How To Protect Your Small Business and Give Yourself Security for the Future

Protect Your Small Business

As the owner of a small business, are you constantly worried about the high cost of a single mistake? One lawsuit could take away everything that you have spent years working toward, sinking your company and plunging you into debt. High government taxes could make it impossible for you to turn a profit, even when you are putting in extra hours and doing everything in your power to succeed. There are many issues out there facing people just like you, making the world an unstable and unreliable place, but you will be glad to know that there are ways to protect small business owners and keep their companies growing. 

First of all, incorporating your company can help to save you from the possibly devastating impact of a lawsuit. As an LLC, you will be given some protection that you could not possibly have on your own. However, becoming an LLC is not something that you want to undertake entirely by yourself. You need a registering agent who can go through the process with you, making the transformation legal and efficient. It is not as hard as you may assume to get this type of a safety net in any industry. 

Another issue that any small business has to face is the payment of taxes. The government is always changing the tax laws, so you need a professional to help you see how this alters things for you. Do you feel like the taxes are more invasive every single year, making it incredibly costly just to make a living? Rather than just paying the amount that they ask you for, you have to look at the intricacies of the law that could help you save tremendous amounts every tax season. There are many things that can be written off and benefits to reduce your tax burden, as long as you know what they are. 

Finally, you just need to consider all of the things that make your small business unique and protect yourself against anything that could strip you of that. Identity theft happens in the business world just like it does with people's personal identities. You could also face copyright infringement, trademark infringement, or the theft of your intellectual property if you do not have the right trademarks and copyrights. Getting all of the legal paperwork in place is more and more crucial as your business grows and attracts more attention.  

InCorp has been working to protect small business owners for more than 40 years. They have all of the experience necessary to take on your case, help you incorporate your business, give you assistance with taxes to the full extent of the law, and remove the massive amount of risk and doubt that are hanging over your business right now. Do not let the issues that have damaged so many other businesses impact you, as well. Get in touch with InCorp today to find out just how easy it is to get the protection and assistance that you need. 

Avoid the Headaches of Business Taxes

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Earning a great salary from a business you created is the dream that many of us have.  True, this career path can make money, but it’s not headache free.  Many who choose to start their own business are quick to fall into one of the many easy traps that having a small business can present.

Probably the most indiscreet trap is business taxes; a part of running your business that many prefer not to acknowledge.  Although filing taxes may seem like a daunting process, a little forethought and organization will quickly lead you past this nuisance of administration.

• Stay organized!

Make sure you have your accounts in order, and keep your receipts.  There is hardware and software available for scanning and keeping your receipts organized, so you will never have to deal with a box full of paper again!  Make sure that you keep the proper receipts.  Expenses can only be claimed if they are somehow related to you earning income from them, so not everything is a business expense!

• Go pro or DIY?

Depending on the amount of extra time you have, and how much you actually know about the taxation system, you could possibly save the money for an accountant and file your business taxes by yourself.  There is software and websites available for people like yourself, which are easy to use and give you the maximum amount of return possible.

• Be proactive and think ahead:

Since you have transitioned from a salary job to one where you are your own boss, you might have carried over some of your old habits (good and bad).  While previously your taxes were deducted from your paycheck, now you are directly responsible for making sure you have enough money put away to pay your taxes.  This could be a big problem, especially for smaller businesses.  The way to deal with this situation is discipline.  Treat every source of income from your business like it is a paycheck; take away a percentage equal to the tax payable from the amount and put it aside.  This way, you will already have the funds necessary to pay your taxes when the time comes.

• Avoid audits!

Don't do anything drastic or out of hand, and don't be greedy.  It will only come back to haunt you.  Business taxes are a prime candidate for audits.  If you are claiming business expenses, make sure you can prove that they were necessary to run your business.

Keep good books and have accurate statements showing how each penny was earned and where it was spent.

File your taxes on time, and don't wait until the week prior to start organizing your documents for submission.  Organize your documents early and often!

Business taxes might be a headache to solve, but with a little organization and by reducing the procrastination, you can easily get your taxes filed and finished without having to think about them ever again...that is, until next year!