Easiest Way To Save For Taxes

I know you've heard us say this before, and it's always worth mentioning again. The easiest way to plan and save for taxes, the honest to goodness easiest way...

Every sale you make, every dollar that hits your business bank account, move 15% into a savings account for taxes. Forget about it. Let it earn a couple percentage points of interest. And then when you (unfortunately) have to pay your tax bill, you have plenty of money set aside.

The other day, we filed a business return for a client and a few days later we did her personal return. And she got smacked with a tax bill of... let's just say it had a comma and a total of five figures. Yeah, not fun.

Thankfully she does have some money set aside to pay her bill. Still, that's a ton. And to add insult to injury, she had a few thousand in late fees and interest, that is a bookkeeper/operations issue and yet it comes out of her pocket at the end of the day.

For you, whatever amount you think you need to save for taxes... save more. And I promise you'll never rip your hair out in anger thinking, "Wow, I have all this extra money! Curse those tax guys!"

Thanks for reading and here's a clip of JT going through saving for taxes, just a quick explainer for you, https://www.instagram.com/p/C8OOHb0MTn4/