Top Tax Tips for Business Owners

bookkeeping business owner

 

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.

Posted in
Healthcare Update: Federal Subsidies Illegal | Dennis Wolfe

Insurance Factors – Dennis Wolfe, Healthcare Specialist

  About Dennis Wolfe Dennis began his insurance career in 1976 and quickly gravitated to the rapidly developing small group benefits market. Almost immediately he wrote the benefit plan for a large interstate restaurant chain. from there he wrote the benefits for a Fortune 500 company. That followed with a total revamping of a major…

John Garnier

Disruptive Startups | Dr. John Garnier

  About Dr. John Garnier John is an expert in Business Development, Corporate Division, Small Business Startups and is an International Expert in Silicon Carbide. Additionally he holds a PhD in Materials Science from Marquette University. He is the author of two books through the Nuclear Regulatory Commission, technical papers (40+), patents 11+, and more…

Jack Carlisle

American Entrepreneur – Jack Carlisle, Serial Entrepreneur

  About Jack Carlisle   Jack Carlisle grew up in Utah. He is a serial entrepreneur who has created various businesses over the past 22 years including: a tire store, flight school, catering business, and most recently a pizza restaurant. Interview Transcript of: American Entrepreneur – Jack Carlisle, Serial Entrepreneur Alan Welcome back. I’m here…

Ray Rothrock

The Midas List – Ray Rothrock, Venture Capitalist

  About Ray Rothrock Ray joined Venrock, a diversified $2 billion venture capital firm, in 1988 in New York City, and after 25 years and 53 direct investments, his passion for building companies is as strong as ever. He retired from Venrock, June 2013 and continues as a venture capitalist on his own account. Ray…