Small Business Taxes

Posted by Business Development Team on Apr 28, 2010 in Best Practices | Comments Off

Yesterday the Small Business & Entrepreneurship Council published the Business Tax Index 2010. The Council looks at 16 different tax measures ranging from income, unemployment, property taxes, etc. and ranks all 50 states from best to worse. The best… South Dakota. The worst… New Jersey.

Depending on how you organized your business, there may be several tax strategies available for you and your accountant to consider. For example, some things to consider are how to reduce the amount of taxable income and/or reducing your tax rate. For those times you do have to pay taxes, controlling when those payments are made could avoid potential cash flow problems. Make sure you and your tax advisor understand what tax credits are available to you and how to properly claim those credit. Be diligent in watching for anything that might trigger the Alternative Minimum Tax rules.