Many small business owners only think about tax at filing time. By then, most of the decisions that affect the bill have already been made.
Keep clean records all year
Separate business and personal finances and record expenses as they happen. Good records mean you can claim what you are entitled to, and they are your best defense if the IRS has questions.
Plan for estimated taxes
If no tax is withheld from your income, you may need to make quarterly estimated payments. Setting money aside each month prevents a cash crunch and possible penalties.
Review your business structure
The right structure can change as you grow. Moving between a sole proprietorship, an LLC or a corporation can affect your tax, so it is worth reviewing with a professional.
Time big decisions
Hiring, buying equipment and expanding to a new state all have tax effects. Considering them before you commit gives you more options.
Our tax planning service can help you build this into your year.
General information only, not tax advice for your specific situation.