Busienss Clean Up – Day 12 – Q2 Tax Reconcile
Go through and make sure you have double checked the accounts for April 1 – May 31. I know for my business, these are the months that start to pick up for income. Deposits and payments for summer weddings are coming in. You are also paying for more tanks of gas, snacks on the road, and for me a few new wedding only attire. I also like to buy a few more SD cards as I get busier.
More money in and more money out can be overwhelming. Remember this as you start to ignore your current year taxes.
I do hire out all my tax work because I am good at so many things, taxes is Not one of them! I follow Dave Ramsey for much for my money advice and I think everyone should follow that guidance.
If you are wondering why I am asking you to look back on your quarterly income, it is because I firmly believe you will continue to grow and it is possible you might have to pay quarterly taxes in the future!
Who pays quarterly taxes?
Freelancers, independent contractors and small-business owners who expect to owe at least $1,000 in taxes from their self-employed income all pay quarterly taxes. If you owe less than that, you can just pay your taxes on that income when you file your annual tax return.
If you need more information about taxes, check out Dave Ramsey!
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