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.
Is Corporate America Getting Away With Too Little Tax?
It’s an argument that’s all too common in the business world: big multi-national companies don’t pay their fair share of taxes. A new study will only serve to add more fuel to the fire, as according to its findings, seven of the 30 biggest companies in the United States reportedly paid more to their CEOs…
Business in New York Being Buried by Heavy Tax Load
New York, New York: It’s the town so nice they named it twice. But when it comes to taxes in one of the world’s greatest states, things aren’t so nice. That’s because New York is one of the worst places to live if you don’t want to pay a lot of taxes. New York has…
Thinking About Loaning Cash to Your Business?
Are you looking to start a business, or is your current business in need of some cash? Maybe you can’t get a loan from a bank, or maybe you would rather not use a bank. What about lending some of your own money to your company? Can you do that? Yes, you can, but you’ll…
Which Tax Extensions Will Affect Your 2014 Return?
Are You Ready for Your 2014 Taxes? Although many people might answer yes to that question, the fact is taxpayers can only do so much as long as Congress is dragging its feet on several expired tax extenders. The fact that these extenders are still sitting in limbo is nothing new. It happens almost every…