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...
by Eric Johnson | Nov 23, 2021 | Business Tips, Taxes
Tax season is around the corner. Getting everything together and filed can be really stressful, especially for business owners; but it doesn’t have to be. You simply need to know what you need and have it ready by the start of the filing season. Primarily, you’ll need...
by Eric Johnson | Oct 12, 2021 | Profit First, Taxes
While income tax filings have an annual deadline, the management of your taxes is ongoing, especially as business owners. The key to managing your taxes is Proactive Tax Planning. This can mean many things to business owners, depending on the size and complexity...
by Eric Johnson | Apr 27, 2021 | Profit First, Taxes
Projecting your tax liability can be very tricky. First, the tax law is constantly changing, which can cause your tax liability to change, even if all other factors remain the same. Also, the final tax bill that business owners receive often includes income from...
by Eric Johnson | Mar 23, 2021 | Taxes
One of the beautiful things about the Profit First model is always having enough in reserves to pay your taxes. But what happens when tax time rolls around and there’s simply not enough cash to pay all of the taxes? Get Clear On Your Numbers First, you need to know:...
by Shannon Simmons | Feb 9, 2021 | Taxes
Most people’s least favorite time of the year is coming. No, not Valentine’s Day. Tax Day. As a business owner, you have the responsibility (and privilege) of filing your taxes with the federal government and at the state level. Tax time has a really bad reputation...