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
dividend growth stock

How to Find the Right Dividend Growth Stock

How to Find the Right Dividend Growth Stock How many great ideas for a startup do you know of that never really got off the ground? Startup companies are a dime a dozen and the majority never become successful. Even some of the best ideas and coolest technologies fail to reach their full potential. These…

retirement savings

How to Make Your Retirement Savings Last a Lifetime

How to Make Your Retirement Savings Last a Lifetime No matter your current age, retirement is coming, at some point. For most people, the earlier that time comes the happier they are. In any case, whether you’re looking forward to that day or you want to work as long as you’re physically able, you will…

how to make a strong first impression

How to Make a Strong First Impression

How to Make a Strong First Impression How are you when it comes to first impressions when meeting someone? Do you have what it takes to impress others right off the bat? Or, do you wish you could get a do-over and maybe go about it a different way? It’s so cliché, but unfortunately, it’s…

Why Are You Still in Credit Card Debt?

Why Are You Still in Credit Card Debt?

Why Are You Still in Credit Card Debt? Do you have any credit card debt? Chances are if you own even one credit card the answer is yes. And if you’re like most people, then you probably have several cards with each one carrying at least some balance. In fact, more than 120 million Americans…