The One Thing You Need to Know About Taxes for Your Business
While there are endless variables that go into calculating what you owe on the income you earn from your side business, you only need one thing.
It’s a new year, which means it’s time to send in the final 2017 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.
Click here to download the Free Small Business Tax Preparation Checklist!
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.
Connect with a local tax pro you can trust here.