National Brokers Network

Tax Preparation Tips for Small Businesses in 2019

No matter what your business is, including taxes on your year-end plan always helps. Tax time always brings out the common problems small businesses always face.

Due to lack of resource, along with irresponsibility for the small business’ part, the filing of taxes is a chore. Owners rummage around looking for receipts and identifying which purchases can bring them write-offs. And if you’ve wrongly declared your taxes, then the court will see you. That’s why taxes should always be part of a business owner’s yearly routine. If you’re still new to this, here are tax preparation tips for small businesses in 2019.


Seek Professional Help

Always seek the help of professionals, such as an accountant, tax attorney or enrolled agent, in doing your taxes. Aside from causing a huge chunk of your time, doing this alone can cause miscomputations and more, especially if this is not your expertise. It’s best to let the professionals handle what they’re experts on.


Learn Record Keeping

As a business, it’s also your responsibility to keep good books and records since these data will be used to compute your taxes, write-offs, benefits and even deductibles. Obviously, accurate books and records will produce an accurate tax return.


Know Your Deductions

Always make sure to claim every deduction in taxes. Among the conditions that permit deductions are rent, utilities, repairs on your business, and even professional, legal and accounting advice.


Plan Ahead

It’s a must for business owners to plan ahead. Experts recommend having long-term plans that consist of three to five years since every tax year will leave you the decision of deferring income or move up your expenses into the next year.

If you’re planning on looking at listings that cover Buy and Sell Businesses in Australia, it’s important to also seek help from professionals and cooperation from the business seller or buyer in order to settle the taxes before operating the business. This will transform the business into a new slate; hence, allowing new owners to operate on their own terms and start filing for taxes under their name.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

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