If you always find yourself scrambling at tax time, you may want to take a hard look at how you’re running your business and/or personal finances. The old saying is true, “In this world nothing is certain but death and taxes.”
If you know you’ll be paying taxes, why not set aside a bit of money each month to cover the expense, rather than wait and catch yourself unawares. If you’re stuck putting the charge on your credit card, you’ll pay more in fees and interest, and NO ONE wants that!
If you own a business, likely you’ll pay taxes quarterly, and that means they will be due before you know it…are you prepared? It’s safe practice to set aside about 1/3 of the money your business takes in for taxes, that way you’ll always be ready.
To your financial health!