Thursday, 18 January 2018

Information and commentary for the small business banking industry

Getting the tax basics right for SMEs

11 Jan

These days, small business banking advisors do a lot more than just advise on finance. Many of them are business mentors in several capacities, and one of the most important is as a tax advisor.

Most small business owners will have accountants to file their tax returns… and if they don’t, they should do. However that doesn’t mean that they can ignore how tax works, and one of the most useful things banks can do is provide their small business customers with a basic guide on how tax works.

The IRS website has several comprehensive sections on tax for different kinds of businesses, and the U.S. Small Business Administration website is, as always, a go-to resource for all aspects of small business. But as a bank, you know your small business customers on a more personal level, so you’re in a position to explain to them how taxes work for them, how it will affect their business.

Being able to cut through the jargon and explain the tax basics to your small business customers is something they’ll greatly appreciate, and it will help strengthen your relationship with them.

It’s also useful to point them in the direction of tax-related articles, like the one below.

Read the full article at: www.marketwatch.com

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