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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...

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