Business Taxes

Guidelines To Help Reduce Your Tax Liability

Paying your taxes online can reduce your paperwork and headaches.

If you are like most small business owners, the past few months have been filled with calls to the accountant in an attempt to organize finances and minimize tax liability. Here’s a way to plan your strategy.

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.

A list, put together by a CPA, of how long you should keep various types of tax records.

If you have operations in different states, which states do you file in and how much income do you apportion to each. This hypothetical case highlights the key steps in determining state tax filing requirements and related tax liability.

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.

Steps to take to change your company’s tax year end.

Multi-state income taxation is an issue that affects many companies, some of whom probably don’t even realize it. If you do business anywhere outside of your state, read this.