You’re anxious about how much you’ll owe if you file your taxes. What if it’s way more than you can pay right now? What if it’s more than you were expecting? Don’t panic! You can set up a payment plan to pay off your taxes over time instead of all at once. You can do this for both state and federal taxes, you’ll just need to apply for them separately.

The single most important thing you can do for your new business is open a separate bank account. It’s critical to have a separate account for each income stream. This will help you immensely when it comes time to bookkeeping and preparing for taxes.

When you think of the phrase “tax firm”, what comes to mind? If you’re a client, probably a stuffy office, suits, intimidating paperwork, and a lot of anxiety. If you’re an accountant… probably the same, actually. It’s 2023, folks, and the world of accounting has a lot of catching up to do. This year I formed my partner firm, Prisma Tax Group, because I see a path forward in the future of accounting. Here’s how we’re doing it.