I know, I know … you are sick of taxes!
And you just paid them (or at least an estimate of what you will owe). But here’s the thing – smart businesses save for taxes throughout the year. So month by month or week by week, they are putting money away for the tax payments they will inevitably owe.
And REALLY smart businesses check in with their CPA during the year to re-calculate what they will owe. The benefit? Minor disruption at tax time. They smoothed out cash flows because you don’t have to turn over every item in your office to scrape together the money you owe in taxes.
What are the best ways to save for your taxes?
- Get an estimate now from your CPA about what you will likely owe for 2019
- Designate a savings account specifically to set aside money for taxes
- Do the quick math to figure out how much you need to set aside either weekly or monthly (frequency is probably best determined by how cash flows in & out of your business)
- Set up an automated transfer so that these monies get set aside without you having to handle them directly
- Enter those recurring transfers into QBO, so you know in advance that these monies will leave your operating account.
Sound simple? It’s not that hard. If you need help setting this all up, give us a call.
ZümiFi – is here to make things smoother!
Start Saving for Taxes Now!
ZümiFi’s ongoing bookkeeping services manage your financial activity with a complete turnkey approach. We deliver solid books that provide you with key information in real-time, accessible anywhere, anytime, on any device.
We create a custom combination of online, cloud-based tools, including QuickBooks Online, Bill.com, Box.com, and other tools in unique combinations to truly leverage technology. This enables us to fully automate your system, eliminate data entry, and simplify and facilitate your bookkeeping. And we ensure accuracy and completeness so that every dollar counts.
The Scope of ZümiFi’s Bookkeeping Services:
Accounts Payable Services – Recording, tracking, and paying vendor bills.
Accounts Receivable Services – Recording and tracking customer invoices and payments.
Payroll Services – Processing payroll per each client’s instructions regarding amounts to pay; processing and filing appropriate payroll taxes and tax forms.
Reconciliations – Reviewing and balancing bank and credit card transactions; notifying clients of any discrepancies and resolving discrepancies per client’s instructions when appropriate.
Reporting – Generating financial reports based on the collected data.