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Getting Your Business Ready For The Tax Reform

February 13, 2018

Now that we’re firmly into 2018 and 2017 is becoming a distant memory, if you’re a small business owner, you’re probably busy trying to keep afloat or work out ways to improve your business in the new tax year. 

While the tax reform bill that became law at the end of 2017 may not change how you operate your business or deal with your customers, it will certainly change some aspects of your business and individual tax returns. So, here are a few pointers and tips to help you and your small business, get ready for the tax reform: 

Get your payments paperwork up together: 

There will naturally be an adjustment period for all who pay taxes under the new bill, meaning that keeping your paperwork up together and as organized as possible, is more important than ever. 

Every source of qualified business income will need to be calculated and verified independently, and having your payments paperwork ready will set you on the right track. 

Organize and reconcile all your accounts: 

Paperwork that isn’t kept organized is a nightmare for everyone, and while most of us hate having to deal with it, deal with it we must. From both an operational and a tax perspective, reconciling your records will only ever prove positive, no matter how much you hate doing it, or how time consuming it is. Tracking and recording your taxable income will prove even more vital as the new tax bill comes into play. 

Organize your funding for 2018:

Funding is naturally a vital exponent of any business, and particularly with new businesses, it can determine whether they sink or float. Lack of capital or financing for ongoing operations is one of the most common reasons behind the failure of new businesses, so doing your best to source and channel funding will help your business be a success in the new tax year. 

Obtain the right tax ID: 

If you own a business, then you must have a federal employer identification number, or EIN, and this enables you to open bank accounts and credit card accounts for both you and your business, something that will prove even more essential during the tax reform time. If you don’t have the proper documentation that you should have as a business owner, then you’ll doubtless raise the suspicions of the IRS, and that’s something you don’t want to do under any circumstances. 

Get professional tax advice: 

There is never a better time to seek professional help with your taxes than now, and avoiding mistakes and costly fines, should be your priority. Preparing and planning your taxes is made so much simpler with the help of those who make taxes their business, and with a professional tax consultancy company helping you, you’ll be certain to stay the right side of the law and the right side of the IRS. 

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