Business Tax Fundamentals You Need To Know

"Fundamentals??? In the middle of the season???" Guess that movie quote, and if you're not sure, I'll reveal the answer at the end of course.

As you might have guessed it, we're talking about fundamentals today. And for every new business, there's some basic foundational things... LLC, EIN, business bank account, etc etc.

And one question that always comes up... how much do I set aside for taxes? 

Now, our general rule and recommendation is 20% and let me tell you, you'll never be made you saved too much. You'll never rip your hair out thinking, 'uh, I have all this money saved up, i'm ready to explode!' 

Promise, that'll never happen ;)

So yeah, we say 20% as a base rule, and of course every situation is different so feel free to adjust.

At a conference a couple years ago, JT explained the best way to save, transfer money to yourself, and more. Check out a quick clip here to help with some foundational stuff for a new business, https://www.instagram.com/p/CxhTRZBLTgQ/ 

And today's trivia quote answer.... Angels In The Outfield :)