If you’re like most small business owners, you groan when April rolls around. You know you have a hefty tax bill waiting for you, and it’s one you despise paying.
What’s your plan for paying that tax bill? Did you know you had options? Let’s look at three smart ways you can get your taxes paid with minimum stress or fees.
Method 1: The Plan-Ahead Strategy
Now, we’re not all this diligent, but if you plan now for the taxes you’ll need to pay in 2016, you can easily set aside enough to cover the bill. Likely, your tax bill is pretty steadily the same amount each year. So use this year’s amount as a guideline for next year. How much would you need to set aside monthly to cover it in 12 months?
If you don’t have a business savings account, set one up so the money is diverted from your savings account and you’re not tempted to spend it. Look for a high-yield savings account so the interest helps you toward your financial goal.
You can also send the IRS quarterly estimated tax payments to keep from having a gigantic bill come April. Continue reading “Paying Your Small Business Taxes: Three Options to Consider” »