Few Shortcuts For Winning At the Tax Game

Becoming a More Informed Business Owner

13:23 21 March 2013

Every year thousands of small business owners dread having to file their end of year tax returns because it seems to always be a losing battle. Sometimes we lose at the tax game because we’re unprepared, or we aren’t taking full advantage of tax laws and changes that could benefit us greatly.

If you want to win at the tax game, you’ve got to have a strategy. That strategy should be based on knowledge and preparation.

There are so many tools to help you understand the tax laws and how they affect your end of year finances. Join your local chamber of commerce, as they sponsor many events training in areas like tax law and finance.

Most of these events are free for members. Consider taking a class at the local university on small business ownership and business management. These courses will always include a section on financial planning which includes tax structure and guidelines.

Buy a simple accounting program that will teach you basic accounting concepts and procedures.

• Becoming knowledgeable is the first step to winning at the tax game.

 

• It is always a good idea to bring in a professional to come in and put together a plan that will allow you to take advantage of all tax laws and guidelines.

 

• Let them develop a strategy that will maximize your profits throughout the year, but will also allow you to pay as little tax at the end of the year.

 

• Let them explain the plan to you so you will know how it works and how it will affect your company’s bottom line.

 

• Get your company finances organized and keep them that way. 

 

• Once this is done, filing taxes at the end of the year is no longer a burdensome chore, but a means to further position your company for greater profitability by taking control of your tax bill pounds.