Paying taxes is unavoidable. If you don't properly prepare for paying them, you could run into huge financial issues. You need to understand the types of taxes you have to pay like federal, state, local, employment, and commercial activity taxes. You need the right information to be able to file tax reports on time. You also need to properly reserve for and pay your taxes as required, which may mean quarterly payments.
- Paying taxes is unavoidable.…If you don't properly handle taxes,…you could run into big financial issues.…If you plan taxes well, you can save a lot of money.…Know the taxes you have to pay, like federal, state,…local, employment, and commercial activity taxes.…Once you know what you need to pay,…find out the reporting and payment requirements.…Seek counsel from a good accountant…who can help you understand what can be…a very complex topic.…You'll need the right information to be able…to file tax reports on time.…
Ensure your accounting software and record keeping…are up to the task of gathering and storing…your tax information.…In many cases, you'll need supporting documentation…like receipts, canceled checks and bank statements…to support the financial results you report…to the tax agencies.…You'll also need to properly reserve and pay your taxes…as required.…This may mean making quarterly tax payments.…When I first started my consulting firm,…what I learned was I needed to set that money aside.…
I got some great guidance from an accounting friend…
- Identify types of consulting business models.
- Describe revenue models.
- Explain how to estimate and manage costs.
- Price services using pricing strategies.
- Explain how to negotiate deals with clients.
- List effects of responding to RFPs.
- Identify the phases of constructing a consulting engagement.
- Present findings and implement recommendations.
- Describe different ways to manage legal issues.
Skill Level Beginner
1. Define Your Consulting Business
2. Marketing and Selling
3. Contract and Protect Yourself
4. Run the Consulting Engagement
5. Handle Administration
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