Tip Sheet: What advice do you have for small business owners as we approach tax season?
Local small business owners share their insights
Owner, Macchiarola Enterprises LLC
“My best advice is to stay as organized as possible throughout the year with compiling and filing all of your business expenses and receipts, especially for small business owners.”
Owner, Michael Horning Design Build
“Like most small business owners I wear many hats as the owner, and taxes are something that is more fear than reality. I try very hard not to procrastinate too long. The amount of work seemed to be a mountain when I did in the past. In reality when I set aside an hour or so a day to meet the deadlines, it seems to be no big deal. If your business does the same thing every year, you already know what’s coming, but you should always check with IRS.gov or your tax professional to be sure. The key I have found for me is to be organized with all the invoices and expenses neatly compiled and totaled to make the process go smoothly. I wish the whole process was easier, but it is not, and the sooner we accept that fact and get the work done you will find that it amounts to less stress. The most important thing in my opinion is to file on time as your chances of being audited are reduced. Taxes are never going to go away, so it’s better to get it behind you and focus upon marketing, sales and growing the business, as this will take care of the inevitable taxes you have to pay.”
Pitching Specialist, Independent Contractor & Baseball Trainer
“Make sure that you know which tax bracket you fall within. If you are not preparing your self-income taxes, then you need to ensure that you are placing income aside for tax purposes. That way you will not be surprised when you file, as you will have an outstanding balance due. Pre-planning well in advance will prevent future headaches.”