Understanding Business Taxes

Posted on: 8 August 2022

Running a business is hard work. There are so many things to think about, from making your product or service to finding customers, and everything in between. It's no wonder that sometimes business owners can overlook one of the most important aspects of their business: their taxes. While it's definitely important to keep on top of your taxes throughout the year, it's especially crucial to do so during tax season. Here are four reasons why professional tax planning is an important aspect of running a successful business.
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Posted on: 23 June 2022

Every business owner wants their business to follow a positive graph. But for this to happen, they need to handle various responsibilities. For instance, you have to consider the market, employees, clients, and finances. However, dealing with taxes might be the trickiest part, and you must ensure that it's properly done. Handling taxes may seem easy, mainly when dealing with a small business, but it could also be daunting. And since you don't want to make mistakes when filing and submitting taxes, you need to involve an expert in tax preparation to help you.
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Posted on: 18 April 2022

Did you miss the annual income tax filing deadline? If so, there's no need to panic. You still have time to right this mistake, keep yourself in good standing, and save money. Here are five steps to follow.  1. Check for Extensions. Taxpayers can get extensions of time to file and pay their income taxes under some circumstances. You can apply for an extension yourself, but it's likely you didn't do this if you just accidentally missed the deadline.
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Posted on: 28 February 2022

Are you properly recording depreciation in your small business's bookkeeping? Depreciation is a valuable tool for maintaining accurate financial statements and minimizing your tax bill. If you're not sure that you're taking full advantage of it, here's what you need to know about why it matters in three key areas. 1. Income Taxes Depreciation is a business expense. As such, it reduces your taxable income and therefore your taxes. As a deductible business expense, annual depreciation is deducted from gross earnings before taxes are calculated.
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