Running a small business is a big deal. There’s nothing small about it. As a business owner, you’re always busy, but the pride you feel in a job well done is worth it at the end of the day.

Unfortunately, in all the hustle and bustle, it can be easy to overlook your small business tax planning. If this is something you’ve been putting off, below are three essential things small business owners must know when it comes to tax planning:

1. Your Tax Rate

The first thing to be aware of when it comes to tax planning as a small business owner is your tax rate. Different states have varying tax rates, and how you have your business organized can also determine your tax rate. Keep in mind that tax rates can also change from year to year, so you’ll want to keep up with changes as they occur in the tax code.

2. Your Filing Status

You’ll also want to be aware of your filing status. Whether you operate as a sole proprietorship, an LLC, an S-corp or some other form of incorporation or partnership, how your small business is organized can impact your tax liabilities.

3. Your Filing Dates

Lastly, you need to know your filing dates. Although most people file their personal tax returns in April of each year, your business may be on a different schedule. Some businesses are required to file taxes quarterly, and failure to pay taxes owed on time can result in hefty fines and fees.

Work With an Advisor

If you find that you still don’t have the time to take care of tax planning after reviewing the items above, you might consider partnering with an advisor for small business tax planning. This is a tax professional who can take care of a lot of the details for you so that you don’t have to worry as much about keeping up with taxes. An advisor for small business tax planning can also prepare and file your taxes in many cases, making life even easier for busy small business owners.

Author Resource:-

Emily Clarke writes about RIA and wealth management for financial advisors and more. You can find her thoughts at financial advisor blog.