Small businesses consult experts to prep for tax season

TOPSAIL BEACH, NC (WWAY) — Small businesses are the backbone of America but, many local businesses lost a lot of money from Hurricane Florence. So, every dollar filed this tax season matters.

“This is a brand new venture for me and I barely know how to do my own personal taxes so, doing business taxes is a whole new animal,” said Holly Mann, owner of Still Waters Therapy, PLLC.

She opened a therapy business in August in Topsail beach. This January will be the first time she files taxes as a small business so, Mann attended a seminar hosted by the Chamber of Commerce meant to guide business owners this tax season.

This was especially needed this year, after many local businesses suffered from Hurricane Florence.

“People were put out of work for a while, things were shutdown, but, their bills didn’t stop,: said Michelle Nice, Business Profit Consultant. “Their expenses didn’t stop and their income definitely didn’t stop. Their income definitely suffered so I want to bring this awareness to these business owners to get a leg up for the next year. ”

Nice says her goal is to help business owners not unnecessarily lose money. She says businesses must be more efficient with their current resources.

Mann says she also learned tax incentives are available when hiring employees.

“I’ve had a number of people who are very kind like at my church offer to help me answer phones and that sort of thing and as my business grows that will be something that I need and when I do that I want to see how can I benefit and how can they benefit,” said Mann.

She also says the local business community is strong and supportive.

“Something important for the tax season is to be mindful of our own needs and our business needs and if you don’t know ask because there is going to be someone to help you,” said Mann.

The 2017 Tax Cuts and Jobs Act changed how many small businesses file taxes. These will be ushered in during the next 6 to 8 years.

Be proactive. Consult with your CPA and other experts to make sure you get the profit your company deserves.