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Puzzleheaded-Duty546 t1_jegr95q wrote

Reply to Opinions on paying yourself first before creditors? by [deleted]

You should be making quarterly tax payments if self-employed. Each payment would be 25% of last year's tax bill with any additional amount owed added to the 4th payment (April 15). Now look at your personal spending habits to see what you can live without like fast food, Starbucks, cable/satellite TV, various Apps, beer, wine, booze, fancy meals, etc. All of that adds up to a considerable amount of money that can be used to pay off the CC with the smallest balance then move on to the next CC. I was a painting contractor for 30 years so took advantage of home office deductions and making purchases that could be considered as business expenses. You can deduct motor vehicle costs by having your company name and website painted on the rear sides and trunk. Some use decals made by online signage companies. The permanent lettering gets you off the hook for keeping a mileage log. I did that to my wife's minivans over the years to take straight line deductions for it.

You need to pay your creditors besides yourself. May want to look into having an accountant or CPA handle your books to keep you out of financial trouble and provide you with more for running the business and free time for yourself.

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