2012 is over and at the beginning of a new year, it’s almost that time again…tax
time. Successful small businesses know what they need to do during this tedious
but important process—here’s some tips to get you ready for filing taxes and
hopefully save you some money.
Even though the focus is on making money from your day to
day operations, you should have all your records in order ahead of time, which
means up-keeping your system year round so you don’t have to pay an outside
professional to do that for you. You should know what can be written off for
your business, such as new equipment and supplies that you purchased throughout
the year. You also need to take a close look at how you are calculating your
estimated tax payments so you are not underpaying or overpaying. You may think
that offering generous employee benefits will cost you too much money, but in
reality, the loyalty and hard work you receive in return make it worth the
effort. But besides that, it will save you money at tax time because you are
not required to pay the employer’s share of payroll taxes on this form of pay.
If you run part of or all of your business out of your home,
it’s important to have a designated space that is used as a home office. The
reason is that you can receive deductions for this space on rent, utilities,
and improvements. There are square footage requirements to qualify, so ask a
tax official about these requirements and what can and can’t be deducted. Also,
be sure you are filling out the correct forms for the type of small business
you have. Speaking of these forms, know that there are different due dates for
different forms so double check them on the IRS website so you don’t miss any
deadlines and end up paying fees.
Finally, look into websites and apps that will make the tax
filing process easier for you—Tax Answers by H&R Block, TurboTax, and EZ
Tax Return are a few. Follow these steps and use your organization and
experience so that this tax season is easy and stress free. Make it happen!
©
2013 eMarketing 4 Business LLC
