5 Easy Tax Planning Tips for Small Businesses
Michael Hanley, author of Effective Tax Planning for the MicroBusiness, is a CPA specializing in small business. We asked him for year-end tax planning tips that can help entrepreneurs and small buiness owners. Michael gave us his top five action items.
Analyze You Business Structure: are you operating under the best structure for you business? Various items such as how much tax you will pay each year, your risk of being selected for a random IRS audit, and the level of protection of your personal assets are determined by the type of entity you operate. If you operate as a Sole Proprietor, DBA, Partnership, LLC, or C Corporation, this should be Priority #1 in your life. You could be overpaying your taxes by $10,000 if you are not operating under the best business structure.
If it's December and you have no idea where you stand for the year or how much tax […]