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Serious question, I finally billed over $200k in a single quarter and now I'm staring at a tax bill that feels like a gut punch.
I've been running my own agency for about three years and just hit that revenue number for the first time, which was a huge goal. My accountant just called to give me the estimate for my quarterly payment, and the amount is way bigger than I ever planned for. How do you guys handle the cash flow shock when a big win suddenly means a big check to the IRS?
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maryt625mo ago
Billed over $200k in a single quarter" is a crazy good number, congrats on that. The tax hit must feel like a total surprise though. Did your accountant not give you a heads up about setting money aside as you went?
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caleb_thomas855mo ago
What's your current system for setting aside money for taxes? Are you just looking at the total profit at the end of the quarter, or do you have a set percentage you pull from each client payment?
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kelly3855mo ago
Man, I used to just wing it and wait to see the total profit each quarter. Then I got hit with a huge tax bill that wiped out my savings. Now I take a flat 30% from every single payment and move it to a separate account right away. It hurts a little to see that money go, but it's way better than the panic later. Why make it harder on yourself, you know?
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