Advice for business owners
The U.S. Small Business Administration website, found at www.sba.gov, is featuring a great interview with Thomas Ochsenschlager, vice president of Taxation for the American Institute of Certified Public Accountants.
Both a podcast and transcript of the interview is availble here.
In the interview, Ochsenschlager reveals the best ways to prepare for filing your taxes. "...The no-brainer," he said, "is to get your books and records in order. You certainly do not want to be paying a professional to be sifting through a whole bunch of books and records you have in a shoebox or something. And you should be doing that all year round, not just when tax time comes around."
Ochsenschlager also talks about the importance of paying your payroll taxes. "...Make sure you pay those payroll taxes currently because there is joint and several liability on payroll taxes," he said in the story. "And if the company does not pay them, then the owners of the company are directly responsible. They have joint and several liability for it and the IRS does not mess around with that. They will slap a lien on your house and your family pets if you do not have those things paid."
To read or listen to the rest of the interview, click here.