Unless you’re starting a CPA firm, taxes are often the one areas most entrepreneurs know very little about.

Here are four of the best tax tips for entrepreneurs:

1 Don’t be too proud to ask for help.

Entrepreneurs are doers. They see opportunities and take action, that’s what enabled them to start and grow their business in the first place. There’s no challenge too big and no project too complex for the entrepreneur to solve. Even though they pride themselves on getting things done, there are some things that are best left to professionals. Seeking the help of a CPA on your taxes can set you up for financial success. A CPA can provide specific, relevant tax tips for your current situation.

CPAs are trained and experienced so they know what deductions to look for and they know how to time your income and expenses to minimize your tax bill. A skilled CPA will think about not only this year, but the next several years. Sometimes it makes sense to pay a little more this year in taxes to lower the next two years. Not to mention, filing your own taxes distracts you from growing your business.

2 Three words: Estimated. Quarterly. Taxes.

Paying estimated quarterly taxes, even in your first year of business, can help you avoid having a big bill come April. It can also help you develop a proactive approach to your finances as a whole, not just taxes. Talking to an accountant about how much you should pay, what forms you need and how to appropriately plan for them will help you grow as an entrepreneur.

3 The separation of personal and business.

It might seem easier right now to use one bank account for personal and business, especially if you are a freelancer working alone. But this will haunt you later down the road.

When all your financial records are a mess, your tax preparer will have to sort it all out. This takes time and time is money. Even if your business is doing well, you don’t want to waste money on avoidable expenses.

4 Incorporate appropriately.

Most people jump right to the LLC for their entrepreneurial endeavors. Many times the LLC works just fine, but talking to an expert about other options, like S-Corps, can help you out greatly down the line.

Getting advice and guidance from an experience CPA can really set your business up for success, both in the short term and in the long term. Are you leaving money on the table?

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