Something businesses really need to think about is planning for taxes and they’re usually wondering well how do I plan for taxes and usually I’m getting that question when it’s already too late so just to help businesses think about that it’s really important that you keep an ongoing record of all your income and expenses even if you’re not using a professional accountant and you’re just documenting stuff at annex simple Excel spreadsheet it’s still going to help you forecast what your tax liability is going to look like and it helps a lot because if you really people tend to measure their their profit by how much cash is left in the bank and unfortunately that is absolutely not a good idea because profits don’t equal cash so if you’re doing that ongoing record it’s going to be a lot easier to estimate what your tax liability is going to look like so that you can actually pay them quarterly the way the IRS requires so by keeping that record you could be able to easily estimate your tax liability each quarter but most importantly if you’re really looking to reduce your taxes and understand where you’re at at all times seeking professional periodic reviews with an accountant is definitely going to be the best thing you can do because you may not be keeping track of things exactly the way they may be implemented in a tax return so you want to make sure you’re doing it right and not overestimating or underestimated what your tax liability is going to look like is if you’re gonna have a plan and to me a plan is just that a plan you want to have expectations set up for what your tax liability is gonna look like and make sure that you’re planning for that all year long so that you don’t come up short at the when taxes are due the following year.

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