Guide to Small Business Tax Accounting | 6 Strategies
February 7, 2024 | Barton Walter and Krier
Tax season is officially underway, and let’s be honest, it’s not most people’s favorite time of year. You might love owning a business but get nervous every time you think of that April 15 deadline. Don’t worry! At Barton, Walter & Krier, we have all the tips and strategies you’ll need to minimize your business’s tax burden and maximize profitability. Without further ado, here is our 2024 guide to small business tax accounting. 1. Prepare Financial Records The first step to a successful tax season is preparing your financial records. It helps to maintain these records throughout the year so that you don’t have to scramble to find them at the last minute. Track all business income and expenses in one place for easy access. Make sure to keep them organized, too. You could use categories such as invoices, bank statements, receipts, and contracts. 2. Separate Your Personal and Business Finances As an entrepreneur or business owner, it’s important to understand that your personal and business finances will always be related. However, it’s best to separate them when keeping financial records and filing your taxes. Mixing them can be detrimental for both categories and could prevent you from obtaining a small business loan. You’ll save yourself a lot of time and energy if […]
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