The worst thing to do with your taxes is to procrastinate. If you do it in December, the tax accountants can help you prepare for the tax and plan all the deductions. They can help you deduct expenses that you didn’t even know about. There are a lot of tax changes in 2020 that could affect the amount of tax owed. New tax rules that took place include higher standard deductions, higher retirement amounts, new HSA contribution amounts and the elimination of the health insurance penalty. Different types of business require different tax forms and your tax accountant can help you with that too.
Key Takeaways:
- Sole proprietorships use Form 1040, while other small business types have various forms of their own to file.
- Experts advise small business owners to discuss their taxes with with financial professionals.
- People tend to procrastinate, which may leave them unprepared for their tax bill.
“When tax time arrives, everybody should take a serious look at their finances, especially those who own small businesses.”
