Break the Cycle: Three Ways to Reduce What You Owe in April

Break the Cycle: Three Ways to Reduce What You Owe in April

cfo podcast Mar 22, 2023

If you feel like you're in an endless cycle of owing taxes year after year, and you dread getting your tax return back, or you wish that you could reduce the amount that you have to pay every April so that you can stop stressing out, this one is for you!

I'm going to share three ways that you can stop owing taxes. We all have to pay our taxes of course, but let's dive in to the three ways to reduce your April tax burden. The major theme here centers on getting proactive. I know that's probably the last thing you want to hear, but it's not as hard as you think. Tune in to reduce how much you owe at tax time, every single year.

 

"If you wish that you could reduce the amount that you have to pay every April so that you can stop stressing out, this is definitely the episode for you."

 

In this episode, you will learn the following:

1. Discover three ways to stop owing taxes every year and get proactive about your finances.
2. Learn how to set aside money from every sale and create a separate bank account to keep money out of sight and out of mind.
3. Find out how to plan ahead and talk to a tax professional in the fall to reduce your tax burden.

 

What you'll hear in this episode:

  • Set aside 20 to 25% of your income for taxes.
  • How do you know when and what to pay?
  • When should you talk to your tax professional?
  • You can find out what you’re going to owe much sooner than you think.

Here are some brief snippets from this episode:

[00:00:40]
Shannon: Three ways that you can reduce how much you owe at tax time every single year. Set aside roughly 20% to 25% of your income. Put it in a separate business bank account. Get proactive.

[00:05:03]
You're not required to pay taxes quarterly if you're a business owner. If you are profitable, then the IRS wants you to pay in installment payments throughout the year. To make sure you're not paying a huge lump sum in April, you want to check in quarterly.

 

Related episodes:

Setting and Measuring Progress Toward Your Business Goals

The Best Ways to Customize Your QuickBooks

How to Know if Your Overhead is Too Large

 

Resources:

 

Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/

Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so

Hire us: https://www.fitnancialsolutions.com/accounting

See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

Find me on IG @shannonkweinstein

Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

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.