In the Virgin Islands, small business owners aren’t well-versed in tax laws. For this reason, the owners turn to consultants for help. The most recent tax laws define what deductions are available and how the business owner benefits from them. A local consultant offers assistance for small business owners who need help with their taxes.
Reviewing the Previous Year’s Tax Requirements
An evaluation of the previous year’s tax requirements provides a base value for the company. The value is used to determine an approximate percentage to cover tax requirements in the upcoming year. A consultant recommends that the business sets up a separate savings account for managing these requirements. It is a beneficial way to save for tax season without spending the funds accidentally.
Identifying Deductibles that Weren’t Used Previously
An assessment of the previous year’s tax return determines if the owner used all available deductions. If the company’s expenses …