Small business owners may be excited about new ventures, products and services, but there is one factor they should take very seriously to protect their assets: taxes. Filing taxes for a company is very different from filing as an individual and owners need to be aware of rules, regulations and eligible credits and deductions.
The main three components small business owners should focus on are employment taxes, self-employment taxes and tax accounts, according to the Associated Press. Unbeknownst to many employees and individuals, business owners are expected to make quarterly tax payments, referred to as estimated taxes, the AP reports. The same quarterly-payment requirement holds true for self-employment taxes. Consulting a tax service regarding how much to allocate towards these accounts is advised.
The large amount of information required during tax filing season also makes diligent record-keeping a priority among business owners. Purchasing record-keeping software or establishing a thorough database system is advised, the AP reports.
Small business owners, especially those who have never run a company before, may benefit most from meeting with a tax preparer or service to go over documents, compliance issues and other relevant filing factors.
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