A lot of business owners don’t really know where to start when it comes to their small business accounting. That’s why I sat down with Bruce Newman, CPA, owner of Newman & Company PA in Maitland, FL. Newman & Company PA is an accounting, tax preparation, and tax resolution firm that helps small business owners and individuals find financial success. Bruce and I discussed business needs and what every business owner can do in 2021 to prepare their business for success in regards to accounting and finance.
What’s really neat about Bruce is that he has over 30 years of experience and a master’s degree in taxation. He is the man to see when searching for tax and accounting help and that is so apparent during our conversation.
Bruce told me that business owners should keep several records to prepare for tax season. Businesses should keep track of the invoices, bank statements, contracts with vendors, purchase documents, loan-lease agreements, and receipts for client and shareholder meetings.
When it comes to what business expenses business owners can deduct, some common deductions are business telephone, office rental, office expenses, personal vehicle use reimbursement, and meals with clients which are now 100% tax-deductible.
One of the best things a business owner can do to manage their cash-flow is to regularly review their financial statement with their tax professional or CPA.
Business owners can structure their business as a partnership, LLC, or S-Corporation. It really depends on the business and you should consult an attorney or CPA to be certain which structure is best for you.
One thing every business owner can do today to prepare for success is to review their financials with their tax professionals to make sure everything is structured correctly.
If you’d like to learn more about Bruce Newman and his team at Newman & Company PA or to schedule your free tax and accounting consultation, visit newmantaxcpa.com or call 407-960-4331.
