Tax season isn't over for small business. See why in 5 tips from Broward expert
'It's not about how much money you can get; it's about how much you can save,' Harris, 34, told the Miami Herald.
As a small business owner, Harris speaks to her clients about taxes from a personal perspective. All of the advice she shares with them is advice that she has already put into her routine.
Here are five tips from Harris that entrepreneurs should keep in mind when filing their taxes:
Get a certified public accountant and a lawyer
Before launching a business, Harris believes there are two people that should be contacted before anything else.
'Two things to start off with:' a certified public accountant and a lawyer. 'Trademark your business,' she said.
Track all deductions year-round
Harris believes that entrepreneurs should keep track of every expense so that they can cut back on the amount of taxes they have to pay. Using tools like QuickBooks can help people not have to file extensions when taxes are due on April 15.
'Track all deductions all year,' she said. 'Track any receipts, mileage, gross income and sit down with someone monthly to go over those expenses to see what those businesses are doing, Sit down to see what you can do to reduce your tax liability. '
Plan on filing taxes four times a year
Harris recommends that entrepreneurs pay taxes once a quarter, or four times a year.
'If you know you will earn more than thousands of dollars, sit down every few months,' she said. 'It will reduce your penalties if you pay the IRS in advance.'
Want business credit? Responsibly manage your personal credit
While entrepreneurs may not see the connection between business and personal credit, Harris recommends that they first focus on developing healthy personal credit habits.
'When it comes to business and personal credit, in most instances you cannot get anything in your business name without your personal credit looking decent,' she said. 'They just want to see if you're responsible.'
Manage your expenses
'Certain credit card companies don't play when it comes to maxing out, ' she said. 'It's good to keep your credit paid. Most places want to see a year of bank statements and want your credit score to be 680 or more. If you're making $100,000 a month, you probably don't want more than $30,000 in expenses. You still want to be profitable after expenses.'
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