Taxes - Your Biggest Mistake - A Bookkeepers POV

Startups often skip quarterly tax payments, only to be hit with large bills and penalties later. Since we just wrapped up tax season, this is how to start prepping now for this years tax liability:

1. Open a TAXES bank account. I recommend a regular savings account
2. Ask the bank to waive any and all fees
3. Ask your accountant to calculate your annual tax liability
4. Divide that number by 26
5. Every 2 weeks, transfer the number you got for #4 into the TAXES account
6. Do not touch it. Do not transfer it back
7. Make your quarterly tax prepayments

These small, frequent transfers build a tax cushion. It protects your budget, your cash flow, and gives you peace of mind. You will no longer be blindsided by a huge tax bill that you cannot pay. With the STOP Method™, you’re not just reacting to your financial situation, you’re planning for its success.

Ready to stop fearing taxes and start preparing for them? Set up your TAXES account today, and make tax time just another line item. Avoid a crisis. If you would like to self implement, here is the link to my book: https://www.crystalnoell.com/books