It’s a common mistake many new entrepreneurs make: The checks from clients come in, tax withholding is put off, and then all of the sudden, taxes are due. The good news is this problem has several solutions.
After completing your tax paperwork, you may be overwhelmed seeing the amount you owe. Though you may be overwhelmed, you still have to pay it. We recommend meeting with a CPA like Dan Dagley to discuss deductions to get that number down.
If the bill is still too much after deductions are made, then pay what you can, and have Dagley help you file a Form 9465 to set up a payment plan.
Dagley will also work with you to make sure it does not happen again. By setting up quarterly payments, or re-structuring your payment system to automatically withdraw payments, you’ll see a little bit taken out each pay period without being hit with a big bill at the end of the year. With modern technology, Dagley & Co. can use “the cloud” to work with you, no matter where your business is located.