Laying Money Aside For Taxes

taxes Feb 11, 2020


One of the things you can do to keep from looking like a deer in headlights on April 15 is to lay money aside for your taxes. So many times comes about April 15, and all of a sudden we realize we owe some money. To avoid that, you have to put money away ahead of time, and this is how I suggest you do it. Go to your bank and tell them, "Every deposit I make, I want you to take 10% out and put it in a separate account." That account will be called your tax account.
By the way, I wouldn't even put that tax account in my portfolio. When I look from my banking online, I'd see all my banking accounts, my checking accounts, savings accounts. I wouldn't even put that tax account on your portfolio, that way you never have a tendency to want to spend it. Comes April 15, you simply pull out the money you need, and go merrily on your way. Why don't you think about starting right now to start saving 10% out of everything...

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Saving for Taxes

saving taxes Aug 14, 2018

David Kats: Hi, this is David Kats and Dr. Michael Perusich for Therapist Consultants and we have a tip for you. You know you have to start saving for taxes sometime. You don't want your taxes to sneak up on you and always feel like you're behind the ball as far as getting taxes paid on time. You have to set up a tax account. Do you have set up a tax account?

Michael: Yes, we do. In fact, what I do just so it doesn't sneak up on me because boy, the year really flies by, and you're probably filing quarterly taxes. You want to just do this on a continual basis. What I do on my practice is I just have it automatically removed once a week. I have a certain amount taken out and moved right over to my tax account. I don't think about it, I don't physically have to do it. The way automation is today with our banking accounts and online banking and those kind of things makes it really, really easy to just slide that money over so it's there when the tax man comes.

David: You know you said...

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