San Francisco, California, 1st December 2022, ZEXPRWIRE, In a recent interview, tax expert Elizabeth Schwiff offered insights on how businesses can adapt to the changes in the tax environment. She noted that the tax environment had undergone numerous changes due to the pandemic and the change in administration. As such, all business owners must stay on top of the new tax legislation and comply to avoid issues down the road. In her address, she noted several ways businesses can bulletproof their taxes.
Elizabeth Shwiff also noted that one of the most important things for business owners is keeping accurate and detailed records of their income and expenses. Maintaining accurate and detailed records is one of the most important things a business can do to protect itself from tax liabilities. This way, business owners can be sure they are only paying taxes on their net profit. These records can also be used to support deductions and credits, which can reduce the overall amount of taxes owed. Furthermore, having good records can help businesses resolve tax problems quickly and efficiently.
She also asked business owners to know the different taxes applicable to their businesses. There are many kinds of taxes that companies have to pay, and it can take time to keep track of all of them. However, being aware of the different types of taxes that apply to your business can help business owners avoid surprises come tax time. One type of tax that companies have to pay is income tax. This is a tax on the money that the business earns, and it is typically calculated based on the total income. Another type of tax that companies have to pay is property tax. This is a tax on the value of the business’s property, such as buildings or land. Finally, businesses also have to pay payroll taxes. These are taxes on the money companies pay their employees, including Social Security and Medicare taxes.
Elizabeth Shwiff also asked business owners to use software or tax professionals like accountants to help them stay organized and file their taxes correctly. Business owners can avoid costly mistakes and penalties by keeping accurate records throughout the year. Additionally, they will be able to take advantage of any tax breaks or deductions they may be eligible for. While it may require an initial investment of time and money, using software or an accountant to help with taxes can save businesses a significant amount of money in the long run.
She added that business owners should take advantage of tax deductions and credits available to businesses. Several tax deductions and credits are available to companies, and taking advantage of them can help bulletproof taxes. One standard deduction is the home office deduction, which allows business owners to deduct a portion of their rent or mortgage expenses if they use part of their home for business purposes. Another deduction can be used is the business vehicle deduction, which allows businesses to deduct the cost of maintaining and operating a vehicle used for business purposes.
Additionally, there are several tax credits that companies can take advantage of, such as the Research and Development Tax Credit, which helps businesses offset the cost of new product development. By taking advantage of these deductions and credits, companies can reduce their tax liability and ensure that they comply with the law. Mrs. Shwiff added that it was paramount for business owners to stay up-to-date on changes in tax law that could impact their business.
Elizabeth Shwiff is a tax and financial services expert. She founded Shwiff, Levy, and Polo with her husband, Howard Shwiff. Over the years, Mrs. Shwiff has used her skills to grow the company, from providing tax services only to including audit and CFO/Controller Services. Mrs. Shwiff believes in giving back to the community and is a philanthropist. She has been an active member of the Jewish Federation & Endowment Fund for many years. In this position, she has helped provide financial assistance to those in need, as well as support vital programs and services that make a difference in the lives of others. Based on her expertise in the field of taxation, her insights on the subject will go a long way in helping businesses understand and navigate the ever-changing tax environment.