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Consult a tax advisor, even if you are a start-up. A professional can save you both money and valuable time and keep you from running afoul of the Internal Revenue Service.
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Pay estimated federal and state taxes four times a year. Your tax advisor can help you determine how much to set aside ahead of time for each payment.
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Keep good records of both income and expenses. Save all receipts.
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Ask your tax advisor about special deductions you can take as a small-business owner—such as allowances for health insurance, long-term care insurance, or self-employment tax.
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Schedule a “tax tune-up” at least once a year. Update your tax advisor on your situation and your goals and get his or her advice on planning your tax strategy for the coming year.
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