If it’s the end of the year and you haven’t saved for income taxes….make a 2022 plan NOW!
Don’t stress quite yet but get yourself a plan and get organized.
Saving and filing taxes is something that always needs to be done for your business. It will change based on your net income.
Even though it’s tricky it doesn’t mean we don’t do it! We just use the best information we have to create our plan.
Here are five steps to get you moving in the right direction:
- Make sure your bookkeeping is up to date! Keep all bank accounts, credit card accounts, and loan accounts reconciled every.single.month.
- Pull your tax documents from the previous year that your CPA provided. Use this as the starting point for what you will pay each quarter to the IRS and maybe even your state as well.
- Use the quarterly payments to figure out what to save each month. You can either total them all up and divide by 12 OR (if your business is seasonal) divide each quarterly total by 3 to get the monthly amount. That will tell you what to save each month so you have enough to pay each quarter’s amount by the due date.
- Identify a monthly % to save for your income taxes in addition to the quarterly payments.
- Save every month! Make a special money date for these transactions so they don’t get missed!
If you’re still confused- this is something I work on with all of my advisory clients.
It is a MUST in my opinion. Schedule a free call today to discuss how we can work this into your budget- your success is inevitable!
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