You’d probably rather not think about taxes right now, but it’s a good time to review your situation. By now, you should already have made two tax payments in . Even if you’re using the Profit first system, mid-year is an excellent point to check in with your accountant and see if you’re on track with mid-year tax projections.
If you find that you’re behind on estimated tax payments, you still have half a year to catch up. Just calculate how much you’re short, divide it by the six remaining months, and add that amount to your tax bucket every month.While you’re reviewing your buckets and your profit and loss, it can also be a good time to do an expenses analysis. If you find yourself in a cash-flow bind, you have two ways of remedying that: increasing sales and cutting expenses.