Owning and operating a small business in the U.S. is all about passion, hard work, and chasing dreams—until tax season hits, and it turns into a mountain of paperwork and calculations. The good news is you can stay in control of your taxes by planning ahead—and you do not have to do it alone.
Tax Planning: A Key to Success
Tax planning is a year-round effort that can significantly impact your business. With the right strategy, you can keep more of your hard-earned money. Here are some critical steps:
- Business Structure Counts: Your business structure (sole proprietorship, LLC, or S corporation) determines how you file and how much you owe.
- Find Deductions: Every penny counts. Deduct everything from equipment, goods/services, to home office expenses.
- Make Quarterly Payments: Avoid penalties by staying on top of your estimated quarterly tax payments.
- Save for Retirement: Contributing to retirement plans now reduces your future tax burden—a win-win!
Campaign For Working Families: Your Tax Lifeline
Tax laws are complex and always changing. Many small business owners struggle to keep their operations running while staying up to date on tax regulations. Plus, when finances are tight, remembering quarterly payments can be tough. It is no surprise many business owners feel overwhelmed.
This is where the Campaign for Working Families (CWF) steps in. CWF understands most small business owners do not have time or the capacity to become tax experts. CWF provides essential services to ease the stress of tax season:
- Free Tax Preparation: CWF helps small businesses file accurately, ensuring you maximize credits and deductions.
- Year-Round Tax Planning: CWF supports you all year to develop a tax plan that aligns with your business goals.
- Financial Literacy Workshops: Stay on top of bookkeeping, financial management, and tax compliance with CWF’s workshops.
LET CWF HELP
Call: (215)454-6483 Website: www.cwfphilly.org
Office: 935 N. 29th Street Philadelphia PA 19130
