7 Tax Tips for Small Business and Franchise Owners

It’s almost that time of year!
This time of year comes with a lot of end of year wrap up work, holiday shopping, and the anticipation of closing out the year for your business and getting started on everyone’s favorite thing: taxes.
We’ve put together some end of year tax tips for small business and franchise owners. These are quick, easy ways to ensure that your taxes will accurately reflect your business and save you money wherever possible.
Small Business and Franchise Tax Tips
  1. Validate all owner distributions and contributions are accurately reflected. This includes cash transfers as well as personal credit card transactions.
  2. Once your financials move to tax preparation status, plan to not make any adjustments after that point.
  3. Ensure all loans are captured on your financial reports.
  4. Ensure that your accountant is aware of if you have obtained any new owner insurance or owner benefits during the year. Are owner benefits inclusive of all items? If you have a life insurance policy, is it owned by a tax entity?
  5. Have you had any business changes, i.e., a new partner, partner buyout, or change to your corporate set up?
  6. Review your balance sheet to make sure you are still using the same work credit cards and that any new cards have been added to your books.
  7. Make sure to gather W-9 forms for any contractors or contract employees that worked for you in 2018. If Ceterus is handling your 1099 filings, these can be passed along to your Customer Success Representative.
Need Tax Help?
Ceterus provides full done-for-you accounting and taxes for small business and franchise entrepreneurs. Learn more at https://www.ceterus.com/ceterustax.
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