Saving For Taxes
Jan 26, 2021Every time we come to about April 14 or so, we really say, I should have been saving more for taxes. Now, I don't know if you're like that but it seems like so many times we get caught. Here's what I suggest you do. Why don't you save for taxes on a regular basis? I hear people say, well, I wanted to save for taxes but I waited until the end of the quarter and I didn't have any money then.
That isn't how you save for taxes. You take a little bit out of every deposit or you take a little bit out every week and if you would take just 10% out of every deposit, I'm sure that you had plenty of money at the end of the quarter to pay your taxes. Here's just a plan. Set up just a separate account that just says Tax Account and then every time you make a deposit, put 10% in that tax account. You'll never miss it at the time. You'll have your taxes all in line when it comes time to pay taxes on a quarterly or at the end of the year, a quarterly basis, or at the end of the year. This is Dave Kats. Thanks for listening.
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