video1.0<iframe src="https://www.loom.com/embed/0cacd974176b440193418f8765a22d5e" frameborder="0" width="1920" height="1440" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>14401920Loomhttps://www.loom.com14401920https://cdn.loom.com/sessions/thumbnails/0cacd974176b440193418f8765a22d5e-48636f6daf9b6161.gif432.442In this video, I cover three essential aspects of managing your business taxes: tracking your tax write-offs, understanding quarterly estimated payments, and choosing the right business structure. I emphasize the importance of measuring all your expenses and creating a profit and loss sheet, as the IRS taxes you on your profit, not your total revenue. For example, if you make $163,000 a year as a sole proprietor, you could owe about $48,000 in taxes, but electing as an S Corp could save you around $15,000. I urge you to set aside money for quarterly payments to avoid penalties, as the IRS expects these payments in April, June, September, and January. If you want to dive deeper into your specific situation, there’s a link below for more resources.