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Tax Savings

 

Narrator: Welcome to your weekly video tip with Kats Consultants.

Dave Kats: Hi, this is Dave Kats and Dr. Mike Perish with Kats Consultants, and we have a tip for you. One of the things you need to do if you're going to be happy financially, is you have to save and plan ahead for taxes.

Dr. Mike Perish: That's absolutely right. I don't care what you do, what you say, what kind of business you're in. At some point in the year, the Taxman Cometh. You have to be prepared. What I like to do in my practice is I set up a small little savings account for my clinic. All I do is, every week I put a small amount of money over from my regular checking account, over to my tax savings account, so that every quarter-- Most of us are probably filing on a quarterly basis. I've got that money set aside and ready to go. I don't have to think about it.

Dave: That's right. If you don't plan ahead, you're going to get bitten by the Taxman. I have a very funny story. I have a close family member, who all of a sudden did very well in business. He made $275,000 last year. Then, he owes $90,000 in tax and he can't pay it. [laughs] He would've been able to if he'd just done exactly what you said and take out that little bit each time.

Mike: It's really easy to figure out what approximately you're going to pay. You can go online. You can actually google this and figure out. Based on your estimated income, you can figure out what you're-

Dave: Marginal tax rate.

Mike: Marginal tax rate will be.

Dave: That's right. Then, you just put away. If it's 15% or 17%, just put that much away. Then, taxes are a good time. They're a good time. I like to know that I paid my taxes for this year and I had an extra $40,000 extra that I just applied toward next year. It makes you feel a lot better. You got to get in a habit of taking out your taxes on a regular, ongoing basis. One of the things, before we leave, you said you do it on a weekly basis. I don't know anybody that goes longer than a month that does a good job.

Mike: You want to try to bring it down to a small number, in part, so you don't really feel it every time you make that deposit into your savings account.

Dave: That's right. Weekly is best, just like you do. This is Dave Kats and Dr. Mike Perish. Thanks for listening.

Mike: This is KC exit video, take one. Hi everybody, hope you enjoyed this week's video tip. Don't forget, doctors, if you're members of Kats Consultants, that you can join us, each and every Tuesday at one o'clock central time for our weekly webinar where we cover topics like this week's video tip. Also, don't forget, as a member, your crew, your office crew, also has a call on Wednesday every week at one o'clock central, where we cover office procedures, motivation, goal setting, all kinds of different things just for your staff.

If you're not a member, I challenge you to give us a call, check out our website, and become a member. We offer great seminars, great educational programs, and everything you need to take your practice to the next level. I'm Mike Perish with Kats Consultants.

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