Simplifying Taxes For Small Businesses

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Simplifying Taxes For Small Businesses
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• Attaining and retaining clients is naturally a
  huge responsibility for business owners both
  large and small and can detract from other
  equally important elements of running a business,
  such as finances. While as a small business
  owner, you may be busy building up a solid
  customer base and maximising your potential to
  make money, you must remember to stay on top of
  your taxes, and ideally, stay one step ahead of
  the tax man.
• Here are a few ways in which you can simplify
  your taxes and keep your business running as
  smoothly as possible

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• Use online accounting software
• Small businesses may benefit from a free software
  program, others may find plenty of software
  applications online that are not too costly, and
  which will help with keeping track of
  transactions and enable you to create customised
  financial reports.
• Hire a professional
• This is one of the quickest and safest ways of
  ensuring that you stay up to date with your taxes
  and never incur any penalties for late filing.
  Not only that, but a

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• tax professional will keep abreast with any
  changes to tax laws that may affect you and your
  business, and you can rely on them to keep your
  taxes in tip top condition.
• Set up business alerts
• It can be extremely useful (especially if you
  dont have a secretary or PA) to set up business
  reminders on a Google calendar to ensure that you
  never miss a deadline, payment or transfer. You
  can also place an alert on your business checking
  account to warn you of when your balance may be
  reaching a certain amount, or when an important
  transaction has been made.

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• Keep track of all non-business expenses
• It can be easy to let the records of these
  expenses, whether it be receipts for meals or
  transport, get mixed up with your business
  expenditures, but for tax purposes, its
  important that you differentiate between the two
  wherever possible. Some apps exist that will
  capture the records of all spending made outside
  of the workplace, and these can be helpful when
  it comes to separating your receipts at tax time.

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• Set up automated bill paying
• Doing this prevents you from incurring any late
  charges, and as with a credit card, you can set
  up a minimum monthly payment to cover yourself,
  and then make additional payments at any point
  that your finances permit it.
• Plan a regular monthly review
• Having at least an hour once a month where you
  can sit and go through your business checking
  account, can make all the difference, and can
  help you to spot any issues and react to them in
  time.

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• These are just a few of the myriad ways in which
  you can help to simplify taxes for your small
  business, but if your taxes are getting on top of
  you or proving too complicated, then dont waste
  any more time and call in the professionals.
  Mistakes at tax time can prove costly, and are
  simply not worth making hiring a tax planner
  will ensure that they never happen.
• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax service Coral Gables.
  If you are looking for individual tax preparation
  in Miami , Heyer Associates would be a right
  option.