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?
Accounting & Taxes
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?
The most unusual aspect about the tax industry is how minimal their seasons are compared to almost every other industry. In just a few months, paid tax preparers generated almost 8 billion in annual revenue by processing 23% of 82 million returns filed just last year. Will you or your company be using a paid tax preparer this year or using some type of software?
It is always good to start planning for tax season by the end of the year. Not only do you want to make sure that your taxes are in order but you will want to make sure that everything is set to be out in the next month or so for your employees as well. Are your taxes already for your CPA? Check out some of our tax and accounting tips that you can apply to prepare in advance for 2014.
Anyone who has been paying taxes long enough will tell you that it is never a bad idea to talk to a tax professional about your unique tax situation. While it is not your job to stay on top of changes to tax laws and cost-basis reporting rules, it is theirs, which can save you time and money in the long run. Do you have any tax advice to share with other business owners or maybe a CPA to refer for year-end questions?