13 Tax Season Tips for Small Business Owners
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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,
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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
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Keep professional files and records that are easily accessed and organized - not a shopping bag full of receipts!
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Backup your electronic files and records.
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Build a relationship with a trusted accountant who acts as an advisor and partner in building your business.
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Go online with a banking system that lets you download and review your records on a monthly basis.
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Accounting software can help you track and manage your financial records, and payroll tax software can help you avoid penalties.
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Pay into your retirement accounts. The money you contribute to your retirement account isn\'t typically taxed until you withdraw it.
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Defer income to the current year if this will save you money due to varying annual income levels.
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Spend money on business needs so you can maximize your deductions.
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Make a tax-deductible charity donation from your business.
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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
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Make sure your independent contractors do not meet the IRS criteria of an employee.
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