Small Business Tax Accounting Key Strategies and Tips

1. Tax Accounting for Tax Accounting for Small Businesses Small Businesses ESSENTIAL PRACTICES, STRATEGIES, AND COMPLIANCE

2. What is Tax Accounting? Tax Accounting involves managing and preparing financial records to comply with tax laws. It includes calculating, reporting, and filing taxes based on income and expenses. The goal is to determine the tax owed and ensure accurate, timely filings according to legal requirements. In addition to compliance, tax accounting focuses on minimizing tax liabilities through planning and strategy. This may involve using deductions, credits, and tax- efficient strategies for businesses or investments. Tax accountants help clients navigate tax laws, ensuring both legal compliance and financial efficiency.

3. Income Tax Obligations 01 Self-Employment Tax Payments 02 Sales Tax Collection 03 Types of Taxes for Small Businesses Payroll Tax Withholdings 04 Property Tax Liabilities 05 Excise Tax Responsibilities 06 Franchise Tax Fees 07

4. Business Operating Expenses 01 Home Office Deduction 02 Vehicle Expenses 03 Employee Salaries & Benefits 04 Tax Deductions for Small Businesses Business Travel Expenses 05 Depreciation of Assets 06 Startup & Organizational Costs 07 Interest on Business Loans 08

5. Simplifying Small Business Tax Filings At RAJ KISHAN CPA INC., we specialize in providing expert accounting services for small businesses in Burlington. Our goal is to make tax filing easy by organizing your financial records, ensuring timely submissions, and helping you take full advantage of available deductions. Our experienced team is dedicated to keeping you compliant with all tax laws while minimizing your tax liabilities, so you can focus on growing your business with peace of mind.

6. Tips for Small Business Tips for Small Business Tax Planning Tax Planning Track Expenses Consistently: Keep accurate records of all business expenses to ensure you don’t miss deductions. Take Advantage of Deductions: Deduct expenses like home office, mileage, and business meals to reduce your tax burden. Consult with a Tax Professional: Get expert help to maximize deductions, stay compliant, and streamline your tax strategy.

7. Common Mistakes to Avoid Common Mistakes to Avoid Small business owners often make a few key mistakes that can lead to tax problems. These include poor record-keeping, which can cause missed deductions, misclassifying workers, and missing tax deadlines, all of which can result in penalties. Not consulting a tax professional when needed is another common mistake— getting expert help can prevent costly errors and ensure compliance with tax laws. Avoiding these mistakes helps keep your business on track and minimizes tax risks.

8. Contact Us Contact Us For more information or personalized tax advice, feel free to reach out to us. For more information or personalized tax advice, feel free to reach out to us. (781) 333-5544 raj@rajkishan.cpa www.rajkishan.cpa 265 Winn Street, Suite 304, Burlington, MA 01803