Simplifying Tax Planning For Small Businesses - PowerPoint PPT Presentation

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Simplifying Tax Planning For Small Businesses

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Taxes are a hassle no matter how you tackle them, but there are ways of simplifying the whole process by planning in advance to help minimize your stress levels when your taxes are due: – PowerPoint PPT presentation

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Title: Simplifying Tax Planning For Small Businesses


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Simplifying Tax Planning For Small Businesses
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  • Taxes are a hassle no matter how you tackle them,
    but there are ways of simplifying the whole
    process by planning in advance to help minimize
    your stress levels when your taxes are due
  • Dont leave anything until the last minute
  • This may sound like common sense to most of us,
    but believe it or not, every year thousands if
    taxpayers leave their filing right until the last
    minute, many of whom go on to face fines for
    incorrect or late payments. Even if you use the
    services of an accountant, they will require
    information and data from you well in advance of
    the tax due date, and in fact, throughout the
    entire financial year.

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  • So, stay in touch with your accountant and be
    sure to help them with their job as much as
    possible, usually by ensuring that they have
    access to all the receipts, invoices and other
    paperwork that they may need.
  • Keep all expense related receipts and be as
    organized with them as possible
  • Organizing receipts for occasions such as
    business lunches and travel related expenses and
    keeping them safe until your accountant needs
    them, can help save a whole lot of time when it
    comes to filing your taxes. Even if you dont
    think that something you paid money for can be
    considered a valid expense that may reduce your
    taxes, let your accountant decide.

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  • All payments that have a clear paper trail can be
    handed over to your accountant for them to figure
    out which ones can be considered for deductions.
  • Hire help from the right source
  • If you dont already have an accountant working
    for you, then it would be wise to source one that
    you can develop a good working relationship with,
    especially if you have a small business or your
    tax circumstances are complex. Try to locate an
    accountant who has experience of working in your
    industry, whether it be construction,
    manufacturing or medical services, and if you can
    get a personal recommendation from a friend,
    colleague or family member, so much the better.

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  • Going it alone when it comes to your taxes is
    rarely fruitful, but with an accountants help,
    you can say goodbye to penalties and problems
    with the IRS and be confident that you are being
    represented as accurately as possible. Taxes also
    take up a lot of time and mental energy and
    running a small business can be stressful enough
    without the added pressure of taxes. Using an
    accountant will free up more of your time and
    enable you to get on with other matters that may
    benefit your business.
  • Your taxes may be complex, but with the help of a
    professional, qualified accountant, those
    complexities shouldnt be your concern, and
    youll find that having someone take over your
    filing for you, can lift a great weight from your
    shoulders.

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  • Research local accountants in your area, and
    wherever possible, get personal recommendations
    to help you choose the right accountant for you
    and your small business.
  • 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 preparation service
    Coral Gables. If you are looking for tax
    preparation service in Miami , Heyer Associates
    would be a right option.
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