Starting a Small Business

Starting a Small Business? Don’t Overlook These Tax Essentials

If you’re opening a small business, you’ll need to get up to speed on tax compliance, pronto. Start by separating your personal and business finances (including bank accounts and credit cards) and choosing your business structure, which will determine how your business is taxed. Research small business deductions so you’ll know which items will require substantiation at tax time, and get into the habit of keeping excellent records. If you have employees, you’ll need to comply with payroll tax laws. If you don’t have payroll expertise, consider outsourcing this function. Indeed, knowing when you need professional assistance is critical. Contact us for help.