It’s that time of year again….tax season! There are many rules and changes this year that should be noted by small business owners when filing this year and planning for the next. One thing that never changes is the necessity to keep precise records of your business finances.
An excellent example of a notable change is in 2022; businesses could deduct 100% of money spent at restaurants, but in 2023, that amount will return to 50%. Also, most tax rules implemented during the pandemic expire this year or have expired. Remember that tax obligations change frequently and can be confusing, so take the time to review the most up-to-date tax changes for the year.
Small businesses must account for several types of taxes, such as income tax, self-employment tax, employment tax, and excise tax. Depending on your company’s structure, these are different, but there are always options to reduce your business’s tax liability.
It’s important to be proactive about tax planning. Putting this daunting task off will make the process more painful and stressful. Keeping up with current and future tax changes helps keep you a step ahead, maximizing all available tax benefits and running a more profitable business.
Taxes are, well, taxing and can add to your commercial debt. Seeking debt reduction should be a top priority for your small business. The first step when dealing with overwhelming debt is a call to American Finasco. Complete our short Online Form for a free consultation. Contact us today to get your business back on track!