As a result, I set aside 25% of each paycheque and put it into a high-interest savings account. Since my tax bill wouldn’t be due until April of the following year, I figured I could make a little bit of interest on my taxable portion before I had to file.
. That means you’ll want to save even more money for taxes if you’ve had a good year. The last thing you want is to be hit with a massive tax bill you weren’t expecting.Article content Having a budget also helps you plan your business. For example, if you start to make a more consistent income, you can decide whether you want to save that extra cash or scale up your business. You could also project any upcoming capital expenses, such as a new laptop or equipment, and budget accordingly.Freelancers, self-employed individuals, and small business owners can claim business expenses that will help reduce your overall tax burden.
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