Startups Should Pay Heed to These Tax Tips
Tax season us winding down and there’s a good chance that most businesses have already filed their tax returns. If you’re a business owner and you still haven’t filed then contact us right away to get it done. In any case, now is a good time to review some tax tips for businesses, especially for those companies that are just starting out. As a startup you have to be sure you’re doing everything you can to help minimize your taxes and maximize your revenue.
One mistake some owners of startup companies make is to overlook their accounting and taxes because they’re so focused on growing their business and improving their bottom line. However, this can be very costly. After all, a lower tax bill means a greater bottom line. So what should startups be looking for when it comes to their taxes?
- Keep The Books – any business, including a startup, needs to have a good bookkeeping system set up right from the get-go. Don’t wait till “some other day” to keep a detailed record. Start from the beginning and never get behind.
- Hire a CPA – finding a good certified public accountant (CPA) is a very smart move. The right CPA can get you pointed in the right direction right off the bat. He or she can also help you choose the right bookkeeping software for you business and show you how to set yourself up for the best tax results.
- Keep Business & Personal Separate – make sure you always keep your business and personal purchases separate. Get a card for business and use it for business expenses.
- Retirement Plan – if you can afford it, set up a retirement plan for your employees. It’s an attractive incentive and it gives you another tax break.
- Estimated Taxes – make sure you are paying sufficient estimated taxes throughout the year.
These are some smart moves to make for any business, whether you’re just starting out or not. If you need sound accounting advice or tax information regarding your business, then please contact GROCO today at 1-877-CPA-2006, or click here.
Established Small Businesses Need to Have a Succession Plan
Established Small Businesses Need to Have a Succession Plan There are millions of companies in the United States, both big and small, and every size in between. Many of these businesses – somewhere in the neighborhood of about four million – are owned by baby boomers. Baby boomers have been an integral part of our…
International Tax Treaties
International Tax Treaties Guidance: Commencement of Application of the New Tax Convention between the United States and Japan Tax Treaty with Italy – Technical Explanation The complete texts of the following income tax treaties and corresponding technical explanations are available in Adobe PDF format. Please read the entire document (Treaty as well as any subsequent…
Player Salaries Could Be Huge Tax Break for New NBA Owner
Player Salaries Could Be Huge Tax Break for New NBA Owner The ultra-wealthy have a lot of options when it comes to spending their money. Lavish houses, huge properties, remote islands, expensive yachts and exotic cars are just a few of their choices. Of course, like most anyone, the extremely wealthy are always looking to…
Tax Planning and Income Tax Return Preparation Services
Tax Planning and Income Tax Return Preparation Services Greenstein Rogoff Olsen & Co. is a full service provider of tax services and offers solutions to clients in the Corporate, Estate and Trust, Individual, Limited Liability Company, Not for Profit, Tax Exempt, Partnership, and S Corporation income tax areas. The primary objective of our tax services…