Peach Tea Calculations

The IRS is a pay-as-you-go entity.

This means, that if you are earning untaxed money, you have the responsibility to pay in according to their schedule.

P.S.-When your clients pay you that revenue received by your business has not been taxed by the federal government.

Tax Period 1 runs from January 1 - March 31, so you are to calculate an estimated tax payment for the revenue earned during that period.

It is due April 15, so make sure to gather your information (or get reports from your bookkeeper) and consult your accountant on the amount so you can pay them when they are due.

Did that sentence make your heart skip a beat?

If not, good for you!

But if it did then it’s time to start thinking about hiring a bookkeeper.

All of the questions your accountant has about the expenses and reports will be fielded by your bookkeeper so you can stay focused on your growing business.

Have you filed your taxes yet?

These reasons translate into three things you aren’t acknowledging

✨Your business is growing and flourishing so you need to devote more time to its growth

✨You lack organization and are possibly spending more money than you’re making

✨You don’t plan for tax season all year by paying estimated tax payments and avoiding a huge tax bill

If you relate to even one of these, and especially if you relate to more than one, then it is time for you to let your bookkeeping go so you can focus on business growth.

Drop an emoji and I'll get you the link to schedule a discovery call today so we can chat about what I can do to help you stop being overwhelmed by tax season.

You can't use both of these types of deductions

So you have to choose at the beginning of the year to either keep up with business mileage OR gas receipts for business use of the vehicle.

Just keep in mind that if you use your personal vehicle for business, it is recommended that you use the mileage deduction.

Did you know that you could only use one or the other?