Pantana CPA

𝗖𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗼𝗻: 𝗔 𝗯𝗶𝗴 𝗯𝗮𝗻𝗸 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗮𝗹𝘄𝗮𝘆𝘀 𝗺𝗲𝗮𝗻 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗶𝘀 𝗱𝗼𝗶𝗻𝗴 𝗴𝗿𝗲𝗮𝘁.

It is easy to open your bank account, see money sitting there, and assume everything is fine.

But some of that money may already be spoken for.

It may need to cover:

• Payroll
• Sales tax
• Estimated taxes
• Vendor bills
• Loan payments
• Upcoming insurance premiums
• Owner pay
• Future operating expenses

Your bank balance only tells you how much cash is in the account today.

It does not tell you how much profit you earned, what bills are still outstanding, or how much should be reserved for taxes.

A healthy business does not just watch the bank balance.

It also reviews the profit and loss statement, balance sheet, cash flow, upcoming obligations, and tax savings.

Your bank account is one piece of the picture, not the entire picture.

𝐇𝐨𝐰 𝐭𝐨 𝐚𝐯𝐨𝐢𝐝 𝐚 𝐛𝐢𝐠 𝐭𝐚𝐱 𝐬𝐮𝐫𝐩𝐫𝐢𝐬𝐞 𝐚𝐭 𝐭𝐡𝐞 𝐞𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐲𝐞𝐚𝐫 🧾

Your business may be having a great year…

But higher income can also mean a higher tax bill.

That is why the middle of the year is a good time to pause, review your numbers, and find out whether your estimated tax payments are still on track.

Here is where to start 👇

📊 𝐆𝐞𝐭 𝐲𝐨𝐮𝐫 𝐛𝐨𝐨𝐤𝐬 𝐜𝐮𝐫𝐫𝐞𝐧𝐭

Your tax projection is only as reliable as the financial information behind it.

Make sure your income, expenses, payroll, and account balances are accurate before trying to estimate what you may owe.

𝐒𝐭𝐞𝐩 𝟐: 𝐑𝐞𝐯𝐢𝐞𝐰 𝐰𝐡𝐚𝐭 𝐡𝐚𝐬 𝐜𝐡𝐚𝐧𝐠𝐞𝐝

Did your revenue increase? Did you add employees, buy equipment, sell an asset, or experience a major personal change?

These details can affect your overall tax picture and may mean that last year’s payment amounts are no longer appropriate.

💵 𝐂𝐚𝐥𝐜𝐮𝐥𝐚𝐭𝐞 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐥𝐫𝐞𝐚𝐝𝐲 𝐩𝐚𝐢𝐝

Gather your estimated tax payment confirmations and review any federal or state withholding.

This helps determine whether you are ahead, behind, or close to where you need to be.

𝐅𝐢𝐧𝐚𝐥𝐥𝐲, 𝐦𝐚𝐤𝐞 𝐚 𝐩𝐥𝐚𝐧

You may need to adjust your remaining estimated payments.

Or you may simply need to begin setting aside additional money so you are prepared for what you will owe.

𝐀 𝐦𝐢𝐝-𝐲𝐞𝐚𝐫 𝐭𝐚𝐱 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐢𝐨𝐧 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 𝐭𝐚𝐱 𝐛𝐢𝐥𝐥 𝐝𝐢𝐬𝐚𝐩𝐩𝐞𝐚𝐫.

But it gives you something extremely valuable: time to prepare. ✅

Would you rather know what may be coming now or find out when your tax return is prepared?