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Monthly Archives: June 2022

Managing Quarterly Profits and Taxes

If you’re a Profit First business, you get to take profit distributions four times a year. It’s exciting to see the fruits of your efforts and be able to boost your income as the business owner.

It’s honestly the best thing about Profit First, that you’re not limited by your owner’s pay (though it is important to pay yourself a living wage!). You get quarterly “bonuses” that you can spend as you wish.

You might ask, why not pay yourself more each week or month and enjoy the extra income in the moment…so you don’t have to wait until the end of the quarter? Because your profit distribution is not part of your salary. Even though it might look that way on your taxes.

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Planning for Quarterly Tax Payments

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 right.

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