Small Business Owners Tax Tips
Know what you owe
In a perfect world,we entrepreneurs would pay our estimated state and federal taxes, including Social Security and Medicare levies, on a quarterly basis. In reality, it’s easy to overlook these payments, especially if your cash flow is hard to predict and things get tight.
Set up your retirement plan
Accelerate or defer
“Let’s say that you provide a service on December 20,” said Morrissey. “You can send the bill toward the end of the month, and you won’t receive payment until January.”
On the other hand, if you had a particularly successful year in 2016, you can try to accelerate deductible expenses.