With the year almost half way over, it is a good idea to look at your business from an accounting perspective now. With the new tax bill that got passed at the end of last year, there will be some changes to watch out for. We have come up with a few accounting tips to use to help your business…
- Every bit of income will have to be documented carefully and independently, especially with the changes to the pass through income law. Co-mingling funds between personal and business accounts is not a good idea, especially this year.
- Balance all of your accounts and financial statements. Clean paperwork will be critical this year for all of the new tax laws. We know most entrepreneurs hate paperwork, but it will be more important than ever before.
- If you haven’t already, get a tax ID number. This will be necessary for your business to pay taxes on.
- Make sure your business has enough funding to pay taxes. You may consider obtaining capital funding or crowdfunding as a resource, but check with your accountant or tax adviser first.
- Form an LLC for your business to protect yourself.
We hope this information will helpful for you. As always, check with your accountant, financial adviser and/or tax adviser about any questions or changes you want to make to your business.
Feel free to contact us anytime with questions…602-265-5276