Facing a still-difficult economy and a flurry of tax changes, business owners must be especially alert to new tax pitfalls and opportunities. To help our small business readers, Business.com collected top tips from leading small business tax experts coast-to-coast. What Works for Business will run a new tip daily for the next 10 business days.
Business Owner Tax Tip #9: Don’t procrastinate, counsels Larry McKoy, Senior Tax Partner, Goodman & Company, Richmond, VA. ”Many companies are probably more worried about the economy than about their taxes right now, but that could be a mistake. As bad as the economy is, you need to know your options before it’s time to pay your taxes. Even if you had a bad year, you may owe taxes (surprise!) or you could get significant refunds of much-needed cash from net operating losses. So don’t avoid your accountant.”
Check back tomorrow for the next expert Tax Tip in our series. For the latest small business tax solutions and advice, including tax services, accounting software, accounting firms and CPAs, visit the Accounting channel at Business.com.