Tax season is here, and it’s time to ensure you maximize your business tax strategy. It can be overwhelming – reviewing your structure, finding all those deductions or credits, and the ever-changing tax codes! That’s why our team at Louis Mamo & Company has compiled a list of the top things you need to know during tax season.
Review Your Business Structure
One of the first things you should do as you start thinking about your business tax strategy is to review your business structure. Is it still the most tax efficient for your current situation? If not, now is the time to make a change. The type of business entity you choose has significant implications for your taxes, so it’s important to choose wisely.
There are several different types of business entities, each with its own set of rules and regulations. Not familiar with all your options? There are four common types of legal structures available for businesses – Sole Proprietorships, Partnerships, Limited Liability Companies (LLCs), and corporations. Each offers its advantages and disadvantages, so choosing the one that best suits your needs is important.
Establish a Solid Bookkeeping System
Having a comprehensive bookkeeping system is essential for creating an efficient tax strategy. Ensuring every transaction and expense is accounted for can alleviate stress around tax filing season! Good bookkeeping will help ensure that all transactions and expenses are captured so that they can be properly reported come tax time. It will also help prevent errors and mistakes that could result in penalties or interest charges from the IRS.
It’s not too late to begin organizing your business’ full financial scope – doing so now will ensure nothing gets overlooked come tax time, giving you the peace of mind that everything has been covered.
CStay Up To Date on Tax Codes & Deadlines
Our constantly evolving economy brings with it an ever-shifting tax landscape. Keep your business competitive and compliant by staying informed on the latest alterations to this important facet of industry regulations! Consult with your trusted tax consultant to ensure your business is in full compliance with new or revised tax laws.
Familiarize yourself with key deadlines during tax season. There are several different deadlines to keep track of, so mark your calendar and stay ahead of the game.
Important Deadlines To Know:
- 2022 personal tax returns, S Corporations, and tax liability payments were due by midnight April 18th, 2023
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If an extension was filed timely, your extended due date would be October 15, 2023.
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2022 S Corporations were due by midnight on March 15, 2023.
- If an extension was filed timely, your S corporation was extended until September 15, 2023.
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Quarterly tax payments for 2023 estimated income tax are as follows: April 18, 2023 (Quarter 1), June 15, 2023 (Quarter 2), September 15, 2023 (Quarter 3), and January 16, 2024 (Quarter 4)
Set Your Business Up For Success – Consult an Expert
Tax planning shouldn’t be a dreaded task—it should be an ongoing strategy that sets your business up for success. With Louis Mamo & Company, by your side, you can rest assured that they will provide personalized advice tailored to help maximize the success and growth potential of your business. Our qualified team of financial and business consultants will help guide you in establishing a solid foundation throughout each year’s filing season and beyond!
Get the help of expert professionals at Louis Mamo & Company, today to ensure you’re making all the right moves when it comes to tax filing and maximizing every available opportunity along the way!
Tax season can often be a stressful time for business owners, and failing to understand the intricacies of it can be costly or time-consuming. This is why having a comprehensive tax strategy and staying on top of the necessary steps to optimize your finances is essential.
Not sure where to turn next? Louis Mamo & Company’s team of expert business consultants is here to offer their support every step of the way during the filing season and beyond! With years of experience helping clients make the best decisions to achieve their goals, Louis Mamo & Company can help you find the right solutions for your business. Ready to optimize your financial and operational strategies? Reach out to our team today!
