The Best Tax Deductions For The Self-Employed

When you’re self-employed, you likely want to find as many tax deductions as possible. While everyone else is waiting for a refund, you’re probably thinking about all of the money you’re going to have to pay the IRS, even if you estimated your taxes and paid quarterly.

Tax deductions

There’s plenty to keep up with throughout the year including your mileage log if relevant, your receipts and any other information that you might be able to use for your deductions come tax time.

When you’re self-employed you’re shouldering the burden of certain costs you wouldn’t have if you worked for an employer. You’re also constantly grinding to make sure you’re generating income,and it can be tough all around.…

Continue reading

Small Business, Big Return: Your Tax Filing Checklist for April 15

Filing taxes for the first time as a small business owner can be one of those unforeseen struggles.

To make sure you have everything you need come tax season, you need to have a tax filing checklist.

Tax filing checklist

We know how difficult and time-consuming it can be to make note of everything during hours of research.

So, instead, you can use our comprehensive tax filing checklist to save you time, money, and hassle on your tax deadline.

Tax Filing Checklist for Small Businesses

Financial Records

Keeping a record of everywhere your money goes during the fiscal year is a hallmark of good business practice and one of the top tax return tips.…

Continue reading

Surprised By The New 2018 Tax Laws? 4 Strategies To Handle The Changes

Once you get the hang of preparing taxes for your small business, April doesn’t seem so challenging. That is, until tax laws change and suddenly you don’t know if you can still claim your small office deduction. When this happens, the need to hire a tax professional to prepare your return becomes a necessity, not just a convenience.

2018 Tax Law Changes

Not sure what to do about the tax changes that went into effect for 2018? The changes will remain in effect at least until 2025, so there’s no time like now to get acquainted with what’s new.

1. Hire a tax professional to do your taxes at least once

Hire a tax professional to do your taxes at least for the first year.…

Continue reading

4 Smart Strategies for Managing Small Business Taxes

There is a big difference between being a business owner and being a smart business owner. The latter has a much better chance of success if they follow a few simple tax strategies. It may be confusing, but the decisions you make now regarding your business taxes could mean the difference between an exciting, bright future filled with growth, or a much darker future riddled with regret and failure.

Small business taxes

Keep Those Receipts

Receipts create a snapshot of your financial year, a tangible record of how you spent your money. All these receipts you’ve been keeping may also represent a taxable income offset: possible tax deductions for goods and services.…

Continue reading

Smart Tax Strategies for Audit-Proofing Your Small Business

Going through an audit can be nerve-wracking and time-consuming. Most business owners would rather pull their own teeth out than deal with the IRS. Here’s how to survive the ordeal and avoid future audits in the future.

Small business tax woes

Outsource Your Accounting and Tax Work

If you want to avoid a lot of trouble with the IRS, pay someone else to deal with them for you. Outsourcing your tax and accounting work is one of the best moves a small business can make. Too many businesses mistakenly believe that they must do everything themselves.

In some ways, their entrepreneurial spirit “forces” them to “take on the world.” In reality, they’re setting themselves up for a legal nightmare.…

Continue reading

5 Predictions for the Future of Small Business Taxation

The financial ramifications of taxation are at the forefront of any small business owners mind, with the issue seemingly never far from the headlines throughout the commercial world.

Indeed, tax policies are certain to have a huge impact on the decisions SMEs make in the future, as expansion on a global scale and rising regulatory control become increasingly obvious.

Small business taxation

From the government’s perspective, tax will continue to grab its attention as they look to fill the coffers and get a grip on the levels of tax for which they’re liable.

As a small firm, there are several factors you should be aware of in the coming weeks and months that will have a marked effect on how you do business.…

Continue reading