We began working our business, GloryKidd Technologies full-time in March of 2015. My job from the beginning was Business Manager and I have slowly morphed into the position of Chief Financial Officer. The financial part is not too much of a stretch for my education/missions background. I have had to manage money all of my adult life. The super duper important, but boring part is figuring out the taxes. Of course we hire a professional to do our yearly taxes, but for the quarterly and myriad business taxes it was quite the learning curve.
The first year we diligently saved 25% of our earnings to put towards our tax bill and in the end we finished within a couple thousand of perfect! Then, at the beginning of 2017, we changed the structure of the business to an S-Corp and everyone including Dave and I went on payroll and we added payroll taxes, unemployment and all of the other taxes that payroll entails. Everything that I knew to do last year doesn’t work exactly the same.
So this year, we have our accountant playing a more active roll. In fact, he is coming over this week to see where we are and where we need to be. QuickBooks has been a huge blessing to us as we strife to get it right. Yet this week, we received a letter in the mail stating that we had paid our first quarter taxes to the city of Louisville, but had failed to send the form so I’m sure that we will pay a penalty for that. Our hope of course is that someday we will be able to hire a full time accountant that taxes will be part of their job, but we aren’t quite there yet. Until then, we shall persevere, try our best and learn as much as possible from our accountant during each meeting.