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.
Top Tax-Saving Moves Used By High Net Worth Individuals
One of the biggest complaints certain groups or individuals have against the wealthy is that they can take advantage of too many tax breaks and loopholes to lower their tax bill. So what are some of the top tax strategies that high net worth individuals use to keep their tax rates down, and could anyone…
Should University Donations Trigger Tax Breaks for the Wealthy?
Universities big and small receive donations from many different sources, including wealthy alumni. However, not all donations are created equal and because the wealthy donors get a huge tax break for their significant donations, some wonder if that is really fair. For example, Nike co-founder, Phil Knight, recently donated $400 million to Stanford, where he…
Money-Saving Tips for Freelancers
When you hear the term freelancer, you might think of someone working a small business out of his or her home and just doing things on the fly. However, freelancers come in all forms and many owners of small businesses or startups are also freelancers. Being a freelancer means you are self-employed and being self-employed…
Who Really Qualifies as a Dependent for Taxes?
How many dependents do you really have? Who can really be counted as a dependent? These are some of the most common questions that all taxpayers have. Can you count all of your children, live-in help, or perhaps a dog or other family pet? What about a friend who decides to crash at your place…