Getting Your Business Ready For The Tax Reform

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Getting Your Business Ready For The Tax Reform
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• Now that were firmly into 2018 and 2017 is
  becoming a distant memory, if youre a small
  business owner, youre probably busy trying to
  keep afloat or work out ways to improve your
  business in the new tax year.
• While the tax reform bill that became law at the
  end of 2017 may not change how you operate your
  business or deal with your customers, it will
  certainly change some aspects of your business
  and individual tax returns. So, here are a few
  pointers and tips to help you and your small
  business, get ready for the tax reform

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• Get your payments paperwork up together
• There will naturally be an adjustment period for
  all who pay taxes under the new bill, meaning
  that keeping your paperwork up together and as
  organized as possible, is more important than
  ever.
• Every source of qualified business income will
  need to be calculated and verified independently,
  and having your payments paperwork ready will set
  you on the right track.

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• Organize and reconcile all your accounts
• Paperwork that isnt kept organized is a
  nightmare for everyone, and while most of us hate
  having to deal with it, deal with it we must.
  From both an operational and a tax perspective,
  reconciling your records will only ever prove
  positive, no matter how much you hate doing it,
  or how time consuming it is. Tracking and
  recording your taxable income will prove even
  more vital as the new tax bill comes into play.

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• Organize your funding for 2018
• Funding is naturally a vital exponent of any
  business, and particularly with new businesses,
  it can determine whether they sink or float. Lack
  of capital or financing for ongoing operations is
  one of the most common reasons behind the failure
  of new businesses, so doing your best to source
  and channel funding will help your business be a
  success in the new tax year.
• Obtain the right tax ID
• If you own a business, then you must have a
  federal employer identification number, or EIN,
  and this enables you to open bank accounts and
  credit card

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• accounts for both you and your business,
  something that will prove even more essential
  during the tax reform time. If you dont have the
  proper documentation that you should have as a
  business owner, then youll doubtless raise the
  suspicions of the IRS, and thats something you
  dont want to do under any circumstances.
• Get professional tax advice
• There is never a better time to seek professional
  help with your taxes than now, and avoiding
  mistakes and costly fines, should be your
  priority.

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• Preparing and planning your taxes is made so much
  simpler with the help of those who make taxes
  their business, and with a professional tax
  consultancy company helping you, youll be
  certain to stay the right side of the law and the
  right side of the IRS.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami, Heyer Associates would be a right
  option.