There is nothing more frightening for Manhattan entrepreneurs than being notified of an impending business audit. Even if you make every effort to file your taxes accurately and in a timely manner, one small oversight or error could be working against you. To this end, knowing how to mitigate damage caused by an IRS audit is crucial to lasting commercial success.
When it comes to a small business, tax preparation is no easy feat. New York entrepreneurs make all sorts of mistakes when filing taxes on behalf of their commercial enterprises, some of which can have lasting consequences. Fortunately, it’s easy to avoid these common mistakes, provided the right information is available.
As a Manhattan entrepreneur, you face a wide variety of important decisions on a daily basis. This is especially true when first getting a commercial enterprise off the ground, which entails selecting the right business structure for your specific needs. Your business’s designation can have a range of effects, and can even dictate your annual tax burden.
Taxes can be an increasing burden for many small business owners in Manhattan. However, there are a few methods you can utilize to mitigate growing tax amounts. With a bit of planning and the right information, you can work to keep your business’s taxes in check from one year to the next.
If you are the owner of nonprofit corporation in New York, you may be wondering just how to approach common tax issues. Filing taxes in an accurate manner is extremely important for nonprofits, as failure to do so can have a dire impact on the future of your enterprise.
Taxes can be a challenging issue for many business owners in New York, especially for those at the helm of small businesses seeking to reduce their tax burden while also accurately filing their returns. Accordingly, the following tips can shed light what it takes to properly file taxes, in addition to introducing some potentially valuable deductions.
If you are a business owner in New York, willful failure to pay employment taxes can have a bevy of negative ramifications for both you and your business. The Journal of Accountancy lists some of the potential ill-effects you may be subject too, including being held personally liable for taxes owed.
America has long been recognized for its focus on innovation and invention. Some of the world’s biggest companies were started in the U.S. and entrepreneurs find a great amount of support and opportunity. Despite this history, domestic companies also face challenges that are outside of their control and one of these challenges is the corporate tax code.
If you employ others at your New York City business, you have obligations regarding their federal and state withholdings, as well as wages that can be taxed. The W-2 form is an important document that you will need to supply to your employees when they begin employment, and it also comes into play at the end of the year.
If you freelance in New York, you already know that your tax preparations will be different from those who work for employers. They get a portion of their income deducted from their paychecks automatically, so they hardly have to think about taxes until it’s time to file. However, the rules are quite different if you work for yourself. It is crucial that you don’t put off thinking about taxes until the last minute or you could end up with a large tax bill and no easy way to pay it.