The Law Offices of William T. Peckham
Contact Us For A Reduced Initial Consultation
512-487-7604 Contact Us

Small business tax tips for 2019

Small business owners are working towards the filing deadline, which is March 15 or April 17 for many of them. Ideally, they are poring over the books and seeing some positive numbers. Nevertheless, there is always room for improvement in all areas. Now with a year under our belts with the new tax system, we offer a few tax tips for small businesses to adjust as they move forward into the second year of the Tax Cuts and Jobs Act.

3 Tips for 2019

Accountants are a resource for small business owners, but these tips from financial experts can help make sure the business is compliant and run efficiently:

Think about taxes all year long: Tax planning should be done on an ongoing basis rather than annually or quarterly. Waiting until the last minute can make the process more stressful, complicated and can limit money-saving options.

Stay up to date on the laws: This can include staying up on the news or speaking with an attorney about any key changes that can affect a business. This will also enable the business owner to better oversee their tax professional.

Do not make assumptions: Tax planning does involve some guesswork, but it is unwise to plan on laws changing, tax breaks to pass or other changes in policy. Any miscalculation can mean an audit or some other course adjustment that will cost business owners more money than they would otherwise pay.

Legal guidance is often necessary

While the IRS says it will be somewhat understanding with businesses who are filing under the new system for the first time, there may be disagreements over the calculations. An attorney with experience handling tax disputes or audits can be a tremendous asset for small businesses facing these and a wide variety of other-tax related business issues.

No Comments

Leave a comment
Comment Information
Email us for a response

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

William T. Peckham
1104 Nueces Street, Suite 104
Austin, TX 78701
Phone: 512-487-7604
Fax: 512-478-1790
Map and Directions