3 Steps For Managing Your Small Business’s Taxes

The Internal Revenue Service (IRS) building in Washington, DC. (Photo by Zach Gibson/Getty Images)

Getty Images

Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can range from income, employment, excise, and sales.

It is critical that business owners are set up for success well before tax season. Here are three steps for managing your small business’s taxes. 

1. Find the Right Accountant 

Most small business owners hire an accountant to ensure that all tax filing and payments are made correctly. Accountants help reduce the amount of time business owners spend on taxes and booking. Generally, an accountant’s services can range from estimated tax payments to asset depreciation, and this investment in your business is vital to your long-term…

Read more…