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…
Author
Mike Figliuolo
Released
1/24/2018LinkedIn Learning (Lynda.com) is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- 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
Duration
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Welcome1m 11s
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Using this course1m 18s
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1. Define Your Consulting Business
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Determine the work you do3m 37s
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Manage your cost structure2m 39s
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Build your organization2m 18s
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2. Marketing and Selling
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Market your services2m 30s
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Manage marketing platforms2m 35s
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Sell your services2m 17s
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Expand client relationships2m 45s
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3. Contract and Protect Yourself
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Price your services5m 24s
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Using pricing strategies4m 14s
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Negotiate the deal4m 30s
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Respond to RFPs2m 59s
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4. Run the Consulting Engagement
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Form the team2m 17s
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Manage clients1m 50s
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Present the findings2m 53s
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Implement recommendations2m 16s
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5. Handle Administration
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Manage team legal issues2m 17s
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Conduct financial activities2m 47s
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Manage taxes2m 35s
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Manage employee issues2m 16s
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Insure your business2m 26s
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Get licensed and certified2m 15s
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Get support2m 20s
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Conclusion
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Avoid pitfalls2m 59s
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Next steps1m 18s
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Video: Manage taxes