The important tax deadlines and account limits every entrepreneur needs to know
Do you have certain topics that you find yourself looking up again, and again? For me...that's about 90% of the financial things that are related to running a business.
When are quarterly taxes due again?
How much can I save in my IRA? What about my SEP IRA? And what's the deadline on those?
Do I make too much to contribute to a Roth IRA?
Can I write _____ off?
If you have found yourself typing any of those questions into Google, you need this Financial Cheat Sheet. If you're self-employed and haven't found yourself typing any of those questions into a search... you definitely need it!
Fill out the form below to get your ~ f r e e ~ copy, delivered straight to your inbox!
I recommend printing this bad boy out after downloading, laminating it, and using it as a big, "My financial game is on FIRE!" coaster. But that's just me. You might be the type that prefers downloading it for later, or who just leaves it open in a tab on your computer all day. Whatever works, my friend! Regardless, this handy cheat sheet will have you feeling on top of things, and feeling on top of things (even if you think you aren't) is the best way to get rid of unneeded business stress!
I designed this Cheat Sheet to include the things I am regularly looking up, which are things I rarely remember after viewing just once. These are the figures that tend to change on a yearly basis, and the exact dollar amount or date isn't worth your precious mental space to memorize.
Quarterly Estimated Tax Deadlines
Plain and simple, the required dates for 2020 of when you have to pay those pesky estimated taxes!
2020 Tax Brackets and Standard Deductions
Having an idea of what tax bracket you'll be falling in is good to know before you file your taxes. Not only will it help keep your quarterly payments accurate, but you will know if making a larger retirement contribution would help you from crossing into a larger bracket, or if you make too much to contribute.
Things you can write off when you're self-employed
There are some rules as to what can and can't be written off when you're self-employed. This list includes my favorites and ones you might not know about, plus the allowed mileage deduction for 2020!
Retirement Account Contribution Limits 2020
Okay, now this is one section that I actually do have memorized, but I realize this is not the norm, so it made it's way onto this cheat sheet. Knowing what you can contribute to retirement accounts is not only a great way to set goals, but it also means you'll avoid over-funding you accounts.
Roth Income Phase-Out 2020
This is my least favorite financial rule, because I love Roth IRA contributions! However, the IRS doesn't want you funding one of these accounts directly if you make too much, so make sure you are under the income threshold when it comes to funding a Roth IRA!
When Traditional IRA Contributions Aren't Deductible
There are situations where if you make too much AND have access to a retirement account through an employer (401k or 403b), your Traditional IRA contributions aren't deductible. You can put the money in, but you can't write it off... which likely means double taxation in the future. Yeah, I'll pass on that (and you should too).
All that, (plus a little more!) that fits onto 2 double-sided sheets! Talk about having all the important stuff in one place, am I right? To get this Financial Cheat Sheet, fill out the form below, and you'll find your new friend happily waiting for you in your inbox.
I hope you find this helpful for your business! If you can think of anything that's missing that you would like to see on next year's edition,please let me know!
Hi, I'm Alicia- this blog is a way for me to share all of the helpful things I've learned from working in the finance industry, important money things that I probably wouldn't have learned otherwise, and things everyone should know about.