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If your advisor is not writing this email to you in October, then get in touch with GP CPA. At our firm, planning for the future starts on day one so that this is the type of email we can send to you during the 4th quarter.
I am returning your voicemail for earlier this morning with an email, because we are otherwise going to play phone tag for the rest of the day.
Let me congratulate you on the good news in securing the large new contract! Having a substantial amount of revenue guaranteed by an existing client is certainly a good scenario. As to your question about timing and taxes, I have good news. When you agreed to increase your withholding taxes (through payroll) early in January, that payroll has run for nearly 10 months. The result is that you have a substantial amount of payroll taxes withheld, which will greatly reduce any additional taxes that you may owe on the new contract revenues. I understand that you may not collect the entire contract amount during the next 90 days, but do not worry about carrying it over to next year. We can continue your additional payroll withholding into next year for the duration of the contract to prevent any surprises next year and carry forward the plan we established earlier this year.
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly. Thanks for keeping us in the loop and we look forward to a great year end with your business!
Take control back from the big box payroll companies and work with someone who can guide you to a better payroll process. GP CPA + GUSTO is the modern way payroll runs and the partnership that moves your business forward.
As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.