Top Lessons Learned as a CFO [PART 01]

Get your taxes right and pay your estimated taxes

Raising funding from investors can be a daunting task, especially in the current economic climate. But it’s not only the financials that matter when it comes to meeting investor expectations – taxes also play an important role. In this article, we’ll look at the top lessons learned by CFOs in 2022 and how getting your taxes right is essential for securing investment. As a CFO, it’s easy to get caught up in the day-to-day operations of your business and forget about the big picture. But one thing you can’t afford to overlook is your taxes. Before you start raising money from investors, make sure you have your tax situation in order. This means filing all the necessary paperwork with the IRS and state tax authorities and making sure you’re up to date on your tax payments. Investors will want to see that you’re organized and responsible regarding your finances, so getting your taxes in order is a good way to show them that you’re on top of things. Plus, it’ll save you a lot of headaches down the road if you ever get audited by the IRS. So take some time to get your taxes in order before you start raising money from investors. It’ll pay off in the long run.  Estimated taxes are a type of tax that is paid in advance on income that will be earned in the future. This type of tax is typically paid by self-employed individuals or those who receive income from investments. Estimated taxes are typically paid quarterly, and the amount that is owed is based on the expected income for the upcoming quarter. If more income is earned than was estimated, then the taxpayer may owe additional taxes. Conversely, if less income is earned than was estimated, the taxpayer may be entitled to a refund. With the lessons learned from 2022’s financial challenges, companies should take proactive steps to ensure they are up-to-date on their taxes before attempting to raise funding. Not only will this help them present a more favorable picture to potential investors, but it will also free up resources that can be used for other more pressing matters. Getting taxes right is essential not just for fundraising but for any business looking to remain successful in an increasingly competitive market.