by Shannon Simmons | Apr 4, 2023 | Profit First, Taxes
If you’re like many business owners, taxes aren’t on your list of favorite things to do. You have to close your books from the previous year, send 1099s, gather all your tax information, and then stare down the calendar wondering when you’ll have time to do your...
by Shannon Simmons | Jan 31, 2023 | Taxes
The 2022 calendar year is officially over, which means that tax season is upon us. (Happy New Year, right?) It’s time to start getting organized so you don’t have to ask for an extension on your taxes. If you’ve been following along recently, you’ll know that there’s...
by Shannon Simmons | Oct 25, 2022 | Profit, Taxes
Do you know how profitable your gym is? To be clear, the profitability of your gym isn’t the revenue you’re bringing in or even your net income, after expenses. One of the biggest mistakes we see business owners make is over-simplifying the profit in their business....
by Shannon Simmons | Jun 7, 2022 | Taxes
You know tax time will come every year, but for some it comes four times a year. That’s right…quarterly taxes are due four times a year for those who expect to owe $1,000 or more at tax time. The trick is determining your tax liability, which can be tricky when done...
by Eric Johnson | Apr 5, 2022 | Taxes
One of the best things about Profit First is that the money you need…for payroll, for expenses, for taxes…will always be there because you have a system and you’re using it consistently. And while payroll and expenses are things that come up consistently, month over...
by Eric Johnson | Dec 21, 2021 | Business Tips, Profit, Profit First, Taxes
Everyone likes being profitable, yet no one likes paying taxes. So, how can we reduce taxes without reducing net profit? Retirement Contributions Making contributions to your qualified retirement plan (SEP/SIMPLE IRA; Solo 401-K; etc) through your business can reduce...
