Feeling a bit uncertain about the growth of your business for 2017? Would a bit more money in your pocket alleviate some of the financial burden you are experiencing now? There are many advantages a C-corporation have that the small business owner does not. But knowing the advantages your small business have can help put more money in your pocket. Having an accountant look into your tax returns-if you don’t have the same one-can be beneficial to you. Spotting mistakes or tax breaks you did not claim the previous years are going to be obvious to spot for the new accountant. Don’t wait till the week before taxes are due to start preparing to file. Don’t throw away receipts throughout the year, keep them in a folder, and put them there as soon as you enter your office. But most importantly, talk to your accountant to find ways to keep more money in your pocket.
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Last-minute tax tips for entrepreneurs in 2016
Here’s an opportunity to save, but don’t delay.
If you run a small business, now is the time to shore up your finances and take advantage of available deductions to cut your tax bill.
Bear in mind, you’re wrapping up this year’s books. Advisors say it’s too early to see how the Trump administration will shape the tax regime in 2017.
“For 2016, we can play by the rules we have available to us now,” said Gavin Morrissey, managing partner at Financial Strategy Associates in Needham, Massachusetts. “Small-business owners should re-evaluate things in 2017, once we know the new tax rules under Trump.”
They’re also on their own when it comes to setting up and funding their retirement plans in a timely fashion.
“Those who do not learn history are doomed to repeat it.”
Every year, you pay your taxes. Every year, you wonder why you pay certain taxes. And every year, the process never becomes any more enjoyable. While you’re never going to welcome the action of giving the government your hard-earned money, here are several mistakes you can avoid to make the entire process less painful.
Waiting Until The Last Minute
Most tax deadlines are rigid, so don’t wait until the last minute to start. Just as you’d charge a customer extra for a quick turnaround on a project, so will your tax accountant.
Start the conversations with your accountant long before your returns are due (April 15th — or Sept. 15th for corporations and Oct. 15th for individuals, if you file for an extension). Know what inputs she or he will need, and when you’ll expect to have them. Get on their good side and your tax accountant will be more likely to try to dig up some possible deductions to save you money.
Small business owners feeling the recession pinch
ANCHORAGE –
If you’re budgeting less for Christmas presents this holiday season, you’re not alone. Local retailers say they’re feeling the effects of the recession.
That’s no surprise to economic experts, like Bill Popp, who is president of the Anchorage Economic Development Corporation. He said consumers aren’t just worried about the drop in oil prices, but also the lack of a fiscal plan at the state level.
“We know that consumers still remain relatively wary of what the future will hold,” Popp said. “They’re not sure which way it’s going to go.”
That has people watching their money more closely and it’s hurting this holiday season for small business owners, like Katie Sevigny, owner of 7E studio.
“Small Business Saturday was down and it was down for most of us,” she said, after speaking with other business owners. But she said besides the drop in sales, it’s the length people are going to for a deal that surprised her. “People actually walking into our store, trying on items, and then either taking a picture of the tag or just looking them up online.”
