Your Tax Place, Inc. - Tax Savings Strategies

  As we approach year end, everyone begins to wonder, "HOW MUCH MONEY WILL I OWE FOR TAXES for 2022?" As a business owner, it is extremely important to have a PROFIT/LOSS statement that either you prepare for yourself or hire a bookkeeper to prepare for you. Here is how you can figure out the taxes that you may owe by using your last Profit/Loss statement for yourself. As a business owner, nobody except YOU is required to automatically withhold taxes from your pay. And unless you withhold and pay your own taxes, YOU CAN EXPECT TO OWE TAXES ON THE PROFIT THAT YOU MADE. The only way that you will NOT OWE MONEY, is if you did NOT MAKE ANY PROFIT or YOU OVERPAID YOUR TAXES with having children or with estimated tax payments. If you don't generate a profit for any 3 of the last 5 years, the IRS will not let you claim to be a business owner any longer and take a deduction for those expenses. This is VERY DIFFERENT for first time business owners to understand. So, PLEASE R...

  Owning a Business is NOT something that is usually taught in our primary or secondary school systems.  During these early years, we are trained to become compliant, obedient EMPLOYEES so we can work for someone else in THEIR businesses.  Business Ownership is usually a choice but can also occur by accident after someone convinces us to accept a CONTRACTOR JOB with a company under the guise that we will "MAKE MORE MONEY"... for them, e.g owner operator .  Becoming a contractor “relieves” the hiring company from the responsibilities of having to pay the cost of insurance, vacation pay, sick pay, taxes, and many other perks for you.  Those financial responsibilities then belong to YOU and because the contracting company is now saving a bundle of cash they are glad to pay you a little more to relieve them of these responsibilities. You, as a new business owner, will find yourself needing that extra money so you can pay your own income taxes, health insurance and ...