 |
| Norwegian kroner, because we had the picture handy. Photo by Judy. |
If you are like most small business owners here in the U.S, in our profession or any other, you are probably quite familiar with quarterly estimated taxes, which are due four times a year. We generally think taxes are a great thing, and that they are one of the main things that make a society work, and we are happy to pay them. But sometimes small businesses run into cash flow issues and occasionally you have to scramble to come up with the estimated tax payment when it's due. It's happened to us, too, and while we have always been able to pay it, we figured we needed an easy way to guarantee the money is there when we need it.
The strategy we started using is quite simple, but one we had only used intermittently before: every time we deposit a check into our checking account or receive a payment via online banking transfer (which they all should be, but we digress), we immediately take 20% of each payment and transfer that into a savings account that's used to pay taxes. The two accounts are with the same bank (Chase, as much as we dislike them at times) and the transfer is quick, easy, and free. Since the money goes out so quickly after it's been deposited, we don't really miss it, and we ware delighted to have it come tax time.
What do you think, dear colleagues? Do you follow a similar strategy?
0 nhận xét:
Đăng nhận xét