Getting Ready for Tax Season
Getting ready for tax season is something that should be on your mind year round. Waiting until the last minute is a recipe for disaster.
Getting ready for tax season is something that should be on your mind year round. Waiting until the last minute is a recipe for disaster.
One thing that no one likes to talk about, unless you are a certain type of bureaucrat, is taxes of any form. Taxes are highly complicated, irritating, and boring – but unfortunately, they are a sure part of business life.
Come tax time, you might not have all the necessary business documents ready, or you might not have been able to file your taxes on time due to unforeseen circumstances. If you need more time to file your tax returns, the IRS has certain guidelines for filing for an extension.
In running a small business, any amount of money that can be saved is always welcome. There are some legal business tax deductions that you can claim every year.
When you start your small business, money is inevitably tight. Aside from cutting out unnecessary expenses, you should know which expenses you can write off on your taxes, increasing your chances of getting a refund.
If you are just starting your small business, its structure will determine your tax status – and liability. If you’re confused when it comes to structuring your small business, here’s a handy primer to help.
Watching the IRS walk away with a big chunk of your hard-earned money is devastating and discouraging! Here are ways to take action this year to legally reduce the amount the IRS is entitled to next year.
If you run a small business, then you are probably stretched for time to manage your bookkeeping and tax matters. However, this is one area where you cannot afford to be slack; you could either end up paying higher taxes, or worse – having the IRS breathing down your neck.
If you are running a small business that is growing, have made investments in a variety of areas such as property, stocks and mutual funds, or if you simply find preparing taxes confusing and stressful, then it is time to find yourself a good tax professional. Here’s how.
Tax time can be stressful for small business owners. By keeping good records and being organized, you can make this years’ tax season a breeze. Here’s a 12-point checklist to help you get started.
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