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Video instructions and help with filling out and completing Federal quarterly tax forms
Instructions and Help about Federal quarterly tax forms
What's going on everybody on YouTube Steve here with Rick and prophet over at rakin profit.com coming back to with another video and in today's video I wanted to talk a little bit about taxes yes taxes I do want to say in this video you guys obviously know I am NOT a accountant a CPA this isn't legal advice this is just advice coming from a guy on the internet so we'd have peon said always take what anybody says on the internet if they're giving you legal or tax advice when they're not an accountant or whatever with a grain of salt so with that out of the way let's talk about whether to pay your income tax quarterly or at the end of the year so as you guys know if you're running a business there's two types of taxes you're going to be paying one is that sales tax to the States so it's gonna be different for each state from my understanding I know some states require it at the end of each month over here in Connecticut where I live we have to pay the sales tax to Connecticut quarterly so every three months so that's one part of the the mix and then the second part is the income tax that you can either pay quarterly every quarter or at the end of the year so let's talk about should you pay your income tax quarterly or should you pay it at the end of the year so I'm gonna tell you guys what I do couple years back when I first started to run my business I decided to pay it at the end of the year I didn't know any better and when I got to the end of the year I had like a seven or eight thousand dollar bill and I was like holy moly like that's a lot of money that I have to pay I hadn't really managed my money to my best abilities and having to pay that big chunk of money at the end of the year kind of hurt me and I wish that I would have saved for it or at least prepared better so one thing I want to say is if you're gonna pay your income tax at the end of the year you're gonna have to manage your money properly put money aside right put your money aside or at least manage it or make sure that you have the money ready because you know you know how it is at the end of the year we're kind of exhausted we've been grinding it out and the last thing you want to do is drain your account all the way down to nothing so a few years back when I had to do that it was actually really disappointing and I was looking for a way to be able to do things differently so as you guys know my.