TAXATION TIPS FOR THE GROWING SMALL BUSINESS When running a small business, you always think of its growth. Of course, your business won’t stay small forever rather it will grow quickly and over time, you would even be looking into hiring new employees. No doubt it is an exciting news but you would want to prepare for the tax implications of running a growing business.
To keep your growing business in the best position in the long term, you just need to follow a few simple steps. 1. HOLD ON TO YOUR TAX DOCUMENTS - Small business owners scrap their tax documents just after a couple of years with the assumption that they are not going to need it in the future. 2. KNOW ABOUT EMPLOYEE TAX RULES - If you are on the point where you are going to hire some new employees, it is time that you aware yourself of tax rules and regulations related to employees. 3. TAKE THE BENEFIT OF DEDUCTIONS - A small business owner is liable to some tax deductions. But unfortunately not everyone takes the full advantage of them. 4. PAY YOUR TAXES QUARTERLY - In certain situations, it is strongly recommended to pay taxes on a quarterly basis. It is even mandated by IRS to pay the taxes quarterly. Article Source : http://brandwz.com/2017/05/25/4-taxation-tips-for-the-growing-small-business/