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It’s never too early to start thinking about how to reduce your tax burden. Startups are especially poised to make decisions that can help save them time and money on Apr. 15. Following these tips will make getting ready for tax season less stressful:
Open a separate checking account for the business.
Then keep all of your business expenses separate by paying for them only from the business checking account. And don’t pay for anything nonbusiness-related from this account.
Buy accounting software to help maintain control of your records.
Think about how your business entity structure can affect your liability, and consider if you need additional insurance.
National Tax Advisory
National Association for the Self-Employed
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To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.