3 Tax Tips for Entrepreneurs

Tax Tips from Honest Tax Solutions Irvine CA

3 Tax Tips for Entrepreneurs

Congratulations on being one of the many entrepreneurs that are the backbone of our country!  Being entrepreneurial often means that you are confident in doing things on your own, your own way, on your own time table.

When it comes to being in business, taxes are an aspect of running your company that you need to be attentive to. This is not the place to wing it or be the innovator of new ideas.  Instead, smart entrepreneurs rely on tax professionals… and that is your most important tip.

Tax Tips

  1.  Get trusted advisors and support from OUR tenured experts.Yes, your “second cousin, twice removed” may have ran a successful business “back in the day” and gives you free tax advice, but this isn’t the 1990’s and tax law is constantly changing. Stick to the advice of true professionals who work daily in the area of tax law which is current and in the 21st century.Also make sure to be aware that even the so called “seasonal” tax preparation offices like H&R Block, Jackson Hewitt and Liberty Tax who advertise themselves as “pros” hire most of their people on Craigslist by searching for seasonal part-time filing positions. Being that it is seasonal part-time work, these individuals are not deeply invested in what’s best for you long term like Honest Tax Solutions.
  2.  Make sure you have the best business entity type for your specific business model. As an entrepreneur, you do have choices for which type of business entity you want to operate as. However, each entity type has different tax laws and pros/cons. Take the time to talk to a proven tax professional to make sure the business entity you have set up is the best for you.
  3. Avoid mixing business and personal expenses. Keep records of all your purchases and be sure to keep your records clean. Personal should be personal. Business should be business.  Not sure how to separate the two? Need support in keeping accurate records so preparing taxes is easy? Book a consultation today with the team at Honest Tax Solutions.

Managing the preparation and filing of your tax returns is easy when you work with a team that truly cares for you, Honest Tax Solutions has the resources to support you and your business’ growth. You will have a new and refreshed piece of mind when you choose Honest Tax Solutions to be your TAX advisors.

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