Tax Tips for Small Businesses
Paying taxes and filing taxes can be a daunting job. If you’re in business, then you know why accountants drive nice cars. However, before you sign up with any company offering tax services, it is essential to know what they offer and what you really need.
Know your company, its profits and its losses. No one else should know your books better than you do. You need solid records to calculate your deductions and take your losses, as well as to book gains.
Keep an eye out for tax credits that can help lower your taxes and save you some money. Congress has made significant changes to tax law in the wake of the recession, in support of small business.
Consider paying quarterly estimated tax premiums. You need to consult with your finance officer about this in advance. It is also essential to be honest with your tax calculations and provide accurate tax details.