Kissimmee CPA Tax Tips for Business Owners

One question a CPA in Kissimmee should ask their clients is; Do you face problems with taxes every year? We are sure you must be aware how important it is for you to sort them out. Doing so will help you maximize your cash flows, decrease the amounts you pay to the IRS and avoid audits later on. Here is what you need to know about this.

Appoint a skilled CPA Kissimmee for the job

Yes, you excel in so many things, and that is why you were able to set up a business in the first place, but there are some things in which you just cannot get a grip until you have an in-depth knowhow of what is involved. Taxes are just one of them, and try as much as you want; you will never be able to do them alone. Hire are a skilled CPA Kissimmee, and you will really thank them for all their help later on.  They will guide you in financial matters and solve all your tax issues, and make sure you pay the lowest amount in taxes. An CPA Kissimmee is also aware of the latest tax laws and so can help you in availing tax credits, which will reduce your taxes even more.

Yes, we know that hiring an accountant does cost money, but in the long run; you will actually be able to save more than you spend. Trust us; you will not regret your decision.

Regularly pay estimated taxes every quarter

There are so many business owners that simply forget to pay quarterly estimates as taxes, especially if it their first time. Pay these regularly and you will not be charged with any sort of penalties later on. As for the estimated amounts, your CPA Kissimmee can provide you details about this, another reason why you should hire them.

Separate your personal and business expenses

This is again one thing which dirt time entrepreneur do not abide by. Separating your business and personal expenses is really important, and you should do this right from the start. Doing so will make it much easier to sort out all your expenses and filling up all those length forms will seem a much simpler tax.  Moreover, when your finances are separate, you will never be held personally liable for your business if problems occur later on.

There are more options other than the traditional IRA

As a tax payer, you know that IRA contributions can help bring down your taxes. While the classic IRA is a good option, there are other choices as well which you can consider. We really like the individual 401 (k) plan because it allows you to contribute higher amounts. The Roth 401 (k) is also a good choice.

Set up a suitable corporation type

Select a suitable corporation type for yourself. If you choose S Corp, you will be treated as an LLC employee and your salary will be subjected to payroll taxes. However, your profits will only be subjected to income tax, which can help you in saving money.

If you need more information about our Kissimmee accounting and tax services, please contact us at 407-502-2400.  Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years.  Our Orlando accounting and tax firm has its main offices in Kissimmee, FL.  Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL.  Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.  (Freedomtax’s accounting and tax professionals are not CPA’s.  CPA services provided by third party provider.)