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Hey, small business owner, we survived another tax season! I hope you came out unscathed. If you found yourself owing more in taxes than you’d like, then now is a great time for tax planning and connecting with your CPA.
Make sure to pay attention if you have vouchers in the midst of your tax return papers as these can be easily overlooked. These vouchers share how much you should pay in quarterly tax payments.
It is important to have these payments made on time—these payments are due April 15, June 15, September 15, and January 15. These are here for your benefit, so you do not have to underpayment penalty fees along with interest for late payments.
Depending on your level of income last year, your quarterly tax payments may be higher than expected. It is important to budget these payments in your long term cash flow projections.
This is the tip of the iceberg when it comes to tax planning for small business owners.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.