517 Magazine Days of Giveaways
  • Home
  • Business
  • 5 tips from Maner Costerisan for new businesses doing taxes

5 tips from Maner Costerisan for new businesses doing taxes

Ah, tax time. For a new business filing for the first time, this time of year can be especially daunting. Maner Costerisan certified public accountants and business and technolo…

Ah, tax time. For a new business filing for the first time, this time of year can be especially daunting. Maner Costerisan certified public accountants and business and technology advisors offers advice for startups and new businesses. Here are five tips to help you through the process.

  1. Maintaining accurate and up-to-date records are essential to filing a complete and accurate tax return. New business owners should get in touch with an accountant early to establish good bookkeeping habits.
  2. First-year businesses should compile permanent documents like articles of incorporation or organization; pertinent contracts and/or leases; and documentation of ownership officers, board members and capital contributions.
  3. If a business keeps a manual set of books, it should provide monthly bank statements and check registers. Additional information may or may not be required relating to business vehicle mileage, charitable contributions and meals or entertainment expenses.
  4. Look into the new qualified business income deduction. Just make sure you calculate all components correctly.
  5. Ask for professional help. Many of the mistakes seen from first-time filers involve missing information, misreporting income and missing possible deductions. A trustworthy certified public accountant can help you avoid making these mistakes in the first place.

For more information for first-time filers or to learn about working with a CPA, visit manercpa.com.

Related

Resource Published to Help Organizations Link to Trending Legal Issues

With a vaccine on the way and changes coming daily, it’s important to stay up to date with facts, especially changes …

Blue Owl Owner Challenges Local Business to Step Up for Pennies for Power

Local Businesses contribute to the Pennies for Power program.

The 2020 Greater Lansing Entrepreneurial Awards

Watch the 2020 Greater Lansing Entrepreneurial Awards

MDHHS Three-Week Epidemic Order Starts Wednesday

New epidemic restrictions to start this Wednesday.
Woman wearing a surgical mask during the covid-19 pandemic holding a business award.Woman wearing a surgical mask during the covid-19 pandemic holding a business award.

Notable News for November 2020

Professional Highlights from the 517 Region

Connect

517 Facebook
517 Instagram
517 Linkedin

Contact

517.203.3333

221 W. Saginaw St.
Lansing MI, 48933

All Rights Reserved 517 Business and Lifestyle Magazine. Website designed and developed by M3 Group