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🎙️Plan for big tax bills!💰-Sponsored by Flow Digital and Pipedrive!
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I've seen a lot of companies all of a
sudden they have to pay in taxes they
weren't planning for it so in all of a
sudden this huge tax bill.
>> So the minimum that you putting away is
if you're required to make tax estimates
on a quarterly basis, make those tax
estimates for two reasons. Number one
for cash flow, you know what estimates
you have to make and when. Number two,
if you don't make the estimates the IRS
is going to penalize you, right? And
that's money in the garbage, right? So
you may as well make the estimates. What
I have situations is where and let's
assume you're projecting that although
I'm going to make the estimates I'm
still going to owe money, then you may
not be penalized by the IRS if you're
going to pay that money in April, but
you have to have that money in April. So
you have to discipline yourself to put
aside money for taxes to cover your
estimates and
to at minimum cover your estimates and
to project.