Simplifying Tax Planning For Small Businesses

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Simplifying Tax Planning For Small Businesses
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• Taxes are a hassle no matter how you tackle them,
  but there are ways of simplifying the whole
  process by planning in advance to help minimize
  your stress levels when your taxes are due
• Dont leave anything until the last minute
• This may sound like common sense to most of us,
  but believe it or not, every year thousands if
  taxpayers leave their filing right until the last
  minute, many of whom go on to face fines for
  incorrect or late payments. Even if you use the
  services of an accountant, they will require
  information and data from you well in advance of
  the tax due date, and in fact, throughout the
  entire financial year.

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• So, stay in touch with your accountant and be
  sure to help them with their job as much as
  possible, usually by ensuring that they have
  access to all the receipts, invoices and other
  paperwork that they may need.
• Keep all expense related receipts and be as
  organized with them as possible
• Organizing receipts for occasions such as
  business lunches and travel related expenses and
  keeping them safe until your accountant needs
  them, can help save a whole lot of time when it
  comes to filing your taxes. Even if you dont
  think that something you paid money for can be
  considered a valid expense that may reduce your
  taxes, let your accountant decide.

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• All payments that have a clear paper trail can be
  handed over to your accountant for them to figure
  out which ones can be considered for deductions.
• Hire help from the right source
• If you dont already have an accountant working
  for you, then it would be wise to source one that
  you can develop a good working relationship with,
  especially if you have a small business or your
  tax circumstances are complex. Try to locate an
  accountant who has experience of working in your
  industry, whether it be construction,
  manufacturing or medical services, and if you can
  get a personal recommendation from a friend,
  colleague or family member, so much the better.

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• Going it alone when it comes to your taxes is
  rarely fruitful, but with an accountants help,
  you can say goodbye to penalties and problems
  with the IRS and be confident that you are being
  represented as accurately as possible. Taxes also
  take up a lot of time and mental energy and
  running a small business can be stressful enough
  without the added pressure of taxes. Using an
  accountant will free up more of your time and
  enable you to get on with other matters that may
  benefit your business.
• Your taxes may be complex, but with the help of a
  professional, qualified accountant, those
  complexities shouldnt be your concern, and
  youll find that having someone take over your
  filing for you, can lift a great weight from your
  shoulders.

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• Research local accountants in your area, and
  wherever possible, get personal recommendations
  to help you choose the right accountant for you
  and your small business.
• 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 preparation service
  Coral Gables. If you are looking for tax
  preparation service in Miami , Heyer Associates
  would be a right option.