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"Death and taxes." Ben Franklin gave timeless advice when he proclaimed that small businesses are the only two things in life that are certain. But you do not have to leave their tax responsibilities drive you and your company to an early death.

As a Business Coach, the problem I see many entrepreneurs running on the budget is not enough money to put aside their taxes. So when it comes time to file their taxes, who do not have the cash. Unfortunately, not filing taxes will not solve the problem!

The business mentoring following tips are some of the best pieces of business accounting advice I shared with busy entrepreneurs over the years. If they fall short in cash at tax time, here There are some things you can do:

Business Mentoring Tip # 1: Gather your records and files all tax forms immediately, even if you can not paying a dime.

Business Mentoring Tip # 2: Write a letter and attach to the forms explaining their financial situation. The IRS will work with you to find a payment option with which you can live. One option could be to create a plan so that taxes can be paid in installments.

Business Mentoring Tip # 3: Have a solid business plan makes accommodations for state and federal taxes, and stick to it. The last thing we need a new business is lost their profits by paying fines to the IRS.

Business Mentoring Tip # 4: Opening a second bank account as a tax savings account to be used only to save money for the payment of taxes. As a Business Coach, I have seen many clients successfully use this strategy.

Business Mentoring Council # 5: Each time you turn a check or make a cash withdrawal from ATM, take 20% of that money and deposit it into your tax savings. For example, for every $ 100, $ 20 set aside for taxes. You will be surprised how quickly your tax savings will add up!

Business Mentoring Council # 6: Each quarter, January 15, April 15, June 15 and 15 September to make estimated tax payments to federal and state levels.

Business Mentoring Council # 7: Each October to meet with your tax preparer for preliminary tax planning. You can evaluate where they are for the year and leave yourself time to reduce your tax debt or make additional payments.

Using this result accounting and business advisory implementing these seven tips into practice accounting of your company, you will be able to survive paying taxes.

About the Author:

Linda Hunt is the co-founder of The Bookkeeper's Referral Network Inc., the place where business meets great bookkeepers. To get your copy of a free special report, The 9 Disastrous Mistakes Most Freelance Bookkeepers Make in Business (and How You Can Avoid Them!), visit www.bkpr-network.com .

Article Source: ArticlesBase.com - Seven Business Mentoring Tips: How to Survive Paying Taxes

Survival Hunting

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