When you have a business, there needs to be a complete understanding of the tax authorities your entity is entitled to pay. Being uninformed can cost you time, money, or even your business. In addition to being accountable to the IRS for income taxes, your district, locality, county, and state agencies may require sales, property, payroll, local, excise, self-employment, and other specialty taxes like unemployment.”
Tax returns can be complicated for those with minimum experience, so it is extremely important to consult with a professional to prevent errors, keep costs low, and avoid the audit process.
Proper tax planning allows you and your team to consider quarterly and annual potential tax commitments and requirements, so the company claims the proper deductions that it is eligible for and prevents commingling. An informed business tax planner supports the bottom line so the company’s attention can be geared toward producing quality products, developing integral relationships, and implementing marketing strategies that boost and support the business’ objectives.
With the numerous tasks that come with operating a business, it’s not astonishing that business taxes aren’t at the top of the list of priorities for many proprietors. You can avoid making common tax mistakes by allowing a professional in tax planning to provide expertise and tax advice that prioritizes your company’s financial and compliance needs.
Contact me for your virtual or hands-on business tax consultation at JeffreyLevine.Solutions today!