You need an operating expense account that all the money in your business flows into. And then you need to pay yourself a salary. Every dollar that you put into your personal checking account, that whole $2,500 has to be mirrored in your tax account. To take 60 grand as a salary, you have to actually give the government 60 grand.
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It’s tax season, which means many businesses are about to get a pulse-check on how their money management is going. It’s stressful to get to tax season and realize you don’t have enough money! Unfortunately, this happens to small businesses all the time. How can you ensure you have enough money to cover all of your expenses with enough left over to pay taxes?
Join us for the final episode in our seven-part series based on Donald Miller's new book "How to Grow Your Small Business." In today’s episode, you’ll learn a simple cash flow management system using 5 checking accounts. Don understands that as a business owner, you know how to make money – but you may not enjoy managing it. This simple framework will give you a no-nonsense strategy to manage cash flow with zero confusion or stress. Tune in now to learn the 5-part framework so you’re never unprepared to pay taxes again!
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START IMPLEMENTING THE SMALL BUSINESS CASH FLOW SYSTEM TODAY AT SmallBusinessFlightPlan.com
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