Tax Planning for the Small Business

“In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin

By NuWire

Your small business needs to correctly file and pay taxes – on time

That hopefully isn’t news to you. But many small business owners put off thinking about taxes until the last possible moment.

Planning ahead not only means you’ll avoid a last-minute scramble to get all your documentation completed – it also means you’ll have the opportunity to minimize your tax liability.

So, as a small business owner, what should you do to make sure you’re fully on top of your taxes?

#1: Set Up Your Business in the Right Way

Different business structures have different taxation requirements. It’s important to choose whichever is going to be most appropriate for your business. That might mean setting up as a sole proprietorship, a partnership, an LLC, or a corporation.

It’s well worth seeking advice (or at least doing some in-depth research) before you set your business up, to ensure you’re not going to end up paying far more tax than you should.

#2: Don’t Just “Leave it to the Professionals”

While you hopefully have an accountant and/or bookkeeper, it’s important not to simply leave everything to them.

Read more…article continues HERE on NuWire Investor website

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