A lot of the time, the business structure you choose for your small business will be determined by the tax situation. Let’s take a look at all 3 of them – so you save the most money possible.
Tax time is upon us once again, and that means its time to prepare your finances and start filing. But first, here are a few things to remember so you don’t end up on the wrong side of the law.
It seems as though, every year, there is a lot of coverage in the media in regards to government focuses on things like tax breaks and tax cuts. While there is a general idea out there that tax breaks and cuts are a good thing, not many people really understand what they mean or how they apply to them.
One thing that no one likes to talk about, unless you are a certain type of bureaucrat, is taxes of any form. Taxes are highly complicated, irritating, and boring - but unfortunately, they are a sure part of business life.
Come tax time, you might not have all the necessary business documents ready, or you might not have been able to file your taxes on time due to unforeseen circumstances. If you need more time to file your tax returns, the IRS has certain guidelines for filing for an extension.
When you start your small business, money is inevitably tight. Aside from cutting out unnecessary expenses, you should know which expenses you can write off on your taxes, increasing your chances of getting a refund.
If you are just starting your small business, its structure will determine your tax status – and liability. If you’re confused when it comes to structuring your small business, here’s a handy primer to help.
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