If you run a small business, then you are probably stretched for time to manage your bookkeeping and tax matters. However, this is one area where you cannot afford to be slack; you could either end up paying higher taxes, or worse - having the IRS breathing down your neck.
If you are running a small business that is growing, have made investments in a variety of areas such as property, stocks and mutual funds, or if you simply find preparing taxes confusing and stressful, then it is time to find yourself a good tax professional. Here’s how.
A much overlooked section of the tax code lets corporations carryback losses and recalculate their tax liability. Here's how this can turn a loss into a transfusion of cash for your business.
If you're like a lot of people in business, you make estimated corporate tax payments to IRS based on the taxes you paid in the previous year. But if you're having a really bad year, you may have no income tax liability at all. In such circumstances, it's a bad economic decision to keep paying estimated income taxes.
Using the cash method of accounting for tax purposes is perhaps the most powerful tax planning tool available to companies. It is important, however, that corporations using the cash method be aware that it is only available under certain conditions.
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