A Beginner’s Guide to Paying Less To The Government
Running a small business often means that in order to save money, you need to do a lot of tasks that come with business ownership by yourself. It might also include doing things out of your comfort zone. As a small business owner and taxpayer, you should be tactful enough to put more money in your pockets, instead of the pockets of the IRS. A professional accountant has the necessary experience and knowledge to take this load off your back so that you can concentrate on doing what you do best. They can take the stress of managing your accounts in a way that is beneficial to you and your business.
However, we do understand that not everyone can afford to hire a full-time tax accountant, this is why the experts at Corey & Associates have come up with a beginner’s guide to paying less to the government, just to get you started on the right track.
Getting Started
Know the systems to pay less: The tax system is complex and takes time to understand. You need to thoroughly understand the workings of your company, have its accounts in order, deduct everything you possibly can, and save your expense receipts. A lengthy list of deductions is available to lower taxable income for small businesses. You need to put in the time and effort and figure out a way to make the most of what is available to you and your company.
Consult with a professional: As a small business owner, you might not have the experience needed to figure out your company accounts in a proper manner. This is why you should consult with a tax accountant. Preferably one you are comfortable with, and you can call to ask questions. They will be able to provide legal advice on running your business more efficiently and make sure you are able to avail yourself of all the benefits.
Next Steps
Avoid missing deadlines: You need to pay your taxes before your deadline. Even in cases where you ask for an extension, know that the extension is on the return and not the actual payment. A delay in payment could lead to you not getting your returns, or worse, paying a fine. Avoid this by taking note of the due date on a calendar, either on your phone or in a diary.
Always check for updates: Once you have paid your taxes and filed your income tax returns, and have it verified, they start processing your tax returns. During the processing, the tax department checks for any discrepancies between income declared and the tax paid by you. After processing is complete, they will send you an update or a notice informing you about your returns situation. In case of any discrepancies, it will show additional tax payable. Refund, if any is due, is only issued after verification of your tax payment.
Advice From The Pros
Don’t assume you know all the answers: Tax accounting is something that professionals train for years to do it successfully. Do not be deluded into thinking that you, as an amateur businessperson, can make no mistakes. One small error could turn into a grave error that could cost a lot of money to fix. Understand that you are still learning, seek counsel from a professional who has a few years of experience in this field.
Figure out the best way to financial success: If you can confidently handle your business accounts efficiently, then, by all means, do what suits you best. However, keep in mind that a professional has a lot more experience than you do and works in this area on a daily basis. Know when to cut costs and when to make a smart financial decision that will benefit you in the long term. When you have a tax accountant, you can go to them for guidance and get informed advice that you can use to drive the decision-making process.
As leading tax accountants in Hialeah, Miami Lakes, FL, we provide clients with the best accounting, tax, and consulting services possible by expanding their knowledge and practice of the accounting function in their business across Florida. We have been Tax Accountants for the past three decades now and have helped several clients with their Accounting and Tax Planning. Our motto is that we do not want you as a client but as a Friend. Clients only come once and never come back. Tax Accountants at Corey & Associates develop relationships so that friends will come back year after year.
Visit our website to learn more or contact Corey & Associates today.