It's hard to believe that we are almost 3/4 of the way through 2019. In the US you just sent your quarterly tax payment in (it was due Sept. 16).
Or did you?
Take it from me, you DO NOT want to owe taxes to the IRS. I have been there, and it's the worst. Talk about sick to your stomach.
It's crucial you are proactive regarding your tax situation. Here's what you need to do going into Q4.
1) Check in with your accountant and/or tax preparer today and have them report to you on your tax position for the year so far. If you have grown this year it is very likely you will owe more tax than you have been sending in quarterly. Starting to prepare for that NOW will save on your antacid bill on April 15th.
2) If you haven't already, separate the taxes you will owe from your operating account. It's too tempting to "borrow" money from your main account and then never put it back. The minimum you should be putting away is enough to cover quarterly payments. Take it out of your Operating Account and leave it alone until you have to write that wonderful check to the tax man. You'll be glad you did.
Those two simple steps will help make sure you don't dread the next tax deadline, by being prepared and having managed your cash well.
Now go do it!
Dean has earned local and national acclaim for building companies that excel at their core functions and achieving high business performance. Under his leadership he and his team earned over fifteen awards for fitness coaching excellence. In 2016 he was recognized as the High Performance Business of the Year, and in 2018 earned a MindBODY Visionary Award. He is a speaker on entrepreneurial topics, with a focus on helping small business owners become more profitable and earn both the money and peace of mind they deserve.
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