As a solo entrepreneur, do you give yourself a bonus?

I know that sounds wild, especially during tax season when most people are just hoping not to owe a surprise chunk of change. But I’m here to tell you—yes, I absolutely give myself a bonus. Not once in a blue moon, but every single year. And I’ve been doing it for the last 8–9 years.

Now, let me confess something:
I just finished my taxes this week. 😅 Yep, I waited until the very last minute. But here’s the twist—while most people dread tax season, I actually look forward to it. Why? Because tax time = bonus time for me.

So how do I pull this off?

The Secret: Profit First

The secret is one powerful book: Profit First by Mike Michalowicz.
If you haven’t read it yet, stop what you’re doing and add it to your must-read list. Seriously, every entrepreneur needs this book in their life. It completely shifts the way you think about business finances.

Instead of the old formula (Sales – Expenses = Profit), Mike teaches you to flip the script:
Sales – Profit = Expenses.
In other words: pay yourself FIRST.

One of the most practical tools Mike gives in the book is setting up seven separate bank accounts for your business. I know—it sounds like a lot. But trust me, once you understand the system, it makes total sense.

Each account has a clear purpose—Profit, Owner’s Pay, Operating Expenses, Taxes, etc. This structure helps you manage your money intentionally and avoid the “feast or famine” cycle so many entrepreneurs struggle with.

And don’t let the idea of opening multiple accounts intimidate you—it’s way easier (and more freeing) than you’d think.

The Bonus Trick: Two Tax Accounts

Here’s the twist that allows me to give myself a bonus:
I have TWO tax accounts.

• One is for my regular tax payments—quarterlies, end-of-year, all that fun adulting stuff.
• The second is my “just in case” account. It’s my backup for any unexpected tax surprises.

But here’s the beauty of it—when I plan properly and don’t end up needing that second account for taxes, it becomes my year-end bonus!

Instead of stress and uncertainty, I get celebration and freedom. And friend, that is a game-changer.

So friend, if you’re not already giving yourself a bonus, let this be your sign:

• Read Profit First
• Set up your accounts
• Schedule regular transfers

And when tax season rolls around, reward yourself for being a wise and intentional CEO.

You work hard. You carry the weight of your business on your shoulders. You deserve a system that allows you to not just survive—but to thrive (and yes, celebrate yourself too).

Trust me, once you try this—you’ll never look at tax season the same again.

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LYDIA GILLIS PHOTOGRAPHY is Denver based Seniors, and Personal Branding Photographer as well as educator. She helps photographers run a profitable and sustainable business. 

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