Keeping Up With Your Business Taxes Cost-Effectively And Efficiently
In the world of business, smart decisions are made when you listen to sound advice. In order to make the most well-informed decisions, you must understand the options that are available to you. As a business owner, you are in charge of your own destiny so you need to make the right decisions when it comes to company operations and the management team you surround yourself with. At Wheeler Tax Solutions, we are committed to helping our business clients with their federal and state tax preparation needs as well as helping them plan for the future.
It is important that you partner with a tax resolution firm who can review and assess your federal tax preparation needs as well as your state tax preparation needs if applicable. As a smart business owner, there are a number of important tax planning and preparation issues that you need to be concerned with such as:
- Bookkeeping reconciliation and review
- Business tax credits and deductions
- Contractor and employee tax guidance
- Expense and income record keeping
- Filing sales and use taxes
- Payroll form-filing and processing
- Planning and projecting taxes (quarterly and year-end)
- Quarterly tax estimates and/or payments
No matter how large or small your business is, the key to proper federal tax preparation (and state tax preparation if applicable) is “staying a step ahead of the game.” In other words, although tax season is not quite upon us, it soon will be and you need to be ready for it.
It’s always recommended that you develop a tax planning strategy earlier in the year so you are not tearing your hair out at the last minute before the New Year gets started. Here are a few tips for federal tax planning and state tax planning if your state of residence requires that you file a return:
- Determine if you have the right classification of business (e.g. corporation, LLC, sole proprietorship, etc.)
- Negotiate monthly payments with the IRS whenever you run into financial difficulties that make paying on time improbable.
- Set up a retirement plan if you haven’t already done so
- Take control of your tax due date, especially if you need an extension
Most importantly, do your research and hire a tax consultant that specializes in federal tax planning and state tax planning. By having a professional tax specialist on your side, you can put a tax planning strategy into action now instead of stressing over your taxes at year’s end.