1st United Tax and Accounting has helped various individuals in Mississippi with their start-up business accounting and have come to understand what is best during the tax season for small business owners. As an owner, establishing your first business can be exciting but also nerve-wracking when it comes to navigating taxes. That is why we are here to help with four excellent tax tips to consider when filing. Make sure to contact us for more information or to hire a tax professional today!
Classify Your Business
When starting your business, you must first decide what form of business entity to establish. It is important to take note of each type of structure, as they come with different tax return form requirements. The most common forms include: Sole proprietorships, partnerships, corporations, S corporations, and limited liability companies! Need help understanding the differences? Let us know!
Don’t Combine Your Personal and Business Finances
One of the worst things you can do is combine your personal and business finances. Combining the two can cause major confusion when filing taxes, as expenses can not easily be tracked and separated to their appropriate category (personal or business). The last thing you want is the IRS going after your personal finances due to a mishap on the business side of things!
Pay Your Estimated Taxes Quarterly
Paying your estimated quarterly taxes is an excellent way to avoid problems during tax time. If you pay as you go, you are less likely to owe at the end of the year. This helps you avoid potential penalties that may occur otherwise if you attempt to file everything from the year in one go!
Hire a Tax Professional
One of the easiest ways to avoid tax troubles with your business is to hire a tax professional for help! At 1st United Tax and Accounting, our experts have the knowledge and expertise to guide you toward the best options for your business! When it comes to taxes, we are here to make the process as smooth as possible so that you can focus more on growing your business, and less on the finances!
If you require start-up business accounting assistance in Mississippi, there is no better team to work with than 1st United Tax and Accounting. Our team is here to help your business succeed. Contact us to hire a pro today!