tax tips

For most business owners, taxes are the last thing you want to think about during the summer. After all, you made it through April and, as long as you do a better job this year of keeping your receipts and staying current with the books, you really don’t need to worry much about taxes until next year.

That approach, while common, can be a huge mistake. There are certain opportunities you’re only likely to find during those summer months, and so you need to spend at least a little bit of time thinking about your tax situation.

Here are some common summertime tax deductions you need to consider:

1.Family employees. Hiring one of your children is often one of the … Read more →

Tax strategy is an important part of any business’ operations. If you’re smart about it, you’ll consider your tax situation throughout the year, rather than just at tax time. There are a number of concerns you can and should address during the course of the year, such as quarterly tax payments, purchase decisions, and more.

One of the best ways to keep on top of your tax planning and to increase your tax savings is to meet with your tax professional during the year.

Here are some reasons why you should consider checking in with your tax advisor at least quarterly:

•Mid-year tax checkups let you know whether you may be looking at a net operating loss.Because of recent financial … Read more →

Two of the biggest sources of relief when it comes to your income tax burden are your children and your business. Each offers a number of different opportunities for tax credits or deductions.

On top of that, however, you can actually increase the deduction for your children significantly when you own a business. By shifting some of your income to your children, you relieve some of your tax burden. There are even some ways to do this without a business, but having a business opens up a number of possibilities that are otherwise closed off. That said, you need to do it the right way. Tax laws are fairly specific on how income can be paid to children, and you … Read more →

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