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Finance Fight Club

INSIDE: Tax Tips, Chart of Accounts, & New Service Offerings

Published 9 months ago • 2 min read

CFO Support that grows your business and your confidence

Hi Reader,

We're in Q4, how are your tax reserves?

A client and I worked on her tax reserves this week to ensure she wouldn't be surprised with a large bill in April.

Did you know you can accidentally increase your tax rate in a year? if you haven't felt that pain yet, that's amazing! If you have, there are so many easy ways to prevent this.

Here's what I do to ensure clients are savings the right amount for taxes.

  • Know your tax rate (check it each quarter to make sure you're increasing the reserves if you're crossing a threshold >> you can check your rates here)​
  • **note that LLC & S-Corps are pass-through entities and your taxes are paid on your personal tax return so you need to know your household income, not just your business net income**
  • Quarterly, review your net income
  • Multiply your net income by your tax rate (for example, $100K Net Income by 24% = $24,000)
  • Look at your tax reserve account and see if matches.
  • Don't take $$ out even if you're over-- leave it until April and then you can divide what to do with extra cash!
  • Account for local & state taxes too!

The goal is NOT to pay zero taxes; the goal is to meet your personal and business goals (Ideally increase revenue, decrease expenses and live the life you want). Your taxes will go up as you make more money << this is NOT a bad thing.

​FREE Financial Accountability Checklist <<< download it here.

Guest Post by Accountfully: Why Matching Your Chart of Accounts for Financial Reporting Is a Must for Small Businesses

It may seem like a no-brainer, but ensuring your chart of accounts match the framework of your reporting is a must if you want to achieve long-term success. Managing finances is a must in running a successful small business, and having your Chart of Accounts (CoA) is a big part of this. It is not just for the “big” business world, it applies to you as a small business owner too!

Pull up a chair, grab a snack, and learn what these charts of accounts are and why they are so meaningful when it comes time for accurate reporting.

Recurring review is what keeps you on track. That's why I created the base membership of Finance Fight Club.

On the fence about joining Finance Fight Club? Join before our 10/15 LiquidLux: Cash Flow Workshop (9am PT/ 12pm ET) and get your cash on track all set up for 2025! It's month-to-month, this is a month you don't want to miss! This will be our last live workshop until 2025!

Happy Q4!

-Natalie

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PO Box 141, Olalla, WA 98359
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Finance Fight Club

Finance is not rocket scienceSadly, it’s become this mysterious field for small business owners like yourself. And it keeps owners in the dark from making their best choices for their businesses. My love for finance started when that light bulb turned on. Finance is not bookkeeping or taxes. Finance is making good decisions, which requires good financial analysis and controls. You cannot be strategic in your business without first understanding your numbers.That’s when I decided to bring my CFO-type skills to small businesses. To help owners become leaders, by integrating numbers into their daily choices and busting the myth—that finance is rocket science. it isn’t. Ready to make choices based on data, not hunch? Ready to feel in control of your business? Ready to grow revenues & increase profits? With confidence?

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