Tax planning questions for Houston business owners

Start with your income, records and goals

For small business tax planning in Houston, gather a summary of your income sources, business expenses and expected changes. For self-employed tax planning, include freelance work, contractor payments and other income that may not have withholding.

How do estimated quarterly taxes work?

Estimated tax payments are a way to pay tax on income that is not covered sufficiently by withholding. Use the current IRS guidance to check whether payments apply to your situation. Keep a record of payments already made and discuss changes in income with your tax professional.

What expenses can a small business deduct?

Keep receipts and records of the business purpose of each expense. Bring questions about business tax deductions, mixed personal and business use, and items that may need special treatment. Deductibility depends on the facts and applicable rules.

Questions for year-round tax planning

• How should I track changes in income during the year?
• What records support my business expenses?
• When should I review estimated tax payments?
• Who can advise on LLC tax planning or S corporation tax planning?

Should my LLC elect S corporation status?

Discuss your business structure, owner compensation, reporting obligations and goals with a qualified adviser before making an election. This guide does not recommend a tax election or advertise a specific planning engagement.

General preparation information. Service availability and professional credentials should be confirmed with the team before an engagement.