3 Steps For Managing Your Small Business’s Taxes
Friday, June 11, 2021
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales.
It is critical that business owners are set up for success well before tax season. Here are three steps for managing your small business’s taxes.
1. Find the Right Accountant
Most small business owners hire an accountant to ensure that all tax filing and payments are made correctly. Accountants help reduce the amount of time business owners spend on taxes and booking. Generally, an accountant’s services can range from estimated tax payments to asset depreciation, and this investment in your business is vital to your long-term success. Accountants are constructive partners for your business and are essential members of the broader support team. There are many accountants in the market, but small business accounting requires specific expertise. Be sure to prioritize those specializing in small business accounting, especially those that have worked with businesses similar to your size and structure. The best place to get recommendations is from other business owners. Talk to similar or local businesses to ask for specific recommendations.