Monday Money Mindset: Separate Savings for Taxes
Tax season shouldn’t feel like a surprise bill. The best way to stay ahead is to create a dedicated savings account for taxes and contribute a percentage of your income regularly. QuickBooks can help you calculate your estimated tax payments and track what you need to set aside.
For example, if your quarterly tax estimate is $5,000, save about $1,250 a month to stay on track. By keeping your tax savings in a separate account, you’ll avoid the temptation to dip into it and have peace of mind when payments are due.
Not sure how to calculate your taxes or set up an efficient system? A Chandler CPA, like AZ Easy CPA, can guide you every step of the way.
Need help with your business finances? Contact Us! We offer monthly accounting and bookkeeping services, clean-up projects for past years, QuickBooks training, and phone consultations to help you stay on track.
