Growth Group | Accounting for Musicians

File Taxes More Often, Save Money

Shortly after the new year rolls around, everyone seems to be concerned about income taxes. “Will I get a refund? I hope I don’t owe…” is often the conversation I am greeted with soon after the holidays.

This is why I recommend my customers file more often, talk to me frequently, and stay on top of their business income. If you are a once a year tax filer and neither you or your spouse own a business, you can stop here and save this message for when you enter your entrepreneurial journey, otherwise keep reading.

Taxes are due as your company earns income, much like when you were an employee and had the taxes taken directly from your paycheck. If you fail to pay the taxes until the end of the year at the filing deadline in April, your good ole’ Uncle Sam is going to want interest and penalties.

Filing tax returns and making your tax payments 4 times a year, as you earn your profit will eliminate your worry during tax season. April 15 should not be a day associated with fear for small business owners, it should just be another day that quarterly estimates are due.