If you’re behind on taxes, the last thing you probably want to do is look at your books. At the same time, you know that you won’t be able to rest easy until you do.

So what’s a small business owner to do?

It’s almost Halloween. If you run a small business, there’s nothing spookier than the feeling that you don’t know where your money is going.

Getting your accounting in order is a crucial step to stay profitable and grow your business.

The end of the calendar year is a busy time for everyone. For many businesses, it’s the time to review profitability and plan for the upcoming year. It’s also time to start thinking about tax season if you are not currently working with a monthly accounting firm that takes a proactive approach to tax planning year-round.

Many small business owners hesitate to reach out to their accountants before tax season, but if your accountant does your books and nothing more, then you aren’t getting your money’s worth.

Reaching out for help prior to a business decision – even a small one – can result in tax savings, cost cutting, or increased profitability. Here are 3 times to reach out to your accountant, or invest in a new one who will help grow your business.

Who's afraid of the IRS? Almost everyone. The key to surviving a tax audit – and even coming out on top – is not to panic or ignore the situation, but to prepare.

If you receive an audit notice in the mail, it's time to set yourself up for success.

It’s tax season again! You’re probably a bit stressed out by running your business and trying to gather annual tax information for your accountant at the same time.

When all the hard work is over, are you ever left wondering if your accountant brought enough to the table this tax season?

Depending on the health of your business, the decision to file for a tax extension this year may have been for good reason. You may have experienced unexpected growth that led to more complex tax obligations, or you realized you’re just too busy working on your business at this point in the season to accurately process the required forms. These are valid reasons to file for an extension and a good indication you’re ready for professional accounting services moving forward.

Small business owners are under a lot of pressure during the annual tax season. But once you've prepared and filed your forms, take a bit of time to learn from the process to prepare for next year. It's helpful to evaluate your process and your accountant's performance (if you used one) to determine if a higher level of service is right for your business.

Last month the Minnesota Department of Labor & Industry released it's 2015 Minimum Wage Report. Restaurant owners are acutely aware that the state raised the minimum wage to $9.00 an hour effective August 1, 2015.  The report indicates more than half (57%) of hourly workers employed in eating and drinking establishments earned the minimum wage, by far the highest percentage among industries. Given that tips are a significant aspect of employee compensation and many foodservice employees receive the minimum wage, restaurant owners need to be very familiar with Minnesota laws regarding tip credit, pooling, and sharing.

While we strongly advise every small business owner to partner with an accounting firm for tax preparation and filing, we understand that many restaurant owners are simply not aware of certain tax provisions that could save them a lot of money.

Because restaurants have unique costs, you are eligible to claim deductions to reduce taxable income. By maximizing your tax deductions, you lower the reported profit for your restaurant, which helps minimize the taxes you owe.