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.
Appendices
Appendices United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Appendices Flowchart for determining residency status Copies of forms 1001, 1040, 1040NR, 1042, 1042S, 5471, 5472, 8300 and TD F 90-22.1 Appendix 2 Forms 1001- Ownership, Exemption, or Reduced Rate Certificate 1040 US Individual…
Self Employed Refinancing Problems – What Can Business Owners Expect?
Self Employed Refinancing Problems – What Can Business Owners Expect? By Tristan Hunt Self Employed Borrowers at Greatest Risk of Foreclosure It’s a hot topic. Millions of self-employed borrowers who purchased or refinanced a home in the past 5 years under liberal “stated income” or “no documentation” mortgage programs are finding they cannot qualify to…
The Importance of Life Insurance in Estate Planning
Life Insurance for Estate Planning As part of the estate planning process, you may talk to any number of advisors—from lawyers, accountants and trust officers, to financial and retirement planners. These advisors often provide not only valuable services, but also may be in the business of selling investments, annuities and insurance. You will need to…
How to Raise Children That Become Entrepreneurs
How to Raise Children That Become Entrepreneurs By Lauren Hidden Ever since my kids can remember, I’ve worked from home. Sometimes I have to remind them that I’m not sitting home playing with their toys or eating bon-bons when they’re at the babysitter or at school, but for the most part they “get it”. As…