What are the opening hours?

Monday 9am - 6pm Tuesday 9am - 6pm Wednesday 9am - 6pm Thursday 9am - 6pm Friday 9am - 6pm

Citizen Accounting

Home
United States
Winston-Salem, NC
Citizen Accounting

Call Directions Website Contact the business

We are an accounting firm dedicated to real estate agents and real estate brokerages.

09/03/2026

Do I owe estimated Taxes? What happens if I don't pay them?

If you're a business owner, freelancer, or have other income without taxes being withheld, you've probably heard the term "quarterly estimated taxes."

The easiest way to understand them is this:

𝗧𝗵𝗲 𝗜𝗥𝗦 𝗲𝘅𝗽𝗲𝗰𝘁𝘀 𝘆𝗼𝘂 𝘁𝗼 𝗽𝗮𝘆 𝘁𝗮𝘅𝗲𝘀 𝗮𝘀 𝘆𝗼𝘂 𝗲𝗮𝗿𝗻 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗵𝗿𝗼𝘂𝗴𝗵𝗼𝘂𝘁 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿.

Employees usually don't notice this because taxes are withheld from every paycheck and sent to the government on their behalf.

When you're self-employed, 𝗬𝗢𝗨 are the 𝗘𝗠𝗣𝗟𝗢𝗬𝗘𝗥.

These payments aren't an additional tax — they're prepayments toward the tax you'll eventually calculate on your return.

And with the next estimated tax payment due 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟭𝟱𝘁𝗵, now is a good time to make sure you're on track.

Most accountants and DIY tax programs provide an estimate based on your prior year's tax return. Paying the amount provided by your accountant is usually the safest answer to avoid a penalty from the IRS. However, this is not always the best answer for your current situation.

If your income has changed significantly or something else has changed in your tax situation, your estimated payments may need to change too.

𝗧𝗵𝗲 𝗴𝗼𝗮𝗹 𝗶𝘀𝗻'𝘁 𝘁𝗼 𝗴𝘂𝗲𝘀𝘀 𝘄𝗵𝗮𝘁 𝘆𝗼𝘂'𝗹𝗹 𝗼𝘄𝗲 𝗻𝗲𝘅𝘁 𝗔𝗽𝗿𝗶𝗹. 𝗜𝘁'𝘀 𝘁𝗼 𝗽𝗹𝗮𝗻 𝗳𝗼𝗿 𝗶𝘁 𝗯𝗲𝗳𝗼𝗿𝗲 𝘆𝗼𝘂 𝗴𝗲𝘁 𝘁𝗵𝗲𝗿𝗲.

Not sure what to pay? We can help you calculate your estimated taxes and make sure you're on track. Schedule a free consultation with Citizen Accounting: https://calendly.com/citizenaccounting/20-mins

08/31/2026

Can your financials answer these questions?

• What revenue stream actually makes you the most money?
• How much cash should you leave in your bank account?
• How much additional revenue would you need to cover another employee?

If you're not sure, your bookkeeping may be accurate, but it's not giving you enough information.

Accounting software is essentially a database of financial information. How that information is organized determines what you can learn from it.

Knowing your business generated $800,000 in revenue is useful.

But knowing what each service line produced is more helpful. Understanding the cost of direct labor or separating what you spend on materials from what you spend on tools gives you information you can actually use when making pricing and cost decisions.

That's why we believe a generic Chart of Accounts should NOT dictate how a business is reported.

At Citizen Accounting, we design the books around how your business actually operates. Not how your industry operates, how YOUR business operates.

Because getting the numbers right is the bare minimum.

The real value is understanding what those numbers are telling you.

08/28/2026

“How much should I be setting aside for taxes?”

This is one of the most common questions we get from business owners.

Unfortunately, there isn't one percentage that works for everyone.

If you're self-employed, you're generally dealing with two different federal taxes:

Income tax and self-employment tax.

Self-employment tax is the one that often catches newer business owners by surprise. When you're an employee, you pay Social Security and Medicare taxes which are withheld from your paycheck. Your employer must also pay the same amount on your behalf.

When you're self-employed, you are both the employee and the employer. That means you are responsible for both sides of Social Security and Medicare Tax which is renamed as self-employment tax.

Then there's income tax.

How much you owe depends on more than what your business made. Your business structure, filing status, spouse's income, deductions, credits, retirement contributions, and many other factors can impact your income tax rate.

That's why I'm hesitant when I hear blanket advice like:

“Just save 25% of everything you make for taxes.”

Maybe that's enough.

Maybe it's way too much.

Maybe it's nowhere close.

A better approach is to estimate your actual tax liability based on what your business is earning and revisit that estimate throughout the year.

The goal shouldn't be to cross your fingers and hope the money you've saved is enough next April.

You should have a pretty good idea of what's coming.

08/25/2026

Ever wonder if your accountant is lying when they show you last year's profit?

Your business netted $100k, but your bank account barely has enough for payroll next week.

That's because profit and cash aren't the same thing.

In accounting, not all cash spent is considered a business expense. To complicate matters more, some business expenses must be recognized over years even if you paid for it all at once.

For example, cash may have gone toward:

• Paying down the principle of a loan
• Buying large tools or equipment
• Building up inventory
• Cash paid to an owner (Owner Distributions)

And the opposite can happen too. Borrowing money puts cash in the bank, but it doesn't create profit.

This is one reason I don't like evaluating a business by looking at the P&L alone.

Profit tells us whether the business is economically successful.

Cash flow tells us whether that success is actually producing cash — and where that cash is going.

A healthy business needs us to understand both.

09/18/2025

Make your roofing business more successful with proper bookkeeping and professional insights. To learn more about our solutions, contact us! https://ow.ly/Oigz50WynVH

09/03/2025

We offer bookkeeping services designed specifically for roofing companies. Contact us to learn more about how we can help identify pain points and offer solutions to improve your business! https://ow.ly/Oigz50WynVH

08/19/2025

If your roofing company needs help with its finances, we are here for you. Contact us today for more information! https://ow.ly/Oigz50WynVH

08/04/2025

Streamline your roofing company’s financials! Our professionals can help you turn shortfalls into successes. Contact us today to learn more. https://ow.ly/Oigz50WynVH

07/02/2025

Whether it’s streamlining your finances, identifying growth opportunities, or making tax time less stressful, we’re here to:

✅️ Simplify the complex
✅️ Highlight what actually matters
✅️ Turn your numbers into smart decisions
✅️ Help your business grow with confidence

Ready to feel in control of your numbers and your next move?

Book a call today!

https://calendly.com/citizenaccounting/20-mins

07/01/2025

Still using the default chart of accounts from your accounting software?

Sure, it’s easy to stick with but it’s not built for your business.

An optimized chart of accounts gives you:

1. Clear revenue tracking by service or product type

2. Smart expense categories that align with tax deductions

3. A clean separation between business and personal activity

The default setup is just a starting point not a strategy.

Make your numbers meaningful. Create a chart of accounts that works for your business, not just any business.

Need help with cleanup or restructuring? Let’s talk.

https://calendly.com/citizenaccounting/20-mins

Address

3600 Country Club Rd; Ste 200
Winston-Salem, NC
27103

Opening Hours

Monday	9am - 6pm
Tuesday	9am - 6pm
Wednesday	9am - 6pm
Thursday	9am - 6pm
Friday	9am - 6pm

Telephone

+13367777429

Website

https://www.citizenaccounting.com/

Alerts

Be the first to know and let us send you an email when Citizen Accounting posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Citizen Accounting:

Want your business to be the top-listed accountant in Winston-Salem?