Review your budget and

tax plan quarterly

· Budget
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Wait a second, first we meet monthly to go over the financials, now you want to add a quarterly meeting? Not necessarily, what I’m saying is during your monthly meeting you should also be reviewing your budget and tax plan.


Why do you need a budget?

This might be an obvious question, but you’ll be surprised about how many people say they don’t need a budget or turn down the idea, and then come to me because they are running out of money or worse. When it comes to budgeting for your business think of it as you’re planning a vacation. You weren’t just spend all the money in your bank account, right? No, you would make a budget about how much you want to spend while on vacation. View your business budget the same way. But do keep in mind that there are many things to consider with budgeting. Your monthly payments, your payroll, and most importantly TAXES both yearly and quarterly!!! Let us not forget that when making a budget, have some “unexpected” funds. You never know what will happen if you have a detailed budget, you can be prepared for anything.


By November/December you should be having the conversation with your accountant to prepare your next year budget. Come to them with some goals and see what needs to happen for the next year. It is also a good idea to go over it with them at least once a quarter.


Going over the actual budgeted numbers is a great way to see how things are going. Are you on target do you need to adjust for the next quarter? Remember these are suggested numbers not Moses’ stone tablets.


Quarterly Estimated tax are due to the IRS and State (if you have a state income tax) every April, June, September, and January on the 15th date, unless it falls on a weekend or holiday. Now, tax software’s will produce estimated quarterly vouchers for you to send off based on your current year numbers. Some like to use these software programs because it saves time, but these programs are not always accurate or the estimate it way off.


Where I differ from these programs, is that I take real time and numbers and give you an analysis based on the whole tax picture, as well as what you are wanting out of your refund at the end of the year. Hey, if you want to use the government as a saving account for your vacation or pay off Christmas credit cards, that is up to you (no judgement from me), just tell me the plan, and I will run the numbers.


Reviewing the financials of your business monthly, is a great way to ensure that you are staying on track. Reviewing the budget will ensure that you aren’t wasting money or losing money. Reviewing the tax plan will ensure that when your quarterly and annal taxes are due, you are ready. All of this “reviewing” can be done in one or two meetings, it does seem like a lot, but once you get into the numbers and understand what you are looking at, it will help make you a successful business.


But it is up to you!! You need to make sure you are asking the questions. It is up to you to want more than what you are getting.


If you need some help, schedule an appointment with us, and we can get you started on the right path.


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