Well, hopefully you found last month’s blog to be helpful! We outlined the items 1-5 of this 2-part series Ten Must Know Tax Items – Part 1 of 2. Let’s do a quick recap. It is important that your Wealth Advisor and Accountant are pro-actively working in conjunction with one another
Now, we will continue with the final five.
- Multi-State Taxation Issues. If you do business in multiple states, knowing how the income is recognized, income apportionment issues, and details surrounding estimated taxes, among other things, is important.
- Documenting Expenses. This must be done in detail and not just in summaries or lists.
- Payroll Tax Law. This is very complicated section, but the basics of minimum wage rules and what taxes are to be figured is vital.
- Have a Company Retirement Plan. There are many variations of plans available, so learn which is best for you, as it will help save you tax either now or in the future.
- Continue to Ask Questions. Pro-actively work with your accounting team, have regular meetings, keep an open dialogue…this will help you avoid any surprises but also ideally save you some tax.
We know anything that involves taxes can be intimidating. That is why we want you to stay informed but please know we are here to support you and answer any questions you may have, as well as working closely with your accountant. Don’t hesitate to contact us with any questions you may have! (507)235-5587 or 1-800-658-2507.
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Opinions expressed are those of the author and are not necessarily those of RJFS or Raymond James. All opinions are as of this date and are subject to change without notice. Raymond James Financial Services, Inc. does not provide advice on tax or legal issues. These matters should be discussed with the appropriate professional.