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.
Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy. In…
Florida Looking to Lure More Wealthy Taxpayers
The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer…
How Long Does it Really Take to Prepare Business Taxes?
How Long Does it Really Take to Prepare Business Taxes? For most people, just hearing the words business taxes is enough to cause uneasy feelings, but for business owners the thought of doing their own business taxes can be a nightmare. Filing individual tax returns can be hard enough but the process gets even more…
Tax Topics Business Owners Need to Know
Being the owner of a small business can be very rewarding, but very challenging at the same time. One of the biggest challenges small business owners face is dealing with taxes. There are countless items to keep track of and monitor with small business taxes, but these are some of the most important issues to…