How to Stay on Top of Your Taxes
Tax season can be a little frightening for small business owners. If you pay quarterly taxes, you need to be more on top of your tax documents and track your business finances proficiently.
There is still time, but the clock is ticking. Falling behind on your taxes every year can be easily done when you’re consumed with running a business. It can also be stressful if you constantly push the deadline. The key is to stay on top of your taxes by completing regular tasks that will help you prepare year-round.
Here is what you should do:
Set up a financial review of your books monthly. You can start anytime as this should be a monthly task. Review key performance indicators (KPIs) to keep and maintain financial records. Keeping up with your records keeps you in the know about your up-to-date numbers for revenue, costs, and profits.
Talk to your numbers person regularly. A trusted numbers person can help you interpret your monthly finances so you can adjust your financial plan before the situation becomes critical. This ensures your business moves forward. Remaining aware and organized ultimately saves time when tax season approaches.
Retirement plans may be an option for tax savings. By starting a retirement savings plan, you reward your employees and help them save for their future. As the business owner, the benefit is the retirement savings plan offers potential tax credits and savings for your business. However, deciding if a retirement plan is right for your business takes time and an exceptional understanding of your finances. The offerings for retirement plans are numerous. You should seek a professional or your CPA to help you navigate your options and decide if a retirement plan is right for your company.
If you find, when better managing your taxes, your income to debt ratio is still poor, American Finasco can help restructure your debt. Private Mortgage Financing Partners can refinance your low loan to value commercial real estate and give you cash out to pay off or pay down other debt. Both options will help decrease your debt-to-income ratio. American Finasco has several options to reduce, consolidate or manage your commercial debt and we often work in conjunction with PMF Partners to provide a joint solution. We provide strategies and take the pressure off business owners who are having a hard time managing their debt. The first step when dealing with creditors is a phone call to American Finasco. We provide our clients effective solutions for business debt relief. Contact us today to get your business on the right track! Visit Contact Us and complete our Online Form for a free consultation or call (800) 299-2909. We look forward to speaking with you.