With taxes on my mind today, I saw a great tip for making sure you have money available to pay your taxes. On the StopDesign blog it was posted…

This past year, I added another account to the mix, in addition to a standard business checking account. This one exists solely to keep Stopdesign’s tax savings separated from any other funds. A certain percentage of revenue is transferred directly into this account immediately upon receiving any payment. The account is only used for paying taxes Stopdesign owes, nothing else.

This tip can be used for both personal and business alike. As a designer in the process of starting up a partnership with another designer, I find this information very helpful and thought others should be just as enlightened. I definitely plan to follow this very practical idea in the future.

As a business owner, how do you deal with your taxes? Do you have other suggestions for new business owners? Do you have other practices when it comes to your personal taxes? Please share!

This entry was posted on Tuesday, April 18th, 2006 at 6:24 pm and is filed under Graphic Design, Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.