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
Tips for Filing Your Tax Return

Which Tax Extensions Will Affect Your 2014 Return?

Are You Ready for Your 2014 Taxes? Although many people might answer yes to that question, the fact is taxpayers can only do so much as long as Congress is dragging its feet on several expired tax extenders. The fact that these extenders are still sitting in limbo is nothing new. It happens almost every…

So-Called Temporary Recession Tax Not So Temporary

Remember the great recession of 2009? Although the recession may now be a thing of the past, some so-called “temporary” taxes are having a harder time fading into the background. That’s because many states throughout the country are still collecting on tax bills that were enacted solely for the purpose of refilling public reserves. Fourteen…

Congress Not Looking to Pass Internet Sales Tax Anytime Soon

Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days),…

NBA Stars Losing Hefty Amounts of Their Salary to the Taxman

Just about everyone knows that professional athletes make a ton of money. Whether you agree with athlete salaries or not, the fact is those hefty numbers you always see reported when an athlete signs a new deal aren’t really all that they’re cut out to be. Oh sure, they are making a lot of money,…