Seven,Business,Mentoring,Tips, business, insurance Seven Business Mentoring Tips: How to Survive Paying Taxes
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"Death and Taxes." Ben Franklin gave timeless small business advice when he proclaimed that theyare the only two things in life that are certain. But you don't have tolet your tax responsibilities drive you and your business to an early grave.As a business coach, theone problem I see many entrepreneurs running into is failing to budget enough moneyto set aside for their taxes. Then when it comes time to file their taxes,they don't have the cash. Unfortunately, not filing taxes is NOT the solutionto the problem! The following businessmentoring tips are among some of the best pieces of bookkeeping businessadvice that I have shared with busy entrepreneurs over the years. If you comeup short on cash at tax time, here are some things you can do:Business Mentoring Tip#1: Gather your records and file all your tax forms immediately, even if youcan't pay a cent. Business Mentoring Tip#2: Write a letter and attach it to your forms explaining your financialsituation. The IRS will work with you to find a payment option with whichyou can live. One of those options could be setting up a plan so that taxes canbe paid in installments. Business Mentoring Tip#3: Have a solid business plan that makes accommodations for both federal andstate taxes, and stick to it. The last thing a new business needs is to loseits profits by paying penalties to the IRS. Business Mentoring Tip#4: Open a second bank account like a tax savings account, to be usedexclusively for saving money for paying taxes. As a business coach, I've seenmany clients successfully use this strategy.Business Mentoring Tip#5: Each time your write yourself a check or make a cash withdrawal from theATM, take 20% of that money and deposit it into your tax savings account. For example, for every $100, set $20 aside for taxes. You will be pleasantlysurprised how quickly your tax savings will add up! Business Mentoring Tip#6: Each quarter, January 15th, April 15th, June 15th and September 15th makeestimated tax payments to the Federal and State governments. Business Mentoring Tip#7: Each October meet with your tax preparer for preliminary tax planning. Youcan evaluate where you are for the year and leave yourself ample time to reduceyour tax liability or make additional payments. Byusing this proven bookkeeping business advice and implementing these seven tipsinto your business's bookkeeping practices, you will be able to survive payingyour taxes.
Seven,Business,Mentoring,Tips,