Question

what is the best way to save for taxes for your small business?

I want to take money out of my business every month to save for taxes is a savings account in the business name the best way to do that

11 months ago - 1 answers

Best Answer

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1) Open a savings account for your business. Interest bearing would be good.
2) Calculate the amount you need to put in every month
3) Deposit weekly on the same day, say Monday, 1/4 or 1/5 of the monthly amount, depending on how many weeks were in that month
4) At the time your taxes are due - have them withdrawn directly from your savings account - check with your bank about number of deposits and withdrawals allowed, so you do not incur fees.
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11 months ago