From the course: Consulting Foundations

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Manage taxes

Manage taxes

From the course: Consulting Foundations

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Manage taxes

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- Paying taxes is unavoidable. If you don't properly handle taxes, you could run into big financial issues. If you plan taxes well, you can save a lot of money. Know the taxes you have to pay, like federal, state, local, employment, and commercial activity taxes. Once you know what you need to pay, find out the reporting and payment requirements. Seek counsel from a good accountant who can help you understand what can be a very complex topic. You'll need the right information to be able to file tax reports on time. Ensure your accounting software and record keeping are up to the task of gathering and storing your tax information. In many cases, you'll need supporting documentation like receipts, canceled checks and bank statements to support the financial results you report to the tax agencies. You'll also need to properly reserve and pay your taxes as required. This may mean making quarterly tax payments. When I first started my consulting firm, what I learned was I needed to set…

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