Tips for Businesses | S S Advantage Inc

Having worked successfully for and with many small businesses, we know that, as business owners, your priority is to survive and thrive in the competitive environment. Therefore, we manage your accounting and tax needs, so that you can be at peace of mind and channelize your energy on your business. To assist you, here are some tips that you can use to your advantage:

Classify your business - You can register/run business as a sole proprietor, C-Corp, S-Corp, LLC etc. Hence, before starting a new business, talk to your accountant on the pros and cons of each option (S&S can help you!).
Accounting Method - Choose your accounting method wisely. Small business can opt for cash or accrual method (exceptions apply!) but Internal Revenue Service ("IRS") requires consistency and changing accounting method requires IRS approval.
Right Accountant - A good accountant not only helps you with tax filings but also helps you take your business to the next level by giving you sound financial advice on multiple aspects of your business (S&S specializes in this!).
Separate Business from Personal Expenses - In the eyes of tax authorities and law, you and your business are not always the same, hence, it is imperative that to have separate bank accounts and credit cards for business and do not commingle anything with personal accounts.
Report all incomes - Whether or not, you received a tax document such as 1099, K-1 etc., you must report all income. IRS can compare what you reported against the records they have and mismatches can lead to audits, fines and penalties.
Pay all your tax dues timely - As important as it is to generate income and pay your suppliers to maintain credit worthiness, it is equally important to pay your tax liabilities related to sales tax, payroll tax, income tax etc. on timely basis.
Take benefit of deduction and credits - Talk to your accountant (S&S is just a call away!) to take benefits of various deductions available, to small businesses, such as Home Office deduction, Section 179 deduction, Qualified Business Income (QBI) deduction etc.