If you are in business it is always time to think about taxes. However, the first part of every year is when we think about them the most. In business we have the choice to file our taxes on a calendar year basis (01 January to 31 December) or on a fiscal basis. That is, we choose a particular day of the year to be the start of our fiscal year and from that point forward the tax returns are due based upon that fiscal year.
If you are not an accountant and/or you do not have a strong accounting background, it is always best to consult a very good accountant to help you get started on the right foot. Accounting programs like Quickbooks Pro are good bookkeeping tools. It would be wise to invest in a program like that for your business.
Also, every year a person should consult a tax professional or, if they feel comfortable using a computer, they should invest in a good tax preparation program like Turbo Tax and prepare it for themselves. I have been using Turbo Tax every year since 1996 and have never had a problem.
Remember, when in doubt, ere on the side of caution. Consult your tax professional with any questions you may have.
The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.
Please be sure to consult your attorney and/or accountant with any specific questions.
There is no one right answer to any business question that will cover all circumstances.
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