013: Income Tax Planning For Your Next Big Quarter or Launch
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Does the thought of “income tax” intimidate you?
Well, you can choose to evade this topic all you want, but you will have to deal with it at some point anyway – because the IRS is never going away.
The IRS has what it takes to take what you have.
And as a business owner, you can’t just allow yourself to get left out of the math simply because you don’t want to learn. It’s your responsibility to understand tax at a certain level.
You may not have those big quarters yet or you may not be in the middle of a big launch. Maybe that’s not even in your plan for the next year or two and you’re still just trying to get your thing off the ground. Whatever the case may be, the principles are still the same.
The earlier you start with this, the more comfortable you’re going to feel with your numbers being accurate. And the more accurate your numbers, the better impact this has on your tax. Then once it actually starts to matter, you’re more confident about it because you’ve already mastered it.
In this episode, you will hear:
- Why it’s crucial to factor in the costs
- Making the plan before the money comes in
- When to record your prepayments
- What eCommerce people should consider when it comes to income tax
- Accrual-based taxpayer vs. true cash basis taxpayer
- Why inventory management is very important
- Understanding your timeline
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