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Successful small business owners know the value of thorough tax preparation. The experts at Sharrard McGee & Co PA, a company offering accounting and financial services to the residents of High Point and Greensboro, NC, say that small business owners can save money by taking a smart approach to tackling their tax returns. They offer these tips:

  • Monitor Expenses Throughout The Year: Claim your business expenses as deductions, and facilitate this process by keeping accurate records. Don't wait until filing time to compile your expenses. Log expenditures all throughout the year to simplify your experience when it's time to file your tax returns.

tax preparation

  • Choose Benefits Over Raises: Save money by offering your employees benefits such as health, vision, and child-care assistance in lieu of raises. This will work to reduce your tax burden.
  • Donate Wisely: Make the most of unsold or unused inventory by taking it out of storage and donating it to the charity of your choice. Protect yourself when making donations greater than $500 by making sure you are in full compliance with tax laws since these donations are subject to stricter reporting rules.
  • Maintain Separate Accounts: Make sure there is a clear line separating your business and personal expenses. Establish separate credit cards and checking accounts for your small business.

Consult with Sharrard McGee & Co PA to benefit from the company's 40 years of experience, and enjoy advice that will help your business reduce its tax liability and financial guidance that will allow it to thrive and grow. Learn more by calling (336) 884-0410 for the company's High Point office or (336) 272-9777 for the Greensboro location. Visit Sharrard McGee & Co PA online to view a complete list of available tax preparation and accounting services. 

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