Planning For Your Small Businesses Taxes

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Planning For Your Small Businesses Taxes
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• The best advice anyone can give you with respect
  to small business taxes, is to keep them in mind
  throughout the year, and not just at tax time.
  Dont let your receipts, invoices and other
  financial paperwork be stacked up in a
  disorganized manner keep track of them as they
  come in and file them accordingly, this will make
  life much easier for you and/or your tax
  professional when it does come to tax time.
• Here are some other tax planning tips and
  snippets of advice that might come in useful if
  youre the owner of a small business

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• It can never be too early to get your tax
  preparation head on
• Try to stay one step ahead of the IRS when it
  comes to your taxes, by thinking about how you
  will be planning them, well in advance of their
  due date. Set up an interview with your
  accountant before the end of the year to help you
  establish the complexity of your taxes this time
  around, and to see whether you might need the
  help of another tax professional. They will be
  busy at tax time, so leaving this too late may
  mean that you dont get the help that you need.

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• Choose between the cash or accrual method of
  accounting
• If your business prepares its own tax forms, then
  you may choose the cash method of accounting as
  it is generally the simplest. However, the
  accrual method of accounting also has advantages,
  such as the ability to match expenses and
  revenues, as it focuses upon reported income and
  not just the cash that your business has
  received. If youre unsure, you should seek help
  and advice from a tax professional.

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• Understand which tax forms you will need to file
• A lot will depend on the structure of your small
  business as to what tax filing requirements you
  must fulfil schedule C of your personal tax
  return may be applicable if you are the sole
  proprietor, whereas LLCS (Limited Liability
  Companies) that are often formed to keep business
  and personal assets separate, may require
  separate tax returns.You should also check local
  and state requirements prior to filing, to make
  sure that you have enough time to collate the
  right data in time for the filing deadline.

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• Look into whether you qualify for tax credits
• Taking advantage of any tax credits that your
  small business may qualify for requires some
  forward research and planning and cannot be done
  close to the filing deadline. Each credit has a
  different set of requirements, and these can
  change frequently, so check with your local tax
  professional to ensure that youre getting
  everything that might be owed to you.
• Planning the taxes for your small business need
  not become an issue provided you start thinking
  about it early enough, and that you get
  professional help and guidance.

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• Leaving tax preparation and planning until weeks
  or even days before the deadline, will only mean
  that you may miss out on entitlements and
  deductions, and could face costly penalties if a
  deadline is missed.
• 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.