As a precaution, I save about 40% of my income in my business account and have that earmarked for taxes. Until last year, I did them myself using TurboTax, however, I now have a CPA I use who specializes in small businesses. Having a pro has helped me, because he knows about all the new rules, gets me as many deductions as he can, is always available to answer my (sometimes dumb) questions, etc.

Plus, the expense of a CPA is, itself, a tax write-off.

While I am still in the habit of keeping 40% in my business account, I also want to note that I pay taxes quarterly with the amount automatically coming out of my business account, so I know how much will be paid and when (a few thousand 4 times per year).

When I say “save in my business account,” it’s because I put the other 60% in my personal accounts as my salary.

Written by

Entrepreneur, writer, editor, book coach, cat lover, weirdo, optimist. Author of “Write. Get Paid. Repeat.” & “Concept to Conclusion.” jyssicaschwartz.com

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