Taxes can be tough for small business owners
Many small business owners likely need professional help to keep tax issues in order, experts say.
When first-time business owner Art Rutledge opened Vice, a liquor store on the ground floor of downtown's Legacy at Arts Quarter apartments in October, paying his taxes was one of the last things on his mind.
Videoview all videos
Mar 5Experts: Good recordkeeping key for small businesses at...
Photoview all photos
Small businesses can find more tax help at www.irs.gov/Businesses/Small-Businesses-&-Self-Employed
“I wish I would have been thinking ahead when I first opened,” Rutledge said. “When you start your own business, nobody is telling you to set so much money aside for taxes — you're used to having somebody else do that for you.”
While Rutledge hasn't sat down to file his taxes for the first time as a business owner, he has sought out a CPA to help and has asked for advice from the Small Business Administration's Oklahoma City office. He's also started setting aside about 30 percent of his profits for taxes.
Diana Rawdon, regional manager of branch business banking for Bank of Oklahoma, said getting the help of a tax professional is one of the most important things a small-business owner can do to make sure they navigate tax season successfully.
Rawdon oversees a team of business experts at Bank of Oklahoma branches who often field tax questions from small-business owners.
“Small-business owners are typically experts in their field, but might not be accounting experts,” Rawdon said. “You need to have a good accountant or CPA that will really look at your needs.”
Good record keeping and keeping business and personal expenses separate are vital to ensuring a headache-free tax filing, Rawdon said.
Business Photo Galleriesview all
- 90847Oklahoma weather: Severe storm updates
- 38051Oklahoma devastated by second round of twisters
- 21842Oklahoma tornadoes: 'It took it all'
- 19892Oklahoma State football: Limiting Wes Lunt's transfer options makes Mike Gundy look bad
- 13823Oklahoma City tornado so large, may not be recognized, officials say
- 12196Several kids pulled out of Oklahoma school rubble alive
- 11468How to help tornado victims