Game of Thrones: How to Win the Tax Game Before April 15th

Have you watched it yet? I’m a sucker for HBO original programming. I gobble and re-watch Sex and the City from beginning to end, every few years. Done the same thing with The Sopranos a few times as well.  I started watching Game of Thrones this week after hearing several people RAVE about it, including a sweet couple I met at a wedding on Saturday. Now I‘m hooked. It’s got all the elements for a great story: conflict, adventure, love, sex, violence, magic, and ummm dragons?.

Watching all the Game of Thrones’ characters wrangling for control of the 7 Kingdoms, made me start thinking about taxes. Maybe it’s because quarterly taxes are due on June 15th or (maybe it’s all the death,  you know that old saying ‘death and taxes and what not’.)  Whatever it is, thinking about taxes got me thinking about you, love, and how I can help you be queen of your tax throne this year.

 So hear it is,

 Winning The Tax Game: Game of Throne’s style.

move 1. Have a Strategic Game Plan

Ever wonder how much money you should save for taxes? Did you even know you needed to save for taxes.

Easy answer, between 25% and 35% of all money your business makes this year. You will of course have deductions to write off at the end of the year, but it’s better to be safe than sorry.

 move 2.  Know all the player’s (well actually all the dates)

Yep that’s a start. For the lay woman April 15^th is all you need to know. But us Savvy Business Ladies/ Ladies Who Would Be Queen need to know a bit more. I’m gonna list them here.  You might want to write this down in your phone calendar so you have an easy breezy reminder.

January 15^th- That’s right, it’s time to pay taxes for the last three months: September, November, and December.  Or fancily referred to as your fourth quarter.  Time to file your quarterly estimated tax return.  Remember paying taxes means you’re making money, which is a GOOOD thing.

January 31^st- This date is strictly for you payroll ladies. If you have employees, this is the day that your quarterly payroll returns are due. The gov’ment just wants to make sure they are getting their fair share of federal, state, or city withholding. As well as, social security, medicare, and unemployment.

March 15^th- Yep, it’s time to file your quarterly estimated tax report again. I know that came quickJ. Remember paying taxes means you’re making money which is a GOOOD thing.

April 15^th – TAX DAY!!! (or as I like to refer to it “ I support awesome things like roads, social security, schools, etc day!) Returns are due for the previous year. You can also file a 6-month extension today if you need more time to prepare.

April 30^th- For you payroll ladies. (All the payroll ladies, all the payroll ladiesJ, now put ya hands up) If you have employees, this is the day that your quarterly payroll returns are due.

June 15^th- Third time’s the charm, it’s time to file your quarterly estimated tax return again.

July 31^st- Payroll ladies your quarterly payroll forms are due again. Aren’t you glad for all the amazing help you hired this year! If you haven’t already, hire a payroll service to take this off your hands. Even better hire us!

Almost there:)

September 15^th – Alright, you’re almost done for the year. File that last estimated tax return for the year and celebrate with a glass of champagne.

October 15^th-  Phewww. Six months flew by, right. If your filed an extension, time to file that return for last year’s taxes. Again celebrate with some champagne.

October 31^st - Payroll ladies, your quarterly payroll forms are due for the last time this year. Celebrate with a trip to the spa! You’ve had an amazing year,  you deserve it!

 move 3. Build Your Army

Doooo it. If you aren’t keeping immaculate financial records, hire someone to do it for you.  Hire a good bookkeeper (hire us we’re the bestJ ), hire an excellent, honest, and by the books CPA (trust me they are the best kind, you might pay more in taxes but you’ll be worry free when it comes to audits) Oversee both teams like the general you are.

-   Ask your bookkeeper for the following reports and make sure everything looks accurate:

   A daily Cash Position Report 

   A monthly Profit and Loss Statement Summary

   A monthly Profit and Loss Detail

- Sign all your own checks

- Review all bank and credit card statements and look for charges you didn’t authorize

- And last but not least, bask in the glory of your financial empire

That’s it, the 3 easy-peasy moves that will have you on top of your tax throne.

How did that land? Did this help you think about your tax strategy this year?

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xoxo,