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I got hit with a $10,000 tax bill this year, but my 3-prong money management strategy meant it wasn’t a problem

freelance tax bill saving

  • After filing my taxes this year, I got hit with a surprise bill for just over $10,000 from the IRS.
  • I didn’t panic, though, because I’d planned ahead for my taxes as part of my three-prong money management strategy that covers taxes, retirement savings, and just about everything else.
  • Whenever I get paid by a client for freelance work, I immediately set aside 30% in a high-yield business savings account for taxes, another 10% in a retirement savings account, and the remainder stays in my business checking account to pay business expenses, give myself a salary, and anything else.
  • Using multiple accounts helps read more >>>

    Source:: BusinessInsider.Com