This is a guide that can help a small business prepare for and file tax returns. It helps
the business prepare the proper documentation required for tax returns. This guide
includes information about whether an attorney is needed, how to find a reputable
attorney, and includes a frequently asked questions section. In addition, this guide
provides tax information about every type of business classification, from partnerships to
corporations. This guide can be used by small businesses or other entities that want
more information about how to plan and prepare for tax returns.
A TAX GUIDE FOR THE SMALL BUSINESS OWNER
How to use this guide:
Owning your own business can be a rewarding venture. There are a lot of necessary details to
attend to, including dealing with taxes. Most people perceive taxes as complicated and perhaps a
bit mysterious. This guide will give a broad overview what a small business should be aware of.
It will also answer some frequently asked questions. This is guide is not a substitute for legal, or
tax advice. Should you have any questions you should consult your tax professional or lawyer.
Do I need a lawyer?
You generally do not need a lawyer to attend to the tax matters of a small business. However, if
you have a complex situation or have any questions or it always wise to get legal advice.
How do I find a reputable lawyer?
The law is a huge field and each subject is fairly vast, so find a lawyer who is well versed in tax
law. There are many resources available to find counsel in your area by through the phone book,
the internet, or even word of mouth. If you are interested in using a particular lawyer but aren’t
sure, contact the local Bar Association and see if the lawyer is in good standing. Most lawyers
will give a free initial consultation. This would be a good time to size up your lawyer, ask a lot
of questions and get a general feel for their knowledge in the area.
Do I need an accountant?
Whether or not you need an accountant depends on the complexity of your current situation.
Some are perfectly comfortable planning and preparing their own taxes. Others are not. The
more complex your financial situation, the more likely it is that you will need the guidance of an
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How do I find a good accountant?
There are numerous ways to find a good accountant. You can use the yellow pages, word of
mouth, local business associations or the internet. Once you have narrowed down your choices,
it’s a good idea to interview them. Ask them what services they can provide, what are their
strategies for saving you money? Choose someone that has broad experience and has a solid
understanding of tax planning and preparation.
Frequently asked questions:
Does what kind of business I am in change the amount of taxes I pay?
When you start a business, one of your first decisions will be what your business structure will
be. Each structure has its advantages and dis