Tax tips for new business owners

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

It’s Tax Time!

  Happy New Year!  The beginning of the year brings about many things – new beginnings, clean slates and tax time!  Get your taxes in on time to avoid late filing penalties and interest.  Here are the dates to keep in mind: Due March 15: Form 1065, US Return of Partnership Income Form 1120s, US Income Tax Return for S Corporation Due April 18 (no this isn’t a typo – the April…  Read more

Estimated Taxes

The IRS requires that taxes be paid as income is earned or received.  Payments can be made through regular withholding or by way of estimated tax payments.  If you don’t pay enough tax through withholding and estimated tax payments throughout the year, the IRS may charge you a penalty come tax time. Who has to pay? Generally, individuals have to make estimated tax payments if they expect to owe tax of…  Read more

Cash Flow

The number one issue with running a small business is cash flow. How do I mange the cash flow of the business? Many business owners take as much cash out of the business as they can. Although we might like to do this, SMART business owners operate with a cushion of cash in their business. I usually suggest at least one months worth of expenses be retained in the business.…  Read more

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