Taxes
Many small businesses are uncertain about how to comply with tax requirements or are unaware about tax incentives and shelters that may be critical for their business. As with many aspects of entrepreneurship, we encourage you to seek outside expertise on tax issues. However, even the best tax managers money can buy will not ensure that you won't run into tax problems or lose out on tax-saving opportunities. The best thing you can do to keep ahead of the rules is to keep excellent records. If you hire someone to keep your records, make sure that you stay on top of the details. Develop a system that works for you, whether it be computer-oriented or a file cabinet. Here is a list of common tax records to keep:
- Advertising expenses
- Car expenses
- Entertainment expenses
- Professional service fees
- Rent for your office
- Travel expenses
- Utility expenses
