Check Out Our Blog Posts

Bookkeeping Payroll Accounting Wisconsin Kentucky

9/17/24 Unlocking Success: From Odd Jobs to Tax Reserves

October 09, 20245 min read

Who You Need To Know:

This Week's 'Who You Need to Know': Meet..... ME!

I’m a dedicated mom to two wonderful children—my 22-year-old daughter Taylor and my 19-year-old son Nicholas—who keep life vibrant and full of joy. They are my whole world, Our household is completed by our two beloved dogs: Ollie, a lively 2-year-old Weimaraner, and Nitro, our sassy 3-year-old Husky. They add a touch of adventure and endless fun to our daily lives. If we are friends on social media, you see a lot of pictures of the dogs!

Professionally, I’ve spent the last 11 years running my own accounting firm, a role that combines my love for numbers with a deep appreciation for the relationships I’ve built with my clients. There’s something incredibly fulfilling about helping people navigate their financial journeys and seeing their successes unfold.

Outside of work, I’m an avid traveler, always eager to explore new places and cultures. One of my most cherished experiences was hiking part of the Appalachian Trail with my father—a journey that reignited my love for the great outdoors and the sense of accomplishment that comes with it. Have coffee with me and I'll tell you about the bear that came to our tent and the tornado that hit one night!

Balancing family, work, and my passions keeps me busy, but it’s a life I wouldn’t trade for anything. Whether I’m crunching numbers, exploring new horizons, or enjoying quality time with my family and furry babies, every day is an adventure in its own right!

I'd love to meet with you and hear about you and our business!

https://www.gbslou.com/booking

Funny Money:

Unusual Jobs That Pay Surprisingly Well

In the ever-evolving job market, there are some surprisingly lucrative positions that defy conventional expectations. These unconventional careers not only offer substantial financial rewards but also demonstrate that with the right skills and a bit of creativity, there are many paths to achieving financial success beyond the typical 9-to-5.

  • Fragrance Evaluator (Perfumer) - Works in the fragrance industry to develop and refine scents, often earning a high salary for their specialized skills.

  • Professional Cuddler - Offers therapeutic and platonic cuddling services, with some highly paid positions for those in demand.

  • Feng Shui Consultant - Advises clients on how to arrange their spaces to optimize energy flow, with some consultants earning high fees for their expertise.

  • Food Taster (Quality Control) - Ensures food products meet taste and quality standards, often employed in high-end or niche markets.

  • Train Attendant (Luxury Trains) - Works on high-end train services, providing exceptional service and earning a good salary in the luxury travel industry.

  • Pet Psychologist - Assists in understanding and addressing behavioral issues in pets, a niche field with high earning potential.

    Tips and Trivia:

    Build Your Safety Net: Mastering the Art of Tax Reserves

    Creating a tax reserve is a proactive strategy that helps manage your business’s cash flow and prepares you for tax liabilities throughout the year. Here’s how to effectively establish and maintain a tax reserve:

    • Determine the Reserve Amount

      • Estimate Annual Tax Liability: Start by estimating your annual tax liability based on previous years' tax returns or projected income. Consider consulting a tax professional to get an accurate estimate.

      • Set a Percentage of Profits: Decide on a percentage of your monthly or quarterly profits to allocate to the tax reserve. Common practice is to set aside 20-30% of your net income, but this can vary depending on your specific tax situation.

    • Open a Dedicated Account

      • Choose the Right Account Type: Open a separate savings account specifically for your tax reserve. This account should be separate from your primary business operating account to ensure funds are not inadvertently used for other purposes.

      • Ensure Liquidity: Select an account with easy access and minimal restrictions, allowing you to withdraw funds when needed without penalties.

    • Automate Contributions

      • Set Up Automatic Transfers: Automate monthly or quarterly transfers from your primary business account to your tax reserve account. This ensures consistent contributions and reduces the temptation to spend the funds.

      • Adjust as Needed: Review your contribution amounts periodically and adjust based on changes in income, tax rates, or financial goals.

    • Track and Review Reserve Funds

      • Monitor Account Balance: Regularly check the balance of your tax reserve account to ensure it aligns with your estimated tax liability. Make adjustments if your income or tax situation changes significantly.

      • Reconcile with Financial Statements: Compare the reserve account balance with your financial statements and tax projections to ensure accuracy and adequacy.

    • Use Funds Appropriately

      • Withdraw for Tax Payments: Use the funds from your tax reserve account to make quarterly estimated tax payments or cover any additional tax liabilities at year-end.

      • Avoid Using for Other Purposes: Keep the reserve funds solely for tax liabilities and avoid using them for operational expenses or other business needs.

    • Plan for Adjustments

      • Update Reserve Calculations: Adjust the amount you set aside if there are significant changes in your income, tax laws, or business structure.

      • Consult with a Tax Professional: Regularly review your tax reserve strategy with a tax advisor to ensure it aligns with your current tax situation and financial goals.

    TRIVIA TIME!

    Respond to this email with your answer to be put in the September drawing!

    Congratulations Lisa Kopp for winning the August prize!

    What famous Italian mathematician and Franciscan friar is often credited with introducing the double-entry bookkeeping system in his 1494 work Summa de Arithmetica?

    A) Galileo Galilei
    B) Leonardo da Vinci
    C) Luca Pacioli
    D) Nicolaus Copernicus

    Let us mind your books,

    so you can mind your business

    We’ve Got Your Finances Covered!


    From keeping your books balanced to making sure your team gets paid on time, we specialize in taking the stress out of your finances. Our all-in-one services include everything from bookkeeping magic to payroll wizardry, plus we’ll handle your A/P and A/R like pros. We’ve got the tools to meet the unique financial needs of your business, so you can focus on what you do best—running the show!

    NEW! Let's Make Money Together!

    We are excited to announce our brand-new affiliate program!

    Thanks to some fantastic referrals, we are eager to show our appreciation with cash rewards!

    If you're interested in learning more, click here! https://www.gbslou.com/affiliate


Back to Blog

Contact Us

  • Mon-Fri 9am-5pm EST

  • 1-877-763-4801

  • kim@gbslou.com

© Copyright 2022. Company Name. All rights reserved.

2022 All Rights Reserved.