As a small business owner, you wear many hats. From managing operations to leading your team, there's no shortage of tasks vying for your attention. Amidst these responsibilities, tax season inevitably rolls around, presenting the tempting proposition of handling your taxes on your own. However, this approach can lead to significant pitfalls that are best avoided by enlisting the expertise of a small business tax accountant.
Complex Regulations and Laws Read More...
There are a lot of duties involved in running a successful business. For yours to be successful, you need constant expert advice on the laws that affect your business to ensure that you're always on the right side of the law. Besides, you must prepare your tax compliance reports by the set deadlines. You also need a detailed budget that will guide your expenditure until the end of the year. Read More...
Filing tax returns is often a tedious task for many people. This is especially so for small business owners who do not remit taxes monthly like employed people. While filing tax returns is often seen as benefiting the government, there are various advantages of filing returns to an individual.
Filling taxes gives one an opportunity to claim refunds if they find out they overpaid taxes. Filing tax returns is proof of creditworthiness. Read More...
Negative gearing is a tax term that is used most commonly during your quarterly or yearly income tax reviews. The concept is to offset the loss of an item against other income. You may have been told, at some point, that this method would work well for recent real estate acquisitions you have made. Before you go forward with any negative gearing options or processes, consider the following key points. Read More...
When preparing your taxes that involve any type of commercial or rental property, you may be allowed to depreciate the value of that property every year, according to a depreciation schedule. This can lower your tax bill, as property taxes are typically calculated according to a building's overall value as well as the value of equipment and other such pieces and features of a commercial property. If you can depreciate that value, your taxes are lower. Read More...