{"id":213,"date":"2013-03-18T15:26:32","date_gmt":"2013-03-18T22:26:32","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/?p=213"},"modified":"2023-07-11T10:09:39","modified_gmt":"2023-07-11T17:09:39","slug":"small-business-tax-planning-tips","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/blog\/small-business-tax-planning-tips\/","title":{"rendered":"Small Business: Tax Planning Tips"},"content":{"rendered":"

Preparing for filing your taxes as a small business owner can be complicated. Here are five tips for small business owners to follow while prepping for taxes:<\/p>\n

    \n
  1. Do Your Research.<\/b>\u00a0 If you do not file your taxes correctly, you could be penalized in fines and punitive interest costs.\u00a0 Sales tax, payroll tax, and income tax also must be filed accurately.<\/li>\n
  2. Take Advantage of Deductions.<\/b>\u00a0 Taking advantage of deductions permits you to reduce business costs from gross income.\u00a0 Small business owners should research and take advantage of automobile deductions, home office deductions, travel expense deductions, and entertainment expense deductions.<\/li>\n
  3. Categorize Your Business.\u00a0 <\/b>Placing your business into the right category can help decrease your tax rate.\u00a0 It is important to understand the different categories, because each one has different tax liability and rates.\u00a0 Identify which one is best for you.\u00a0 Sole Proprietorship, Partnership, Limited Liability Corporation, S-Corporation, and C-Corporation are some of the options you can choose from.<\/li>\n
  4. Control Your Tax Due Date.<\/b>\u00a0 Even though they are not always granted, you might want to ask for an extension on your taxes.\u00a0 Try to delay collection of payments and the sale of assets until the New Year.\u00a0 However, you might want to speed up real estate and equipment purchases.<\/li>\n
  5. Bargain a Monthly Payment.<\/b>\u00a0 Discuss with the IRS a monthly tax payment if you are having a hard time paying it.\u00a0 A monthly payment will permit you to pay them off in smaller amounts.<\/li>\n<\/ol>\n

    If you have any questions about small business laws or if you need assistance in filing your taxes, contact an experienced Arizona small business attorney from JacksonWhite.<\/p>\n

    Call JacksonWhite’s Small Business Law Team at (480) 464-1111<\/a> to discuss your case today.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Preparing for filing your taxes as a small business owner can be complicated. Here are five tips for small business owners to follow while prepping for taxes: Do Your Research.\u00a0 If you do not file your taxes correctly, you could be penalized in fines and punitive interest costs.\u00a0 Sales tax, payroll tax, and income tax […]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"acf":[],"yoast_head":"\nSmall Business: Tax Planning Tips | Phoenix Small Business Lawyers<\/title>\n<meta name=\"description\" content=\"If you need assistance filing your taxes as a small business owner in Mesa, contact an experienced Arizona small business attorney from JacksonWhite.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/blog\/small-business-tax-planning-tips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Business: Tax Planning Tips | Phoenix Small Business Lawyers\" \/>\n<meta property=\"og:description\" content=\"If you need assistance filing your taxes as a small business owner in Mesa, contact an experienced Arizona small business attorney from JacksonWhite.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/blog\/small-business-tax-planning-tips\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona Small Business Representation Lawyer - 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