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As your year goes on and your business experiences greater profitability, many business owners would admit that they don’t have a good grasp on what this profitability will mean with respect to taxes. Taxes in general create a higher level of anxiety for most people, but can present unique challenges for entrepreneurs that are trying to invest in their business. The #accountant-in-me would always give the simple advice to make sure that you are staying on top of your taxes throughout the entire year, and not just at year end.
But how do you stay on-top-of your taxes???
It’s actually simpler that you think, but it can vary depending on the type of business you are:
In any event, if there is one piece of advice we can provide virtually anyone in business, it is to get into the habit of estimating your taxes each month. This way – as your business continues to achieve success – you eliminate any surprises later in the year.