Come April 15, something as sure as death will befall me and countless other business owners. It is that time of the year when we pay income tax for earning a perceived financial term called income. It's been quite an experience running a small business, something which my mother asked me to continue for her. Believe you me it has not been easy.
Every year I scratch my head hoping to find a nice and glorious statement in my accounting books that say I did earn something. Heck. For the last couple of years, there' s really been nothing:-(
Truth be told, our small operations have been in the red for some months now. New equipment, new services, new products, new anything as long as it would help the business, we have tried implementing. The thing is the tax people find it hard to believe that the business didn't earn anything as we declare every year.
I have been thinking of what to do next. Shall I sell the business? Shall I change the nature of the business like going to catering as my mom used to do? Or perhaps, operate something totally new like an internet cafe?
Maybe I have reached the end of the line? I leave these thoughts behind. Time to get an update from my accountant.