13 Tax Season Tips for Small Business Owners

13 Tax Season Tips for Small Business Owners
  • Schedule time for reviewing and preparing your financial documents throughout the year - and keep those appointments! Different types of businesses have different deadlines - S Corps, Partnerships,

  • Keep track of your business expenses. Many small business owners don't fully understand the difference between a business expense and a personal expense. Deductions can save you money, such as home ac

  • Keep professional files and records that are easily accessed and organized - not a shopping bag full of receipts! 

  • Backup your electronic files and records. 

  • Build a relationship with a trusted accountant who acts as an advisor and partner in building your business.

  • Go online with a banking system that lets you download and review your records on a monthly basis. 

  • Accounting software can help you track and manage your financial records, and payroll tax software can help you avoid penalties. 

  • Pay into your retirement accounts. The money you contribute to your retirement account isn't typically taxed until you withdraw it.

  • Defer income to the current year if this will save you money due to varying annual income levels. 

  • Spend money on business needs so you can maximize your deductions.

  • Make a tax-deductible charity donation from your business. 

  • Understand equipment depreciation rules for your type and size of business: is it better to sell old equipment or donate it; is your equipment depreciated the year you purchase it or over time

  • Make sure your independent contractors do not meet the IRS criteria of an employee.  

This checklist was created by anthonycaliendo

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