Lessons from an Entrepreneur: Procrastination Blues

Entrepreneurs are known to be hardworking, go-getters and ambitious. However, we all have our kryptonite that we just can’t seem to resist; mine would be procrastination. As self-motivated as I am, I too suffer from the occasional avoidance of responsibility. I find that it tends to happen in the areas I least enjoy doing when it comes to entrepreneurship.  

In 2018, 3 years into a successful business relaunch, I procrastinated for my third consecutive tax season. Yup, the IRS, talk about one creditor you definitely shouldn’t play around with. Year after year the taxes piled on and the procrastination piled high. 

Let’s be honest, no one actually enjoys the tedious, painstaking process of itemizing expenses, tracking your travel and calculating your income. Just the thought of these monotonous, time consuming tasks led me to allow 3 years to go by without doing my due diligence for my business. 

So, there I was, March 1, 2018, paying what felt like a trillion dollars to have my accountant, Advance Accounting Solutions, do 3 years’ worth of taxes.  While I was ecstatic and relieved to finally remove the dark, tax-bearing cloud from over my head, the cost I incurred to finally bite the bullet was astronomical. Knowing this could have been avoided if I just sat down once a month for an hour or two is my “hard” lesson learned on procrastination. 

With tax time just around the corner, check out my top tips for a stress-free tax season.

Tax Prep Solutions

1)     Goodbye Excel. Hello, QuickBooks! QuickBooks is a cost effective and convenient solution to the painstaking accounting process that tax time requires.   

2)     Block time on the calendar at the end of each month to reconcile income and expenses including filing all receipts neatly in a binder, tracking travel costs and recording business operation expenses.  I haven’t quite nailed this step but I’m getting better!

3)     Invest in a great accountant. Trust me, it’s worth it! I recommend Shakeeta Purdie Whittaker of Advance Accounting Solutions. If she can dig me out of a 3-year tax hole, she’s qualified in my book. Along withSommer Nelsonand Marquita Arbab Eshun.  

4)     Consider paying the IRS quarterly instead of waiting until the end of the year. Quarterly payments allow for short-term tracking and reduces the huge expense typically incurred at tax time.

In the wise words of Benjamin Franklin, “Don’t put off until tomorrow what you can do today.”. Start gearing up now, April 15 will be here before we know it!