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We hear it over and over again from many small businesses. We didn’t put any money aside to pay our taxes. And if you owe a substantial amount of taxes for your business, it will dramatically reduce your cash flow and put you in danger of going out of business.
Especially when it comes to a smaller business, banking money for tax time can sometimes take a back seat. And that’s a really bad idea. It can take years to catch up and cost you thousands in interest and penalties. It’s bad enough when people don’t pay their bills but if you don’t pay your taxes, they don’t just go away.
Here’s a couple tips and some might be obvious.
You have to set aside the proper amount of funds for both federal and state taxes. In short, the basic rule applies. Save more, spend less. The amount you need to set aside will obviously vary for each business so it’s best to sit with your accountant, review your previous year’s revenue and expenses and heed your accountant’s recommendations. You’ll also want to look at any payroll taxes and if applicable, sales tax.
Reviewing your expenses with your accountant will also tell you if there could be any changes to what taxes you might owe. For example, if tax laws change and those items you once deducted are no longer eligible, you’ll need to adjust. By the same token, if you have lines of credit out there that are adjustable, you need to keep an eye on that as that can affect your tax liability.
If you have a seasonal business or know the times of the year when business is down, you’ll need to plan accordingly. That includes watching your own expenses and not relying so much on credit to get by.
And of course, don’t forget your receivables. Negative cash flow is the root of all problems when it comes to meeting your obligations. Get help getting paid if you need it.
We’ve seen too many great business go out of business because they failed to plan so don’t end up making a vital mistake. Plan ahead, watch your cash flow and you’ll have yourself covered.
Check out our blog at www.Americanprofit.net for more tips.