Do taxes stink?

Yes, taxes stink.  If you’re successful, you get used to the smell, but you never do much like it.  Like any cost of doing business, you try to pay as little as you can under the circumstances.

Managing your business taxes has a lot in common with managing other business costs.  You don’t expect to reduce your operating costs all at once on the last day of the year, let alone after the year is over. Don't expect to do it with taxes, either.

Like other costs, taxes are managed by getting the right systems in place, and then doing the operations right.  In tax, the systems start with your choice of entity – S corporation, C corporation, proprietorship or partnership.  They also include your retirement and benefit plan choices.  Your operations include paying your taxes on time to avoid penalties and paying your expenses in ways that count at tax time.  That’s what we cover here at IowaBiz on the 11th and 23rd of each much, and every day at www.taxupdateblog.com. 

I've got lots of good stuff to cover, but I'll be happy to consider requests - just leave them in the comments.  Now go back and mind the store. 

Comments

[Mitch Matthews]

Great stuff. I'll be looking forward to checking in often!

Okay... so I've got a question to lob out there for you.

I'm a small biz owner.

We're weighing out purchasing a vehicle.

Do you reccomend that we purchase it via our corportion or purchase it personally... and then charge our biz miles back to the company?

We'll probably use it 50% for biz travel.

Thoughts?