5 best tips for small business taxes

 

Recruit the right accountant

Expertise accountant   should work with you throughout the year to track income and spending to make confirm that you don’t have a cash flow issue, and to monitor your gross and net profits .start work with your accountant from the beginning of your Small business ,not only in March and April session.

Keep adequate Records

 

Keep accurate records of your tax payment ,so that you can be  sure you tax return is correct . if you do not keep adequate records against your tax payment you  might be leaving deductions on the table  and you could be putting yourself at risk for an audit .

Separate your business expenses  from personal expenses

 

Reports says that if Irs audit your business expenditure and finds personal expenses , then Irs could check your personal accounts .Always make sure to create a separate bank account and credit card for your Small business.

Look at Last Year’s Return

 

Your  last year’s Return provides you  the framework what your next year’s return will look alike , and  helps you to keep record your Small business finances over a year. 

 

Make Tax Planning an Ongoing Activity

 

After the month of April , its difficult to remove yourself from Tax Discussions . Tax planning for business is not a once- year rush job. It is an important part of making decisions to make a financially viable company .