The idiom of “Death and Taxes” has gained popularity from a quote by Benjamin Franklin, wherein he states, “…in this world nothing can be said to be certain except death and taxes.” For a business, this message cannot ring any truer. It can be a challenge for small businesses to remain in good graces regarding their tax situation. Luckily, there are a few best tax practices your business can adapt to keep in compliance with your yearly obligations.
We have found that most successful startups and small businesses seek professional services. Hiring a staff accountant or using a CPA’s services can help a business manage their accounts, stay current on compliance and regulation changes, and take advantage of tax deductions. An accounting professional can help you decide how you want to operate your business and make sure you are properly managing your payroll.
A compliment to good bookkeeping is software to help support your accounting practices. There are many cloud-based programs that are user-friendly, and the software or subscription cost can be tax deductible. For those that choose to tackle their accounting responsibilities on their own, a reputable accounting software is key to ensuring accuracy in your books.
As tax guidelines adjust between the state and federal government, this can pose the possibility for inaccuracy in tax payments. Keeping precise accounts of your business transactions lessens the potential for errors in your tax deposits and liabilities. Make your tax payments on time to avoid penalties and fees, and if you are past due, work out a payment plan as soon as possible. The IRS has payment plans specific to small business operations.
When evaluating how your business plans to manage your obligations, consider the above best tax practices. In the long-run, the cost of adopting these best practices will be an investment to the future success of your company as they help prevent tax issues. After all, it is certain that taxes will always be there.
TCI Business Capital is one of the leading factoring companies for small and medium businesses. Factoring is a type of financing many companies use to get immediate cash for their open receivables.
If your company is being held back by slow cash flow, or if you need money to meet those daily expenses, call TCI Business Capital at (800) 707-4845, or contact us via the web for a free, no-obligation factoring consultation and quote.
Author: Christina L.