💰 Stop Getting Blindsided by Tax Bills | How to Build a Smart Tax Reserve System | Full Send CFO

🔔 Subscribe for stress-free financial strategies!

📢 Are you scrambling to pay taxes every April? You’re not alone. Many business owners make money but forget to plan for the IRS. In this episode of Full Send CFO, we break down:

✔️ Why most business owners get surprised by tax bills

✔️ How to calculate your monthly tax reserve

✔️ Step-by-step system to automate tax savings

✔️ Common tax planning mistakes—and how to avoid them

⏱️ Chapters

00:42 – Real-World Example: “Where’s the Cash to Pay My Taxes?”

01:06 – Why You Must Plan for Taxes Year-Round

01:35 – The Types of Taxes You Actually Owed (Sole Prop, S Corp, C Corp)

03:15 – Revenue vs. Net Income: Know the Difference Before You Save

04:00 – Monthly Tax Savings Routine: What % to Set Aside

05:00 – Automating Tax Transfers Using Bank Rules or Accounting Tools

06:00 – Use a Simple Spreadsheet to Track & Forecast Your Tax Dollars

08:30 – Why Last-Minute Tax Payments Hurt Your Business

08:50 – Action Plan: Set Up a Tax Reserve Account Today

✅ Key Takeaways

✔️ Net income is what you’re taxed on—not your total revenue.

✔️ Set aside 15–30% of net income depending on your entity structure.

✔️ Create a separate tax savings account and transfer monthly.

✔️ Use QuickBooks/Xero or a spreadsheet to calculate and track.

✔️ Automate transfers if possible to remove the guesswork.

✔️ Businesses that proactively save are 2x less likely to face IRS penalties.

✔️ Update your estimates quarterly as income changes.

💬 Are you using a system to save for taxes year-round? Drop your method (or your horror story) in the comments.

🔔 Like & Subscribe to Full Send CFO for weekly episodes on financial clarity, growth, and tax-saving strategies.

Thanks for listening! Come Say Hi!

Full Send | Accounting & Data

LinkedIn: Roman Villard, CPA
X: @FullSendCPA
YouTube: Full Send - Accounting & Data
Data Podcast: Data Fuel