What is the best method for a small business owner to manage the finances of their company?
Most businesses and individuals have, at some point, looked for professional help when filing their tax returns. Usually, the decision boils down to using a CPA or hiring an EA to prepare and file tax returns.
When starting a small business, choosing the best legal structure is one of the most important decisions you can make. This decision will impact critical aspects of the business, including how much you are required to pay in taxes and the extent of your personal liability for financial debts and losses.
For many small business owners, tax consequences can mean the difference between having a profitable or unprofitable year. The last thing you want as a business owner is to pay more of your hard-earned income to Uncle Sam than is absolutely necessary. If you want to reduce your tax burden this year, the following tax saving strategies will help you do just that.