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Help Small Business Owners Monitor and Comply with Taxes

By
Real Estate Appraiser with Richard L. Sanderson Consulting AAS #239

Make Tax Compliance as Simple as Possible

When starting a small business your first thoughts will be making a profit and staying in business.  But even before starting a small business your thoughts need to focus on what tax liabilities you and your business will have and how you will comply.  This topic fits into the boring but important category.

The U.S. Small Business Administration's (SBA) 20 Questions Before Starting a Business includes the question "What do I need to do to ensure I pay my taxes correctly?"

I advise small business owners and their asset managers, property managers, and property tax agents and managers to set up a data matrix that includes the following:

  • Description of tax (e.g., personal income taxes, business license taxes, employer taxes (withholdings), personal property taxes, and real estate taxes)
  • For each tax described assign the name of a person in your business who has the responsibility to monitor, keep you in compliance, and payment of the tax
  • Determine the deadlines for applications, filing, and appealing each of the described taxes
  • Note the name of a contact person (with telephone number, e-mail and website) that you can get in touch with if you have questions about each type of tax

Once you have worked with the data matrix for awhile, you can fine tune it to fit your individual needs.  Be sure to contact local and state tax offices for developing your contact persons as part of your data matrix for tax compliance.  Here are several resources that may help:

Internal Revenue Service
2011 IRS Tax Calendar for small Businesses and Self-Employed

International Association of Assessing Officers
Local Assessment Jurisdictions Arranged by State/Province
State and Provincial Oversight Agencies

U.S. Small Business Administration
Economic Development Agencies

Learn About Your State and Local Tax Obligations

Posted by

Richard L. Sanderson - Property Tax Consultant & Valuation Specialist

 

If your company or membership organizaton would like to know more about our services please contact me through this profile or through soical media.

Richard L. Sanderson

 

    

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