Time for a Check Up!
Yes, its the middle of 2013 and you should have your bookkeeping updated through June 30th by now. It is a GREAT time to do a tax projection based on the 6 months that passed and estimating the 6 months ahead. This way we can make an accurate tax determination now and pay in estimates based on actual earnings to date. Too often I see business owners waiting until year end to issue salaries to themselves and by then the cash crunch is HUGE. To alleviate that, I prefer to have a CHECK UP mid year.
For all business owners, there is the element of unknown in the 6 months ahead but we can estimate and hold enough cash back for the unforeseen.
The important part is to review the last 6 months of data and see where you are for tax and cash.