with Katie Ferro, CPA
✔Who needs to file estimated tax payments
✔What estimated tax payments are and how they work
✔How to calculate your payment
✔How to file your estimated payment
Who needs to file: Sole proprietors who have a profit in their business. Sole proprietors file their business income on Schedule C of their 1040. Sole proprietors are either doing business by themselves with no business registered, as a registered sole proprietorship, with a DBA, or as a single-member LLC.
What estimated tax payments are: An estimate of taxes that allows you to avoid penalties and avoid paying in taxes all at the end of the year when they money may have been spent already.
How to calculate your payment: 15-30% of your profit (watch video for concepts on how to decide which percentage).
How to file your estimated payment: Either online or by mailing a check and a paper voucher.
It's essential as a business owner to know your profit. If you don't you're business is not running as efficiently as it could. Profit is how you keep your business alive and make the changes in your life that you desired when starting out on your own. Knowing your profit also allows you to estimate your taxes. If you don't have a system in place you need one NOW.
Join my Quarter 3 Catch Up Workshop where I give you powerful tools and a 60-minute live training on how to catch your books up, understand your profit, and make your first estimated tax payment so you can stop the bleeding and gain control of your business once and for all.
For just $97 you not only get a 60 minute live training with me, you also get access to my Small Biz Starter Kit that contains one powerful Profit and Loss Workbook worth $47 alone. It allows you to implement a bookkeeping system for a one-time fee before you're ready for the cost and complexity of bookkeeping software.
Zoom with me and others as we dive deep into exactly how to catch up your books so you can stop the chaos, gain control over your profits, work to improve them, and make an educated tax payment to avoid a surprise bill bigger than your bank account plus penalties and interest.
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