Own Your Own Business? Let's Talk Taxes

Owning your own business is a wonderful thing. However, like most wonderful things, it also comes with some level of responsibility. One of those responsibilities is paying business taxes.  

How much you’ll need to pay, when, and various other factors will all depend on the type of business you have. People with a sole proprietorship, for example, will have different obligations and rules than people with corporations.

If you’re not sure how best to classify your new business, or if you’re considering changing the classification of your current business, it’s a good idea to speak with an accountant to figure out, tax-wise, which would make the most sense for you.

Take Advantage of Deductions

While figuring out business taxes can be a bit annoying, owning your own business isn’t all bad.

In addition to the perks of being your own boss, you can also enjoy several deductions that the average person doesn’t. These include deductions for things like legitimate business expenses (think equipment and required travel), premiums paid for health insurance, and more. There are also tax credits for which you may be eligible.

To ensure that you’re getting all of the deductions and credits for which you are eligible, however, it’s a good idea to sit down with a tax professional. That way, you won’t miss out on an opportunity to save money or end up paying more than you truly have to.

Also, keep in mind that having a tax professional available at all times is a wise idea when you own a business, whether you have tax filing questions or not. All businesses have financial needs, and it’s best to let a professional address and handle those needs to avoid costly mistakes and other problems.