Small Business Owners – Dance Your Way to Tax Benefits
Jazz up your financial dance floor by steering clear of the dull groove of inaccurate record keeping! Picture this: a well-choreographed routine of meticulous bookkeeping, where every dollar waltzes in and out, setting the stage for a financially focused business extravaganza. Keep those records in tip-top shape, and watch the tax trouble tango away!
- Your time is valuable – Consider a bookkeeper to free up more of your time to work on your moves… I mean business.
- If you’re a DIYer, consider apps that track your expenses and categorize them for you for tax preparation.
- Unearth the buried treasure of missed deductions and credits! Think of tax breaks as your business’s secret weapons, ready to slash costs and pump up that bottom line. A dollar saved isn’t just a dollar earned – it’s a dollar transformed into a superhero cape for your company’s financial success.
- Get tax advice not just tax preparation. Meet with your CPA in the Spring or Summer for tax planning.
- For DIYer, subscribe to some tax blogs that focus on small business and current tax law changes to get tips.
- Don’t let your taxes tap their feet impatiently in the corner – hit the deadlines with precision! Late or incorrect filings are like stepping on the toes of financial success. Plan ahead, partner up with a tax pro, and avoid the penalties and interest, turning your tax dance into a seamless performance.
- Do tax planning with your CPA ahead of time, not the week before you file. Write out a clear tax strategy plan.
- Don’t let estimated taxes throw you into a tax-time tango of confusion! For the self-employed and small business owners, estimating quarterly taxes is like a complex choreography. Set calendar reminders to hit those quarterly beats. A good tax professional can help you avoid stumbling into penalties and interest by setting reminders.
- Keep your business and personal expenses in separate dance studios – mixing them is a recipe for financial chaos! Picture this: a graceful waltz between separate accounts and credit cards, ensuring a harmonious performance that keeps confusion and legal trouble at bay.
Mixing personal and business accounts is like a wardrobe malfunction on stage.
- Don’t let the sales tax boogie pass you by – collect it, send it, and avoid a costly misstep! For businesses selling products or services, failing to collect and pay sales tax is like missing a crucial step in the financial cha-cha. Dance smart by consulting with a lawyer to ensure you’re on the right tax track.
- Avoid the misclassification mambo – don’t let employment taxes trip up your business! Classifying workers as independent contractors can be a risky twirl. Ensure you’re in tune with the tax rhythm by setting up employees correctly from the start to dodge potential legal trouble and a tax headache.
For those businesses in California, it’s even more important to classify your employees correctly. A misstep here can ruin sideline your entire show!
- Don’t be a lone wolf in the financial waltz – bring in the professionals to join your business team! Taxes are a team sport, and going solo is like trying to perform a complex routine without a partner. Enlist the expertise of a tax professional to keep your business dance floor free of audit anxiety.
If you remember one thing from these 8 tax tips, get a written financial plan that shows you all the strategies to use and encompasses all your assets in a single document.
Small business owners are the lifeblood of the US economy. You’re the star of the show!
Disclosures:
LPL Approval 574168-1
