Time for the Tax Tango

As we celebrate the New Year with thoughts of bright new beginnings and ideas for your Colorado business, our thoughts naturally come to taxes, especially if you are, or plan to have, your business on the calendar tax year. Because as someone famously said, just like death it is the only other thing we can count on happening, so why not start out from the beginning with good planning and proper tax structure.

Tax planning for the small business—be they LLC, LLP, or any other kind of business formation—can seem a bit like the tango, seemingly complex and antagonistic at the onset, but smooth going once you have established a rhythm, or in the case of tax planning, a suitable plan.

This way, when tax season rolls around, as it always does, it can go as efficiently and painlessly as possible with a well thought out plan. In the long run, this will save you both time and money. As you begin your tax planning exercises, take a look at the IRS site “Tax Information for Business.” This is a nice resource for an overview on specific tax issues. They also update this page to keep up with any changes to specific tax rules and provisions, which is done throughout the year, or whenever the government decides to make some changes that will affect small business.

Since I focus on a broad range of business law (Business/Corporate law (which includes business and entity selection and formation such as LLCs, LLPs, and C-Corps), Tax law, and Securities & Corporate Finance law), I have a unique perspective on the dances we do this time of year. Some of issues you may need to ponder include:

  • Sales and use tax
  • International tax
  • Executive compensation agreements
  • Partnership taxation
  • Corporate taxation

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“Internal Revenue Service” under CC license by saturnism