Tax Tips for Pet Sitters

Tax Tips for Pet Sitters

Plan ahead and never again get caught short at tax time

Taxes used to stress me out more than you can imagine. Every year I would be shaking in my boots as I anxiously awaited to hear what I owed. The problem was that I never planned ahead. Why didn’t I plan ahead? Because I didn’t know how. You don’t know what you don’t know. Now you will know. Pet Sitters that follow the simple method below will always be prepared for the tax man.

Tax Tips for Pet Sitters

#1. You need to stay on top of what your quarterly tax payments need to be and if you’re making more money than you anticipated, you need to be putting more money aside for taxes.

#2. Create a separate account for your taxes: I use Capital One 360 (previously ING.) It’s super- easy to create an automated savings or checking account.

 

#3. Name the account “The Government’s Money”: The money you deposit into this account is not yours. It is the government’s money. Labeling it like this will be a gentle reminder that the money is not yours to touch. Do not borrow from this account!

#4. Deposit 20%: Every single time you make a deposit into your business account, you transfer 20% of that deposit into your tax account.

I most definitely suggest that you consult with your accountant about tax planning, but if you follow these simple tax tips for pet sitters you will always be prepared for tax season. Hallelujah!

Today is tax day and I’m completely prepared. I never thought I would see the day. I’m a happy Pet Nanny!

Your Homework Assignment:
If you don’t already have one, open a tax account where you can easily transfer at least 20% of your business deposits into. Then name the account “The Government’s Money.” You’ll thank me later. 😉

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