Besides setting financial goals to grow your business, you also need to manage your financial responsibilities. One way is by ensuring you have a robust year-end tax planning process. Failing to do this, the business will suffer financial and legal consequences. Small businesses face many big challenges . Some of them include: Dependence on few clients Maintaining cash flow while paying expenses Fatigue due to pressure and overworking Dependence on the business founder Balancing quality and growth While these challenges delay the success of the business, poor year end tax planning can kill it. Read on to learn more. Tips for Year End Tax Planning Every small business owner must know the requirements for tax planning and reporting. Businesses pay federal income taxes, local taxes, sales taxes, and employment taxes. Any mistakes and the Internal Revenue Service (IRS) will start breathing down your neck. The IRS looks into false income reporting, accounting irregularities, and improper de...