MONROE,La (KNOE) - What should our goal be in regards to taxes?
The goal is to break even. Of course, you don't want to have to pay but you also don't want to get back too much of a refund either.
How much of a refund is a good amount to get back each year from the IRS?
$1500 or less is a good amount to get back each year. It is best for you to get your money in your paycheck during the year so you can use that money to earn interest, pay down debt and build wealth for yourself instead of the IRS. Otherwise, the IRS is holding your money all year long and earning interest on that money for them, not you.
If someone is self-employed how many accounts do you recommend they have?
You should have 4 accounts: Personal Checking, Personal Savings, Business Checking and a Business Savings Account
How do you recommend they pay their taxes?
We always recommend that when they get paid from a client or customer set aside off the top 20% into a business tax savings account so they can be sure to pay their taxes quarterly. This way the money doesn't get spent and the taxes get paid on time!
How can viewers find out more information about being debt free?
Upcoming Live Event- Saturday, Feb. 2nd, 10-12 FBC Chatham, LA