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Set yourself up for success with tax planning services for small businesses in Rancho Cucamonga, CAPosted By Whyte & Associates
Filing annual tax returns is an important responsibility for all individuals. Although anyone who has earned an income must file tax returns, small business owners may have more challenging responsibilities. Small business owners can turn to Whyte & Associates, Inc. in Rancho Cucamonga for comprehensive business and tax planning services. Whether you are just forming your small business or are already established, our team can give you guidance and advice to help you take control of your business’s finances.
As an individual or a business owner, it is the law to pay taxes. Even an accidental oversight in filing can result in significant fines. It is advisable to be proactive in understanding your tax responsibilities. Paying attention to your tax duties in the early stages of forming your small business can help maximize deductions and prevent liability issues as your business moves forward. It is important to file your returns, forms, and fees in a timely fashion. Late documents or payments can result in a fine. A tax planning service can help you stay in line to protect your finances and to file the appropriate tax forms.
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Tax planning for small businessesSmall and large business owners are responsible for paying taxes. The type of taxes, the forms, and responsibilities may vary from business to business. Tax planning services through Whyte & Associates, Inc. help business owners file the appropriate taxes, maximize deductions, and help businesses grow.
By following some tips and reminders, businesses that are just starting out can grow effectively and get out on the right foot in the tax world.
- Legal entity affects tax burden - Not all small businesses endure the same burdens. The legal entity you decide to form affects your tax liability each year. There are various types of businesses including sole proprietorships, LLCs, S corporations, and partnerships. Each has benefits and limitations. The business type may also require unique tax forms to be filed.
- Get more deductions. - Small business owners must learn to be creative to stretch their financial resources. The operational costs of starting a new business can be overwhelming. You have materials, salaries, rent, and utilities to consider. Fortunately, you may be able to deduct some of your expenses and minimize your tax burden. This helps you maximize your profits. Business owners can deduct ordinary and necessary expenses. This includes expenses that are common to your trade and helpful in your business. Common business deductions often include office rent, supplies, furniture, computers, and copiers. If you provide healthcare benefits for your employees, some of those costs may be deductible.
- Deduct startup costs. - Your business does not have to be fully up and running or turning a profit in order to deduct expenses. The IRS allows small business to deduct a number of startup expenses before you even start having customers. Investigational costs, training employees, attending trade shows, locating suppliers, and advertising are startup costs that may be deductible.
- Make estimated payments - Paying taxes accurately and on time is important. However, individuals who are self-employed make quarterly estimated tax payments as well. Depending on how much they anticipate owing each year in taxes, business owners may need to make estimated tax payments.
- Pay self-employment tax - If you have never owned a business, you may not have realized there are self-employment taxes. Self-employment tax includes Social Security and Medicare taxes. This is paid by individuals whose income is not subject to employer withholding. Self-employed individuals are responsible for their own portions of the self-employment tax and the half normally paid by an employer. Business owners can claim half of their self-employment tax payment as an income tax deduction.
Whether you own a small or large business, new or established, we have business and tax planning services to meet your company’s needs. Contact Whyte & Associates, Inc. in Rancho Cucamonga today. Call (909) 575-0080.
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