Saving for Taxes: an Essential Guide for your Business
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Have you ever had a surprise tax bill at the end of the year? What happens when you don't have the money to pay it? We do not want small business owners to get into this scary situation. What is the solution to avoid this? Start a tax savings account, and save money every month for your taxes!
This video shows you how to think about your tax liability, how to calculate your potential tax liability, and how to effectively use a tax savings account.
If you need to understand estimated taxes further, be sure to watch this: • How to calculate estimated taxes - 10...
This video includes:
0:00 Common problem for business owners
1:25 Modern banking solution
2:14 The tax conundrum
2:40 Profit importance
3:30 Flow-through entity taxes
4:46 Different from Profit First
6:20 Profit First tax savings problem
7:17 Clara CFO tax savings solution
9:30 Real financials example
9:50 Net Income and tax calculation
12:25 Transfer money in Relay
13:25 Transfer every month - examples
15:00 Practical steps for tax savings
16:00 Paying quarterly estimated taxes
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.
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