Businesses such as sole proprietors, S and C corporations, LLCs and DBAs who meet with their accountants on a quarterly basis to calculate quarterly estimated payments historically keep more money in their pockets all year around. Why?
Projecting your current year’s tax liability and adjusting your estimates accordingly eliminates the need to owe the government taxes at the end of the year when you file. In addition, quarterly “check ins” avoid surprises at the end of the year and no one likes those!
If you consider all the things in your life that you value such as health, family, material assets such as your car and your home, you’ll admit that they all require periodic maintenance. The same applies to your business. Scheduling a quarterly meeting with your CPA can only help by giving you a clear picture of the health and status of your business. Working together, the two of you can monitor cash flow, expenditures and other key areas that may require some changes.
Take steps now to ensure that you keep your business on the right track, all throughout the year. Give us a call.