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December 6, 2016

The One Thing You Need to Know About Taxes for Your Business

It’s almost the end of the year, which means it's almost time to send in the final 2016 tax payment for your business.  If you’re like me and hate taxes, then you probably dread this aspect of your business more than any other....

It’s almost the end of the year, which means it’s almost time to send in the final 2016 tax payment for your business. 

If you’re like me and hate taxes, then you probably dread this aspect of your business more than any other. Since I hate this part of business so much, I like to keep it as simple as possible.

Unfortunately, there’s no such thing as simple when it comes to small-business taxes. There are endless variables that go into calculating what you owe on the income you earn from your side business.

And because you’re probably not a tax professional, and since taxes are kind of a big deal (like legally binding and a huge liability), the one thing you need to know about taxes is that you need help.

You need to hire an experienced, trusted and qualified tax professional to assist you with your taxes. They will help you with all the confusing paperwork and accounting associated with running a side business.

They will help you know exactly what records to keep for filing taxes each year. If you’re just getting started, they will also walk you through important decisions and processes like choosing a business structure (sole proprietorship, partnership, corporation or LLC), obtaining business licenses and permits, registering the business, and obtaining federal and state tax IDs.

Sound overwhelming yet? I know! I need a nap just thinking about it! But when you seek professional assistance for your taxes—and the other legal aspects of your business—you not only take the burden off of yourself, but you also protect your family and your assets.

I promise you, money invested in protecting your family and your future is always money well spent.

Need help getting started? Stay ahead of tax season and contact one of Dave’s Endorsed Local Providers to find a trusted tax pro in your area today!

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  1. Courtney says:

    I find all the technical aspects of business so confusing!! I’m a psych major turned homemaker, so I really have no know-how when it comes to record keeping and finances. I do have a specific question…I make and sell baby items. Do I need to charge sales tax? When I go to craft shows, only a few vendors charge tax. At what point do I need to charge sales tax?

    1. Katie says:

      You should register your business with the state and get a tax ID and charge sales tax on anything you sell if it’s a business and not a hobby.

  2. Katrina Harder says:

    Well, since I am a CPA, I don’t understand all the negative talk about working with numbers. But I do again taking a nap! Keep up the great work you are doing. I can’t wait to read your book!