What Should Your Business Be Setting Aside for Taxes?

You’ve paid the bills, covered payroll and finally have money left over. Before you decide how to use it, do you know how much you’ll need for taxes? That’s a conversation I want to have with you while there’s still time to plan.

Your business structure and activities determine which taxes apply. Income tax is part of the picture, and you may need to make estimated payments during the year. If you work for yourself, self-employment tax generally covers Social Security and Medicare. Hiring employees adds payroll tax responsibilities, while certain products and activities can trigger excise taxes. Each comes with its own requirements.

You don’t have to work out all of those obligations on your own. Bring me your numbers, your questions and what you’re planning next—whether that’s hiring your first employee, buying equipment or growing the business. We’ll look at which taxes apply, what payments are coming up and how to prepare for them.

Tax strategy is one of my specialties, and I want you to understand what your business can afford before you commit that money elsewhere. Call me at Frazier & Co., CPA & Advisors at 765-631-1248, and let’s build a plan around your business. You don’t need to have every answer before we talk. We’ll work through it together.

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