The business finance myths that are circulating around the internet and in your local community can be a real problem for any small business owner who is trying to get their finances under control. These common misconceptions about how businesses should manage their money have been perpetuated by many people over the years, but it’s time to put them to rest once and for all. Below is a list of some of the most common mobile gambling business finance myths.
Myth #1: The only way to save money on taxes is to pay quarterly instead of monthly.
This one is pretty simple: if you pay quarterly, you will save yourself some money on taxes. If you pay monthly, you will owe more than what you would have paid if you had paid quarterly. This may seem like an insignificant amount, but when you add up all the tax deductions and credits that you qualify for, it adds up quickly.
Myth #2: You need to set aside at least 10% of your income each month.
Again, this one seems fairly straightforward, but there are two important things to remember here: first, you don’t want to set aside too much because then you won’t have enough left over after paying for other expenses; second, setting aside 10% or less of your income each month isn’t going to cut it. In fact, according to the IRS, most small businesses shouldn’t even try to do that. Instead, they recommend that you set aside between 5-10% of your annual revenue. That means that if you make $100,000 per year, you should plan on saving somewhere between $5,000-$10,000 each year.
Myth #3: Your bank account needs to be overdrawn before you start making payments on your credit cards.
Many people think that you have to be completely out of cash before you start using your credit card for things like playing real money online blackjack games, but this just isn’t true. As long as you have access to funds from another source (like savings), you can use your credit card to help you build up your business credit. There are also several ways to keep track of your spending so that you know exactly where your money goes every month.