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.
A Safer Way to Invest in Stocks
A Safer Way to Invest in Stocks Investing in stocks can be really risky—particularly when somebody invests a lot of money at once and expects quick results. But it’s also true that investing in stocks can be surprisingly safe for certain investors. The men and women who are putting regular amounts into stock funds through…
IRS Makes It Difficult to Use “Separate Share” Trusts
IRS Makes It Difficult to Use “Separate Share” Trusts By Mary Kay Foss California CPA, August 2003 The IRS has issued a series of private letter rulings (LTRs 200317041, 200317043, 200317044) this year that make it difficult to use “separate share” trusts. A separate share trust is a trust named as an IRA beneficiary that…
Deductions Available to Collectors at Charity Auctions
Deductions Available to Collectors at Charity Auctions Posted: 7/25/11 Collectors who want to make donations may consider donating artwork and collectibles to charity auctions. If this is something you are thinking about and would like to take full tax benefits, the following tips may help. Making Donations to Charitable Organization Auctions: 1. Make sure you…
Make Money Consistently Through Through a Small Investment
Make Money Consistently Through Through a Small Investment People often think that in order to become an investor you need a lot of capital to make it worth your while and believe me, nothing can be farther from the truth. Certainly, if you are planning to make a living exclusively out of your investment, you…