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?
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?