|By PR Newswire||
|April 11, 2014 05:41 PM EDT||
FOUNTAIN HILLS, Ariz., April 11, 2014 /PRNewswire-iReach/ -- Fountain Hills accountant Dan Kuchan is offering a number of tips on borrowing money for your business as tax season draws to a close. It is often a common mistake for people to draw money out of retirement accounts to start or help a business, and the following information can be vital for people like that to understand and save crucial money during tax season.
First, Fountain Hills accountant Dan Kuchan stresses that it is important for taxpayers to know that if they are younger than 59 years and 6 months, they will be subject to a 10 percent penalty for withdrawing from a retirement account prematurely. Once a withdrawal is made, there is little that can be done to change the tax consequences – resulting in costly fees for something that could have been avoided.
Before anyone decides to take this risky action, Dan Kuchan advises each of his clients to talk with their lender and consider the possibility of a home equity loan. By borrowing money rather than depleting a retirement account, businesses can avoid the 10 percent penalty. If the money can be traced back to a business expense, it can be written off as business interest.
Dan Kuchan stresses that by first seeking professional advice from your CPA, it is easy to find out which lenders have small business programs. The small business administration has programs and these loans are often done in conjunction with your local lender. Tips like these can help small businesses avoid costly and damaging tax penalties and keep the money where it is needed – inside the business.
Many businesses can struggle to make ends meet, and Dan Kuchan knows that saving money wherever possible is a huge help. By following the above tips with regard to borrowing money for businesses rather than tapping into retirement accounts, business owners can ensure that all of their hard work is resulting in revenue that remains in-house.
Fountain Hills accountant Dan Kuchan provides tips like these to make life easier for taxpayers during one of the most stressful times of the year. For more information on business expenditures and more, call 480-837-6083 or visit http://dankuchan.com/.
Media Contact: Dan Kuchan, Dan Kuchan, CPA, 480 837 6083, [email protected]
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SOURCE Dan Kuchan, CPA
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