Save for taxes as you go

Owners who run short at tax time usually spent money that was never theirs to spend. Set it aside the day it comes in.

1. Open a tax savings accountSeparate from your business checking. You don't touch it except to pay taxes.
2. Move 24% of every paymentThat's our rule of thumb. Your right number depends on your income and situation, so ask a CPA.
3. Know about quarterly taxesMany business owners pay estimated taxes four times a year. The IRS explains it on the Form 1040-ES page.
4. Ask about Tennessee taxesTennessee LLCs may owe state franchise and excise tax. A CPA can tell you what applies to you.

Not legal or tax advice. MyRevival shares general information for education. It is not medical, legal or tax advice. Talk to your doctor before changing your diet, exercise or supplements, and to a CPA or attorney about your business. Rules and fees change, so check the official site before you file.