By Bryan DensonPosted May 06, 2019 08:51:25Companies can avoid taxes if they set aside a portion of their income for their businesses.
But the best way to do that is to create a business plan.
Here’s what you need to know about this crucial step.
Step 1: Get the business plan written and approvedStep 2: Set aside some of your incomeStep 3: Find a tax preparerStep 4: Set up a payrollStep 5: Set a salaryStep 6: Make a monthly payment to your accountantStep 7: Keep track of all your expensesStep 8: Keep a book of receiptsStep 9: File a tax returnIf you plan to keep a business tax-free, the first step is to get the business tax return.
You must file your tax return online using TurboTax, and the process can take a few weeks.
If you’re a small business, you should file your return by email.
If you’re an employer, it’s best to mail your return to the address on your payroll record.
For the most efficient tax filing, you can start by taking the business income tax deduction, which reduces your overall tax bill.
This deduction allows you to deduct up to $10,000 in business expenses.
You can also take a credit for business expenses related to your business, like rent, parking, and security.
If the business you’re considering for a tax deduction is in the middle of the business year, you’ll need to find a tax professional who specializes in tax planning to help you set up your business plan and file your returns.
Here are some resources you can use to help prepare and file for your tax preparers:For more information on the tax plan you want to use, read this guide to help with your tax filing.
For more help with filing your taxes, check out our free guide to filing for free with TurboTax.