Tax Planning for Small Businesses: Get Informed, Plan, Save!
Don’t be Left Unprepared
A lack of educational resources leaves many business owners unprepared when it comes time to file their taxes. This leads to late penalties, filing mistakes, and unpaid taxes, all of which can be detrimental to your business. That’s why it’s so important for business owners to be aware of their tax requirements and well prepared for filing. Things like tax obligations, due dates, bookkeeping, and financial management are necessary for a successful tax filing. This free workshop will give you the information and tools you need to efficiently file your taxes, saving you time and money.
The Importance of Tax Planning
Why experts advise small businesses to take advantage of tax planning1
Save Time: Tax planning in advance will save you time when it comes to the hectic experience of filing taxes. The time you put into planning this year will also set the basis of your taxes for years to come, saving time in future years.
Reduce your Tax Liability: Tax planning ensures you pay only what you owe, nothing more. This prevents you from facing fees and non-compliance penalties. It can also help you understand what tax deductions, credits and provisions are available to you.
Enable Future Growth: Having a tax plan can give you better insight into your business’s finances, allowing you to make better financial decisions in the future. Tax planning also saves you money that can go towards business development.
Taxes are often so difficult because people have no idea where to start. A comprehensive lesson on tax planning gives you a solid foundation to most efficiently pay business taxes. First, you need to understand your tax obligations. This can be broken down into the types of taxes you owe (income, employment, sales, etc) and your tax requirements at a federal, state, and local level. Next, you need to allocate money for your taxes, which involves accounting, bookkeeping, and budgeting. Lastly, you need to know which forms to file and how to fill them out. Having a thorough tax plan will help you prepare for every step and set you up so that you’re ready for future years. Sign up for our free webinar and make taxes easy!