Small Business Tax Tips
A lot of people tend to face taxes with dread. They’re not criminal tax evaders, mind you. They’re just small business owners with tax-related phobia. Preparing and filing taxes give them the same awful feeling the way some people feel about visiting the dentist or public speaking. Here are ways of eliminating that dread.
Keep Business and Personal Expenses Separate
Don’t mix business expenses with personal expenses. Be disciplined enough to separate the two. So that when IRS comes, you can furnish them with expenses that are really meant for your business and not your personal lifestyle. With MKS&H, this becomes easier because our staff is trained with advanced skills in tax preparation and filing. Through MKS&H, keeping track of all of your financial development, bookkeeping, business expenses, and payments, becomes a non-issue. Having someone who handles your finances also decreases your business’ financial risk because it zeroes out the probability of errors from occurring.
Organize Financial Documents
Have all your financial documents arranged systematically. Think about a closet with similar items of clothing placed in one area, like all your socks in the bottom drawer. Do the same with receipts, bills, and other important pieces of paper. Organizing might not come easy for you. With MKS&H, though, that will become a piece of cake. Why? We are known experts in bookkeeping, monthly and quarterly payroll reports, year-end cleanup of company books and preparation of W-2, W-3, 1099 and state filing. We will also provide QuickBooks training for you and your staff.
Save $$$ on Tax
Because contributions to a retirement plan are tax-free along with their gains—if they are invested, it might be better to put up one right now. MKS&H can assist you with that because we also know a lot about retirement planning and incorporating it within the business structure.
You must file your taxes on time. Otherwise, several penalties await. That is where MKS&H becomes your friend because responsiveness and on-time delivery are just considered minimum expectations.
This leads us to the obvious. If you have reached this part and still feel anxious about the prospect of tax filing, then hire the services of a tax professional. Just concentrate on the money-making aspects of your business. Knowing and accepting your vulnerable part in the business scenario is a brave decision. With MKS&H, you will not just be working with professionals, you will also be working with people who will make you understand what we are doing every step of the way until you sign the tax papers for submission. At MKS&H, we are known to be trustworthy, energetic and friendly.
Supposing you will still have issues with the IRS. You think that you have prepared and filed your taxes right but IRS still find flaws with what you have given them. MKS&H will wipe that worry away. Our staff will represent and negotiate with the IRS and other government agencies, resolve audit issues, and respond to written inquiries.
So, taxes are just like other problems. Face them early and you can find several possible solutions. And just like a medical condition, sometimes all you need is the right professional with the necessary expertise.
If you would like additional tax tips and information on how we can help your company, contact the MKS&H consultants today!