
Find out more about Cameron and Associates, Inc. here.
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