Five Tips To Ensure The IRS Gives You A Paycheck
As a small business owner, you’re on the lookout for tax saving measures to reduce the percentage of the money you owe. However, without any understanding of the tax system and expert assistance, you can enter an inaccurate figure or commit a small blunder when filing taxes. This can land you in trouble with the Internal Revenue Service (IRS) and may trigger an audit.
To make sure your business receives a maximum refund while also avoiding a tax audit, Corey & Associates has compiled a list of five tips to ensure the IRS gives you a paycheck. Keep reading to learn about the easiest ways to save funds when filing taxes.
Tip #1: File your taxes every year.
Make sure you file your tax returns on time to get your tax refund. If you don’t make your tax payments on time, you’ll end up paying more than necessary in penalties. Also, the next time you file your taxes and claim for a refund, the refund money will be used to pay off any dues you owe to the IRS.
Tip #2: Get a professional accountant.
If you run a small business and have no background in tax accounting, hire a professional accountant to ensure your business runs smoothly. There may be different refunds or tax benefits that they can help you claim, which you may otherwise not know of.
Tip #3: Pay the State on time.
If you have a Corporation or LLC, pay the State taxes you owe on time to avoid any trouble with the law. In some cases, failure to make timely payments may lead to a hefty fine or possibly the shut down of your business.
Tip #4: Send money in advance.
If you are going to owe money to the IRS, send it to them in advance. That way, you don’t have to pay any additional amounts to the Government from your refund money.
Tip #5: Hire a business coach.
Hire a small business coach who is aware of every tax deduction, those that apply to your business, and the expenses that will help your company profit. As a result, you won’t miss out on an opportunity to save on your taxes.
To hire excellent business consultants that excel as tax accountants in Hialeah, Miami Lakes, FL, reach out to Corey & Associates. We are experienced professionals in accounting, tax, and consulting services. Our goal is to educate you about the taxation system and how your business is affected by it. That way, you can make smarter tax saving decisions and meet your financial goals year after year.