It may only be fall, but tax time is right around the corner, and it will be here before you know it. As a business owner, it is in your best interests to stay on top of your tax obligations year round and take certain steps to protect your bottom line. This includes turning to a CPA for professional and reliable accounting services. Here, the team at Tostrud & Temp, S.C. in La Crosse, WI, shares a few tax tips for small business owners.
3 Helpful Tax Tips for Business Owners From a CPA
1. Keep Reliable Records
This may be an obvious tip, but it is worth sharing, because maintaining accurate financial records is essential for ensuring the success of your small business. A CPA can show you the most efficient way to file various receipts and other financial data so this information is easily accessible come tax time.
2. Consider Donating Unused Inventory
If you have unused inventory or equipment that is merely collecting dust at your place of work, consider donating it. Not only will you no longer have to store it, but you can also use it as a tax deduction to save money.
3. Look for Effective Ways to Reduce Your Overall Tax Burden
There are tons of ways to reduce your tax burden from year to year, but some of them are more feasible than others. One of the easiest ways to do this and improve employee morale at the same time is by offering fringe benefits like health insurance, dental coverage, and child care assistance in lieu of higher salaries. Not only will this help you save money, but your team will appreciate the additional benefits.
If you own a small business and want to discuss strategies for reducing your overall tax burden, turn to Tostrud & Temp, S.C. in La Crosse, WI. To learn more about the tax services they provide, visit their website, or call (608) 784-8060 to talk to a CPA today.