Question: What one thing do you wish you had known the first time you filed taxes for your business?
How to Set Up a Retirement Plan
"When we first started, we didn't know anything about establishing a retirement plan. Several years in, we finally realized we could invest with tax-deferred money and set up an SEP IRA. Now that we have employees, we set up a low-cost 401(k) plan for everyone. Saving for retirement is important even if you don't have an employer urging you to do it. Make it a part of your tax plan from the start."
The Right Write-Offs
"One of the toughest things about filing taxes as a new business owner involves figuring out what you can and cannot write off. Being able to tell the difference between a legitimate business expense and one that doesn’t really hold water not only saves you money, it’s also important for keeping you out of the sights of the IRS. Talk to an accountant; don’t try to handle it on your own."
The Importance of Accounting Software
"When I first started my company, I did not use accounting software for all my transactions. This has cost me quite a bit of money when I had to file 1099s to the IRS and file my company taxes. Now that I keep my accounting on QuickBooks, I am able to quickly file 1099s and forms to the IRS."
The Value of a Good Accountant
"A good accountant could be the difference between a great refund and having your taxes reassessed three times. Do yourselves a favor and hire a reputable company with a team of brilliant individuals that can make amazing things happen for you."