Every employee and business owner in the United States has a partnership with the IRS, whether they realize it or not. Not only do you have to report all of your earnings, but in certain circumstances you also must report to the IRS whether you did not earn anything.
This failure to properly and timely report to the IRS can result in penalties and interest for failure to file, primarily for those operating a business with employees. Improper reporting even if filed timely can result in penalties and interest.
Therefore, it is critical for business owners to have tax professionals and accountants available even before starting a business. It can save you a ton in taxes, as the IRS will never tell you how you could have saved on taxes. It is up to you and your advisors to be aware of the various credits and deductions embedded in the voluminous Tax code.
The simple truth is most business owners and employees go about their business in making a living focused on the actual job at hand. Taxes are usually an afterthought. However, the amount of earnings you get to keep can make or break a business or a household.
Why leave it up to chance and try to figure it all out at the end of the year?
Preplanning for taxes may inform a business owner or someone who is self-employed on what choices to make throughout the year that can save them the most by the end of the year. It is entirely too late to consider tax planning once the reporting cycle is over.
Whether you are currently in operation or are planning to open your own business in the near future, it is vital that you plan with a tax professional on ways you can save money on taxes.
The growth of your business and future wealth depends on it.
Call us today for a free consultation.
Whether you are currently in operation or are planning to open your own business in the near future, it is vital that you plan with a tax professional on ways you can save money on taxes.
Rudy Urena, Esq.
