TAX TIDBITS

 Your P&L, also known as the Income Statement or the "Depression Statement" ;)  offers a detailed view of your company's revenues, costs, and profits over a specific period. 

Key Performance Indicators (KPIs) derived from this statement include the Gross Profit Margin (found by dividing gross profit by total revenue) and the Net Profit Margin (calculated as net income divided by total revenue).  

These KPIs gauge how efficiently your business turns each dollar of revenue into profit. 

The sooner you realize that every meal isn't a business meal, the happier your tax preparer will be!

Co-mingling funds like this 

is a top 3 way to get 

audited by the IRS, 

and nobody wants that.

Set up separate bank accounts and track all business expenses to simplify tax season and ensure financial clarity.

 Dealing with tax savings accounts can be a bit of a maze. Instead of facing those $2,000 quarterly payments with dread, consider making smaller, more frequent payments.

When calculating taxes, set aside 15-30% of your NET INCOME (that's income minus all the expenses and deductions).

Don't forget, if you anticipate owing more than $1,000 at year-end, those quarterly payments are your trusty sidekick.