Business Tax Planning
Business owners, even small business owners or independent contractor, must keep compliant with tax requirements throughout the year. This includes keeping necessary receipts and statements, and correctly documenting expenses. For instance, an owner of a rental property or a small business may need to keep track of his/her mileage in order to maximize the potential tax deductions and minimize your potential tax burden. In addition, he/she might need to make quarterly tax payments throughout the year or pay themselves a salary to avoid interest and/or penalties to the IRS or state taxing agencies.
The trend for independent workers is on the rise. According to a June 7, 2018, news release by the U.S. Bureau Labor Statistics, “In May 2017, there were 10.6 million independent contractors (6.9 percent of total employment).” This doesn’t include the 5.9 million U.S. workers that held temporary positions, the release states. Lake Accounting & Tax LLC, can help statutory employees and/or independent contractors keep track of their income and expenses from various companies. In addition, they can help you determine the best retirement vehicles based on the way your business is set up as well as other tax-efficient accounts such as Health-Savings-Accounts (HSAs).
If you have questions about this topic or in general, please call us at 203-634-7549 or click the button below to set up a free consultation. We’re here to help you solves your financial questions.