Sure, it's the busy season for pool and spa professionals. And if you have kids they likely are out of school. And it may even be vacation time for many.
But we're about to enter the month of August, which means the tax year already is half way through. While you don't necessarily need to drop everything all at once, now is a good time to access your bsuiness to make sure everything is in check for next April.
Thanks to this handy information from the U.S. A. Small Business Administration, being prepared just got a little easier. In this checklist of 4 crucial small business tax actions you should take this summer, the SBA recommends a handful of mid-year business review steps, including checking on the need for paying estimated taxes. If you have members of same-sex married couples on your staff, their income tax withholding may need to be adjusted. Certain types of retirement programs may also require submitting mid-year forms. Additionally, the IRS recently simplified procedures regarding tangible property, and announced that small businesses are entitled to penalty relief overunfiled retirement plan returns.
Whether or not these tax situations apply to you, SBA says mid-year is a good time to check in with your accountant or tax preparer to make sure everything is squared away. Read More