The Best Small Business Tax Guide is Often a Person
You probably cannot find an estimate of how many books and pages of printed information exist about small business taxes that often have small business tax guide in the title. It must be millions. Then think of the number of websites that exist about small business taxes, and they also present themselves with small business tax guide in the site name or description. Rest assured that it is millions more giving you tax information.
There is valuable information in almost all those resources but consider another fact; consider the age of the information. When was a bit of tax information published? How often does the IRS change tax rules, regulations, rates, or other requirements? The IRS question is easy, as that government entity is changing things daily, often hourly.
The Small Business Owner’s Information Dilemma
As a small business owner, you will have a great depth of knowledge about your business. You will keep up to date with market or other developments or changes that impact your business. The time and effort you spend in keeping up with information is worth it, as the success of your business depends upon it.
On the other hand, time you spend in wading through books, articles, or websites with small business tax guide as their focus is not contributing to the success of your business. Sure, if you learn some tax strategies that help you to save money legally, you and your business benefit from that knowledge. However, you may be acting on old information that is no longer valid. Sometimes one mistake made in this area can offset many of your other money-saving tax strategies.
The Small Business Tax Guide from a Personal Approach
Consider a tax professional that does spend the time wading through the volumes of tax regulations. They keep up with changes as they happen. This is their business and working with them to do it while you take care of your business is the best approach. Consider having this team advising you and handling things like:
- Bookkeeping – It may seem like simple ledger entries and categorization of income and expenses, but the bookkeeping function feeds the process that results in the tax return. The accuracy of the information is crucial, as well as proper categorization of income and expenses.
- Tax Preparation – When the time arrives to prepare the business tax return, the many IRS forms involved, and the complexity of a business return are best dealt with by those who maintain a high level of expertise. The team approach allows those who do the tax return preparation to help the bookkeepers to set up for efficient and accurate records on which the return is based.
- Tax Planning – Small business taxes are not a once-a-year event. Planning for tax minimization can save the business and the owners a great deal of money over time. Planning major purchases, delaying, or accelerating income or expenses, planning depreciation, and planning for retirement are all vital functions of tax planning.
Instead of seeking out that next great small business tax guide, seek out the team that can become a wealth-building partner in your business.