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East Hanover (973) 428-0405 Springfield (973) 467-4688 041321—04152022(SL) BUSINESS/SERVICES DIRECTORY 5 Tips to Save on Your Small Business Taxes I f you’ve purchased a business this year or are new to small business tax structures, there are a few things to keep in mind. While it is possible to do your taxes on your own, consider working with a CPA. A tax professional can ensure your business is taking advantage of all the deductions available and, more importantly, can ensure you’re paying every- thing you owe. Here are five other tips: • Think about taxes all year long. Small business owners should not treat income taxes as an annual event. Rather, tax planning should be a year-round activity. Waiting until the last minute makes tax preparation more complicated, and it limits your money-saving options. • Be aware of law changes. Even with the help of a skilled profes- sional, a small business owner must keep up with new changes. This will ensure your tax professional is doing the best possible job, and it keeps you informed as a business owner. • Don’t make assumptions. Never make business decisions assum- ing that particular tax breaks will pass or that certain policies will be enacted. • Choose the right state to incorpo- rate in. You don’t need to incorpo- rate your business in the same state that you run your business. If you are just starting out, here are some of the best states to consider incorporating your busi- ness in. • You don’t actually want a tax refund. It is possible to get a tax refund as a small business, but in most cases, it isn’t to your benefit. Typi- cally, a refund means you overestimated the amount of taxes you paid, which could have been reinvested back into your business. Choosing your type of business entity One of the first decisions that you need make is to choose the type of business entity that you wish to operate as. Your choice plays a factor in your personal liability for the business’ activities and how taxes are imposed on the business and yourself as the owner. The most common forms of business are: • Sole Proprietorships – Subject to income tax at the individual level, By Ajay Kumar, CPA, MBA To be continued Page... Ajay Kumar,CPA,MBA