Save Your Small Business Money with These 7 Tax Tips

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Save Your Small Business Money with These 7 Tax
Tips
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• Whether youve opted for the more economical
  choice of outsourcing your bookkeeping and
  accounting, or have an in-house professional to
  handle it for you, getting to grips with your
  business taxes is one of the quickest and easiest
  ways to increase your income, minimize your tax
  liability and avoid costly and reputation-damaging
  legal issues.
• Here are 7 great ways to help your small business
  save money
• 1.Hold on to tax and financial documents for a
  minimum of 7 years
• While it might seem a little unnecessary, youll
  be thankful you did this when it comes to making
  a claim or undergoing an IRS audit.

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• 2.Be aware of all deadlines
• Fortunately, if youve got an experienced
  bookkeeper and accountant on your team, you wont
  have to worry about these too much, but it is
  important to remember that taxes arent just
  about the 15th of April.
• 3.Keep records relating to loans
• While the IRS doesnt typically classify business
  loans as income, the interest that you pay on
  them is usually classed as a deductible expense,
  so hold on to your loan paperwork.

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• 4.Understand the different audit types
• Below are the following 4 main audit types
• Office audit these are relatively simple and
  the business owner will be asked to report to the
  local IRS office to resolve a discrepancy
• Correspondence audit youll be asked by the IRS
  to send them a particular document(s) by mail or
  fax
• Field audit thorough, these audits are
  typically carried out at the place of business
• Criminal investigation audit if as a business
  owner, youre suspected of having committed some
  form of tax evasion or fraud by the IRS, youll
  need a lawyer on your side

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• 5.Get prepared well in advance
• Waiting until the last minute to prepare your tax
  documents is never a sensible idea, and
  hopefully, if you outsource your accounting
  requirements to a reputable firm, youll never
  have to do this. If youre expecting a refund,
  being prepared can help expedite the process, and
  it will also give you time to find missing
  documents should there be any, and answer any
  questions the IRS might have for you.

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• 6.Seek expert, professional help
• For small businesses whose finances are
  relatively complex, hiring the help of an expert
  accountant or other tax professional can be a
  wise investment, and many soon recoup their money
  in tax savings that they wouldnt otherwise have
  been aware of.
• 7.Dont use employee payroll taxes to pay
  business expenses
• While this is a very common practise, its one
  that is generally frowned upon by the IRS, and
  withheld taxes should be sent to them using EFTPS
  (the electronic federal tax payment system.

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• For more tips and strategies to help your small
  business save money at tax time, consult with a
  professional tax expert, and start making the
  savings you deserve, today.
• 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 services Miami. If you
  are looking for individual accountant in Miami,
  Heyer Associates would be a right option.