We see it as commonplace for small business that do not focus heavily on tax planning in early years of business. To that point, we find it extremely useful to focus on tax planning particularly in early formative years.
When and how do you do your tax planning?
Re: Tax Planning for Small Business
tax planning tips for small businesses michael hanley, author of effective tax planning for the MicroBusiness, is a cpa specializing in small business.
Re: Tax Planning for Small Business
Tax planning for a startup is extremely important but is often something that is overlooked or not considered until the business starts making money. Getting on to it early can save you a lot of time, money and potential heartache later down the track.
Getting the right corporate structure (registered in the right district) from the start can potentially save you a lot when you eventually decide to sell.
Tax planning is also one of those areas where you really do need professional advice. If you try to do it yourself you can potentially come unstuck when it really counts.
Re: Tax Planning for Small Business
The small business owner works hard to make his company competitive in the marketplace. Yet, many small business owners forget about taking tax deductions to replenish company coffers. Familiarize yourself with the full spectrum of allowable tax deductions to guide company policy.