Filing your taxes as a business owner can be overwhelming, especially when you want to make sure you do your taxes right. There’s a lot of information to sift through, different forms you can file and knowledge you need to have. The problem is, dedicating the time and energy you need to do your taxes can be challenging when you’re busy running your company! Don’t know where to start? BBB has some tips to keep cool, calm and collected.
Know your deadlines
There are different filing deadlines for various tax deductions and tax credit filing forms. Keep track of important dates in a calendar and remember to check that calendar for approaching due dates. Maybe consider setting alerts in your digital calendars for a reminder. The last thing you want to do is miss out on a huge deduction or credit because it slipped your mind.
Pay attention to your receipts
Keeping track of how you’ve spent your money is vital to your return. Many goods and services can be deducted from your income as a business owner, whether it’s a business meal with a client or travel expenses. Naturally, keeping receipts over the course of a year can be tricky; however, there are several apps and programs which can help you keep your receipts in one place.
Utilize tax filing software
Why not make things easier on yourself by using a tax filing software? There a variety of user-friendly options online that can help you file correctly and, most importantly, protect your business. Using tax filing software can ensure a more accurate return, not only for legal purposes but to get you the best results possible.
Watch out for scams
Sadly, scammers love to operate during tax season and attempt to steal returns. Also, keep any eye out for shady tax professionals.
Get familiar with small business tax deductions
Taking a little time to understand your taxes as a business can help you save big. One deduction in particular you may want to pay attention to is Section 179, which allows small businesses to deduct the cost of certain equipment purchased or financed and used that year. There’s even Section 179 calculators online that can help you figure out if any of your purchases qualify. Knowing what tax deductions you are due can also help you when utilizing tax filing software.
By taking these steps, filing your taxes will go much more smoothly. And remember, you don’t have to go it alone; you can always consult a tax advisor or CPA! Even though the deadline to pay taxes has been pushed back 90 days for most individuals and many businesses because of the coronavirus outbreak, the deadline to file has not changed. For more tax tips or to find a tax professional you can trust, head to
bbb.org.
