Should You Pay Quarterly Tax Estimates?
Jun 07, 2023I have a non-traditional belief about quarterly taxes - don’t pay them! That’s not actually what I mean but I’ll share what I often recommend to clients. My intent behind sharing this is not to tell you what to do but to make you aware that there are different ways to think about things. This is one of the more fun things about working in taxes and accounting. We're given a set of guidelines to follow but we get to interpret those guidelines and apply our own approach.
The key takeaways from this episode are:
1.Non-traditional perspective on quarterly taxes: The episode challenges the traditional belief of paying quarterly taxes and offers an alternative viewpoint. It encourages listeners to explore different ways of thinking about taxes and accounting.
2. Understanding quarterly estimate amounts: The episode discusses how to determine the appropriate amount for quarterly tax estimates, providing insights for individuals managing their tax obligations.
3. Weighing the benefits of retaining money in your business: The episode prompts listeners to consider the advantages of keeping funds within their business instead of immediately paying them as quarterly estimates, encouraging informed decision-making based on individual circumstances.
What you'll hear in this episode:
[2:36] The most important thing to know about quarterly estimates.
[4:56] How do you decide how much to pay?
[9:41] Is it worth it to keep your money in your business for a little longer?
Related episodes:
How to Hire Your Kids to Generate Tax Free Wealth
Taxes for Rental Properties with Pat Leung
Resources:
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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.
