August 29, 2018
The best advice anyone can give you with respect to small business taxes, is to keep them in mind throughout the year, and not just at tax time. Don’t let your receipts, invoices and other financial paperwork be stacked up in a disorganized manner; keep track of them as they come in and file them accordingly, this will make life much easier for you and/or your tax professional when it does come to tax time.
Here are some other tax planning tips and snippets of advice that might come in useful if you’re the owner of a small business:
Planning the taxes for your small business need not become an issue provided you start thinking about it early enough, and that you get professional help and guidance. Leaving tax preparation and planning until weeks or even days before the deadline, will only mean that you may miss out on entitlements and deductions, and could face costly penalties if a deadline is missed.
Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that.
While costs may be the concern of some, and not shame, experience shows that for most who used their...
This year has been one of confusion and uncertainty for taxpayers, with President Trump’s reform kicking in, leaving many filers unsure of how it will affect their tax liability. Experts are warning about significant delays to the filing procedures, as the IRS, tax filing software providers and tax professionals integrate the Tax Cuts and Jobs Act into their...
With 2018 fast coming to an end, it’s time to ask yourself if you’re ready for the new tax season? 2019 brings in a variety of changes and each of these could go on to affect how you file and Form 1040.
Be sure to check your withholding:
Thanks to the TCJA, or...