Top Tax Tips for Business Owners
Chances are if you run your own business then you are always looking for ways to get, and stay ahead, especially when it comes to paying your taxes. They are so many different things to track and organize when it comes to business taxes, but keeping a few simple tips in mind can make a huge difference in how successful you are.
While this tax season has already passed, in actuality now is the perfect time to start preparing for next year if you own a business. So here are just a few things to keep in mind as you start preparing. First, don’t mix your business and personal accounts. Even if you aren’t incorporated you should still keep these two accounts separate. This makes it much easier to keep your records straight and it also keeps your personal information private.
You should also keep track of your expenses, and your taxes, as they happen. Keep real time records as you go, instead of waiting for several months to do them all at one time. This makes record keeping much easier and reduces the chances of costly mistakes.
Take advantage of your home office deduction. You can do this two ways, so it’s smart to take the extra time to calculate both methods and then choose the one that gets you the greatest return. Additionally, keep track of all the miles you use your vehicle for work. This can prove to be another nice deduction form your tax bill.
Lastly, if you are considering hiring someone, adding a family member to fill the position is often a good idea if you want a tax break. You might be able to deduct their wages as an expense, which will reduce your total taxable income. Contact GROCO for helpful tax tips for businesses. Call 1-877-CPA-2006.
China Now World’s Sixth Largest Economy
China Now World’s Sixth Largest Economy China on Tuesday raised its estimate of the output of the world’s fastest-expanding major economy by a sixth, a revision that leaves growth better balanced but may increase pressure on Beijing to let the yuan rise faster. The new estimate, based on a vast nationwide census, hoists China above…
Asset Transfer Checklist
Asset Transfer Checklist Planning for the distribution of a lifetime of accumulated wealth can be complicated. The process involves drafting and regularly updating your will and making the necessary trust arrangements. It requires understanding exactly what you own and how to transfer what you own (and in what manner) to family members or other beneficiaries.…
Fashioning a Charitable Gift: Creative Ways of Giving
Fashioning a Charitable Gift: Creative Ways of Giving The idea of “planning” a gift to charity may not spring as readily to mind as investment or retirement planning. Yet there are many ways to give, and many kinds of gifts to consider, especially when your philanthropic impulse is strong. Initial steps Of course, the very…
Durable Power of Attorney: Manage with Care
Durable Power of Attorney: Manage with Care With over 35 million people age 65 and older, more and more families are grappling with the needs of their elderly parents. Care-giving arrangements may be necessary, involving some difficult choices and emotional upheaval. For children with parents of substantial means, there may be concerns that extend beyond…