Tax Planning For Small Businesses

Planning your taxes is a year-round activity, but it becomes particularly important at the end of the year. As you prepare to file your small business tax return, here are some tips for maximizing your deductions and minimizing your tax liability:

Filing Your Business Tax Return

The importance of filing your business tax return

The first step in tax planning is to file your business tax return on time. If you don’t, the government may impose penalties and interest charges. This can add up to thousands of dollars over time, depending on how late you are in filing your return. In addition, if you don’t file a complete and accurate return (or even if you do), there could be additional costs associated with having to amend or correct it later on down the line when it’s too late for them not to catch any mistakes!

Keep records for future reference

Establishing a Separate Business or Personal Checking Account

One of the best ways to protect yourself and your business is to establish separate business and personal checking accounts. This can be done by opening a new account at your bank or credit union, or by simply using one of your existing accounts for business purposes only. If you do not already have multiple bank accounts, it’s important to establish one as soon as possible so that you are not mixing funds between personal expenses and those related to running a company.

You should also make sure that all employees in … More >>>

Tax Planning For Business Owners

Taxes are a major part of doing business, but it’s important to keep in mind that taxes are not one-size-fits-all. There are many different types of businesses, each with its own unique tax situation. Each year, there are also changes to personal tax rates and adjustments to business tax credits and deductions. In this article, we’ll discuss some general strategies for planning ahead when it comes to your business’ tax obligations.

Business tax planning is a year-round process.

Tax planning is a year-round process. You should be thinking about tax issues from the time you start your business, through its growth and maturity, to its eventual sale or liquidation.

Tax planning can be especially important for new businesses because of the so-called “momentum concept”–that is, if you are in a higher tax bracket when you start your business than when it becomes profitable (or vice versa), the difference in rates can have long-term effects on the amount of income that will flow through to your personal return each year.

You can often reduce your taxes by changing the way you do business.

You can often reduce your taxes by changing the way you do business. Examples include:

  • Changing from a sole proprietorship to a corporation or partnership. This is one of the most common ways for businesses to save money on their taxes, because corporations and partnerships don’t pay tax at the individual level, as sole proprietorships do. If you’re thinking about making this change, though, be sure that it
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