Earlier I posted 10 tax tips for home business owners and now here is a little follow up that goes further into detail about how to organize and classify your business tax write offs. Hop on over to Job Crusher, check it out and save money filing taxes for 2013.
Accounting & Taxes
How much and how you pay your taxes are based off the type of business you own. Do you have any tax tips to offer business owners to save them time and money this tax season?
A lot of tax payer will be surprised by some of the new tax penalties as well as the expiration or past tax breaks, this year. It is good to remember that 55 different tax breaks expired at the end of 2013 and many will see the ramifications of it when filing taxes this year as well as next. Congress is even thinking about reinstating some of the more popular tax deductions. Which popular tax deductions do you hope to see make a come back as soon as possible?
Making sure you account for every single legitimate tax deduction can save your small business a ton of money. It just takes the time to look into all of the tax laws with the IRS to know which deductions are Ok and which ones are not. Can you add some great tips below on tax deductions first time small business owners may not know about?
There will not be many tax surprises this year due to to laws like the American Taxpayer Relief Act of 2012 that keeps the laws the same as well as previous extensions and policies. Even without surprises their are still a few traps that you will need to watch out for this year. Are you ready for tax season?