4 Ways to Save Money by Calculating your Profit/Loss Right Now #taxtip #smallbusiness

4 Ways to Save Money by Calculating your Profit/Loss Right Now #taxtip #smallbusiness
August 20, 2015 No Comments 2015,Blog post,Classes EM Lynley

September Online Writers’ Tax Workshop Will Help You Get It Right

taxesWe’re coming up to the end of Q3 in September. While it seems weeks away, it’s a great idea to get started on pulling together income and expenses for the quarter (or the year-to-date if you haven’t been keeping up with the numbers!)

An Accurate Q3 Profit and Loss Snapshot Can Save Money!

That’s as good a reason as any, isn’t it?

Here’s how:

  1. You can get up-to-date on any estimated tax payments you might owe. This reduces the chance of an IRS penalty for underpaying estimated taxes. If your income is below expectations, you may find you don’t owe anything  this quarter, but it’s important to find out.
  2. Once you have an idea of where your profits will be for the year, you can plan to move up any large purchases into 2015 and save some taxes. Do you need a new computer, want to register for a pricey convention like RT or RWA? Will a deduction help you more in 2015 or 2016?
  3. Collecting and recording income and expenses so far this year means you’ll have a lot less to do in January or February to finish the calculations for your 2015 tax return. If you’re getting a refund, you’ll want to file early, rather than wait till the last minute.
  4. If you have problems or questions, you still have plenty of time to learn what you need to know to file your return and get all the deductions you deserve.

If you want some help going through the process, be sure to sign up for the next Online Writers’ Tax Workshop for September. Seats are limited.

Can’t take the workshop? Then buy the workshop in a book: 2015 Writers’ Tax Workshop is available from Amazon for Kindle and in print. (Contact me if you need EPUB or PDF format)



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