Introduction
As business owners, we're constantly bombarded with numbers. Sales figures, profit margins, employee salaries - it can all be overwhelming. But there's one number that you absolutely need to know: 10 percent.
Why? Because 10 percent is the magic number when it comes to setting aside money for taxes. If you don't set aside enough, you could be in for a nasty surprise when tax time rolls around.
Calculating 10 Percent of 20,000
So, what's 10 percent of 20,000?
Calculation | Result |
---|---|
20,000 x 0.10 | 2,000 |
As you can see, 10 percent of 20,000 is 2,000.
Setting Aside Money for Taxes
Now that you know how to calculate 10 percent, you can start setting aside money for taxes. The easiest way to do this is to open a separate savings account and deposit 10 percent of your income each month.
This may seem like a lot of money, but it's important to remember that taxes are unavoidable. If you don't set aside enough money, you could end up owing the government money.
Success Stories
Here are three success stories from business owners who set aside money for taxes:
These are just a few examples of how setting aside money for taxes can save you money and headaches.
Conclusion
If you're not already setting aside money for taxes, I urge you to start doing so today. It's one of the most important things you can do to protect your business.
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