Small business tax planning is a process that begins well before tax dates popup on your calendar. Keeping your Maple Grove small business organized throughout the year, will ensure for a smooth and painless tax planning structure. In this article, you will find five tips for making your tax planning procedure simple and streamlined.
One of the easiest ways to keep your small business tax situation in order is to keep it organized and simple. The more information you have on hand, the easier it is to decipher. Pulling shoeboxes out from under the bed of a child is not an effective organizational process. Start organizing early, and have your records and documents on hand. The more organized you are, the easier it is to identify missing documents. The earlier you start, the more time you will have to obtain missing paperwork.
Seek Out a Pro
It never hurts to have a third party on hand. Having a CPA to direct questions and concerns to, is a great way to have insightful help in the tax planning process. A tax professional can give your team advisory information, and can lend a professional perceptive over the course of the entire year. The more help you have early and often, the easier it is to plan accordingly.
If your small business has paid a retainer for a tax professional, make sure you are using them. Asking questions, and asking them often, will keep communication roads open and will benefit your small business in the long run. Your tax professional can help you with everything from tax law to tax deductions. The more questions you ask, the more informed you will be.
As a Maple Grove small business, you are entitled to a variety of tax deductions. You don’t have to memorize each and every one of them, but it’s a good idea to know what the major ones are. Deductions like insurance costs and home office expenses can make a major impact in your tax planning process. If you have doubts or are confused about what can and can’t be deducted, ask your tax professional.
Focus on the Due Date
As a small business owner, tax filing dates can be very different than your personal tax filing dates. The IRS has a wonderful tool that will help keep tax reporting and filing dates in order. Regardless of what sector your small business works in, the calendar will keep you up to date and organized. Make sure you bookmark the Important Tax Dates for Small Businesses.
If small business tax planning is something you are new to, or you are interested in professional guidance, don’t hesitate to contact us. At BWK, we provide big-firm knowledge and experience, while delivering unparalleled service and results with close personal attention.