Consider These Small Business Tips for 2017

Tax time can be stressful for any taxpayer, but if you’re a small business owner, then it can really be a huge burden. However, there are some excellent tips and ideas that can help reduce your stress levels and put you at ease.

First off, you should strongly consider hiring a tax professional. Of course, you can try to do your taxes yourself, or use one of the may online programs, but in reality small business owners face so many unique and challenging tax situations that hiring a professional is usually the best way to go. You’ll avoid costly mistakes and you can rest assured that you’ll get the most out of your return.

Next, you need to make sure that you get every deduction that you qualify for. That’s just one more reason to hire a tax professional who won’t overlook any possibility. That also requires that you keep track of all your expenses and receipts throughout the entire year and have them organized and in a safe place.

Here’s another important thing to remember if you own a small business. Create and use separate accounts for your business only. Do not use your private funds for business, or vise versa. Any crossover could cause headaches when it comes time to file your return.

Although, everyone hopes to get a refund, not everyone does, so always do your best to anticipate how much you will owe and have that amount in reserve in case you have to pay it. That will save you from owing a huge bill without having the funds to pay it, which could end up costing you even more.

If you need more tax assistance, then please contact us at GROCO.com.

 

https://www.nav.com/blog/expert-tax-tips-for-small-business-16303/

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One comment on “Consider These Small Business Tips for 2017
  1. Mileage Ace says:

    My husband and I have a small business and I can definitely agree that you need an accountant. It’s not just about tax benefits – depending on the type of company you have (we have an S-Corp) you can actually pay yourself in a different way that saves a ton in taxes.

    For us, we are also “investors/owners” so we can take distributions as well. These don’t have any payroll tax associated with them, so you just pay income tax. But there’s a ton of paperwork associated with keeping track of your basis – which really should only be trusted to an accountant.

    I don’t think a lot of people realize this stuff when starting a business – definitely at least talk with an accountant before starting your company because it really can affect how much money you make.

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