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The Taxing Task of Taxes

Taxes

That dreaded time of the year has arrived and tax season is upon us.

If you’re like many of the restoration owners I work with, then either March 15th or April 15th is a day of significance to your business, whether it’s a day that takes you another step closer to your goals or a day that makes you shiver in your boots.  Whichever side of the spectrum you fall on, preparation is key here.  Preparation is what will allow you to climb over the hurdle of Tax Season, and preparation is what will make your business profitable.

Preparing for the Next Year

If you’ve ever been told to put your money aside in a piggy bank for a rainy day, then you’ve been told a sage piece of advice.  A huge component to paying taxes off without needlessly dipping into distributions is by putting the money in a safe place for a more appropriate time, say March 15th or April 15th.  This means putting the money aside when you get it, meaning, collecting a percentage of topline sales each month and putting it into an account for safekeeping.

A few tips here:

  1. We advise you make this account with a different bank from your other banks.  Name it “Taxes.”
  2. Start with your very next deposit.  Calculate the percentage of taxes you need to pay on your topline sales, and put it in your new account.
  3. Don’t touch this account at all except to put money in and to withdraw it on Tax Day.
  4. It’s been our observation that many owners will inadvertently use the money in this account for various fires and expenses, and will completely miss the point of putting money aside in this account in doing so.  You will not be successful this way, so don’t dip into this account except to pay taxes.

In Conclusion

Once you’ve followed these steps, you’ll already have your taxes set aside for the next year.  There won’t be any worry or fret come Tax Day, as all of the money will be in the Tax Account ready to go towards taxes.  The amount of headache and frustration this has saved our clients is nothing short of clinical.

We’ve developed all of these steps with the Profit First methodology, specifically with our Cash Accumulation Management Program (CAMP).  Profit First believes that in order to be a profitable business owner, you need to intentionally allocate for profit first.

BDA is built on the belief that we can help restoration and construction owners eliminate entrepreneurial poverty so that they can become more profitable and worry less about their business.  That’s why we’re offering you a complimentary gift in form of a Profitability Report in partnership with Profit First.  Contact me directly by email to schedule an initial discovery call to discuss your profitability.

May the Profits Be With You!

John Capponi, CR
Operations and Management Consultant | Business Development Associates, Inc.
john@gobda.com | Cell: 407-745-7698

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