In today's episode, we’re diving into a crucial topic that often puzzles many business owners—tax estimates. Shannon tackles a common query from a member of CFO on Demand, addressing the challenges of paying estimated taxes throughout the year. She breaks down how to handle fluctuating income and expenses, the nuances of quarterly tax payments, and the importance of tracking your actual business profit. Learn practical strategies to set aside funds, avoid penalties, and take control of your tax obligations without sacrificing cash flow. If you’ve ever felt overwhelmed by tax estimates, this episode is for you. Let's make the financial side of your business more manageable—grab your headphones, and let's get started!
What you'll hear in this episode:
06:39 Unpredictable income warrants caution in financial planning.
10:30 Plan ahead for tax bill, take control.
11:51 CPAs operate traditionally, but modern business owners differ.
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.