We at America’s Best Payroll have extensive experience in working with small businesses. Our team offers a range of accounting services to help you manage your money, keep track of payroll, prepare for tax time, and more. In this article, we’ll focus on taxes, as this is one area where many new businesses struggle.
Over the years, we’ve seen small business owners make some of the same mistakes again and again in regard to their taxes, so we have put together this article to explain how to avoid those same mistakes.
- Not Sending the Right Forms – One common mistake new businesses often make is failing to send the proper tax forms. Not all business taxes are the same, and not all apply to every business. For example, some taxes must be paid quarterly, such as sales and payroll tax, while others are annual. The best way to make sure you are filing the right forms at the right times is to talk to an experienced tax professional like those on our team.
- Not Keeping Accurate Records – Another common error people make when it comes to their taxes is not keeping track of their money during the rest of the year. If you don’t keep good records of your business’ income, expenses, and other transactions, then you will have a very hard time filing your taxes when the time comes.
- Not Taking the Right Deductions – A third common mistake people make when filing taxes is not taking the correct deductions—if you’re not careful, it’s easy to take a deduction you don’t qualify for or to miss out on deductions that do apply. Our team can help you determine exactly which deductions you are eligible for so you can take advantage of the savings they offer.
If you want to ensure your taxes are in order, don’t wait to reach out to our team! Our experts are standing by to assist you with tax matters and a variety of other accounting services to help your small business succeed.