Small Business Tax Savings Podcast | Jetro And Associates

Send us a textWhat is the most crucial for every business small business owner out there? In this episode, we discuss estimated taxes, where you’re a W2 employee, your taxes are calculated and paid by your employer, or as a business owner, it’s up to you to make sure you pay your own estimated taxes quarterly to cover federal and state agencies.This is because the US tax system is a pay-as-you-go system where taxes are owed on earnings as they are earned.What happens if you don’t pay enough in estimated taxes? When it comes time to file your year-end tax return, it’s simply a reconciliation of what was earned and what was paid throughout the year. If you don’t pay enough in estimated taxes, you’ll face potential penalties and interest. But don’t worry, understanding estimated taxes can help avoid big tax surprises for small business owners.Tune in now as Mike emphasizes the importance of staying on top of estimated tax payments to avoid penalties and underpayment! [00:01] Understanding Estimated TaxesWhat is