At the Gilbert Chamber's recent Small Business Workshop, Jim Traub, an Internal Revenue Service (IRS) counselor, and Mark Stewart, CPA, discussed the importance of business tax planning.
 
"The majority of small business owners are so intent on maintaining their businesses that they overlook tax planning," said Traub. "This can cost them."
 
One of the best actions an owner can take is to find a qualified tax advisor to meet with on a regular basis-at least quarterly. And, take the responsibility of finding tax advantages that  benefit your specific business. The IRS provides publications, forms and other tax materials to help taxpayers.
 
Likewise, it is important to be organized and prepared. Your accountant only has so much time and it is to your benefit that they use the time looking for deductions rather than organizing your paperwork. Anything you do to procure income for your business should be logged and documented.
 
According to Traub, most businesses overpay their taxes due to misconceptions of what is deductible or otherwise bad advice.
 
"A tax refund isn't necessarily a good thing." Traub said. "You're giving the government an  interest-free loan."
 
Stewart said the IRS wants your business to succeed to generate additional tax dollars and said the Economic Recovery Act provides a number of allowances that benefit small business owners, including the Section 179 Deduction allowance, which has been extended through 2009.
 
For more information, visit www.irs.gov.