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Laying Money Aside For Taxes

Feb 11, 2020

Hi, this is Dave Kats with Therapist Consultants and I have a tip for you.

One of the things you can do to keep from looking like a deer in headlights on April 15 is to lay money aside for your taxes. So many times comes about April 15, and all of a sudden we realize we owe some money. To avoid that, you have to put money away ahead of time, and this is how I suggest you do it. Go to your bank and tell them, "Every deposit I make, I want you to take 10% out and put it in a separate account." That account will be called your tax account.
By the way, I wouldn't even put that tax account in my portfolio. When I look from my banking online, I'd see all my banking accounts, my checking accounts, savings accounts. I wouldn't even put that tax account on your portfolio, that way you never have a tendency to want to spend it. Comes April 15, you simply pull out the money you need, and go merrily on your way. Why don't you think about starting right now to start saving 10% out of everything you deposit to go into a tax account, and you'll be a happy person on April 15.

This is Dave Kats. Thanks for listening.

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