No need to burden you with every little tax code in the book on this one. While there are dozens of tips that could potentially help your business, there is no need to overcomplicate the issue. The last hassle a business owner needs is a cumbersome list of tax tips to try and keep in mind throughout the year or to waste their day digging through complicated tax lingo. Here are three big tax tips that will help you drive through each tax year safely.
1. Personal and business expenses are friendly but not intimate. Too many entrepreneurs allow their expenses to comingle in their accounting. While it may seem like they are hitting it off, in reality they are making your tax preparation far more complicated. Just like in a relationship, when things get complicated someone always ends up getting hurt. In this case, the only person who can get hurt is you, so keep those hands above the waist and visible distance between your business and personal expenses.
2. Procrastinators, check your bags at the door. Don’t wait for the last minute, keep up to date on your estimated quarterly payments. Procrastination gets the best of us all at times. While it may be warranted to put off a trip to the DMV, and those ever-so-cheerful clerks, taking your time about getting around to your taxes is no bueno. Get those quarterly payments in on time, every time. When January rolls around and you are going through your reporting, you will be glad you did.
3. Tax preparation is a team sport. Don’t wade off into the deep end alone. By hiring a knowledgeable and dedicated virtual accounting service your information will always be accurate and well organized. Come tax season you can call on your team to be there for the assist. Plus, we will maximize your potential for deductions, ensuring that you don’t pay more than you owe.
The IRS may be big and bad, but you don’t have to be the one who gets caught alone in the woods unprepared. These three tips can help you get safely through tax season without any surprises laying in wait at the end of the journey.
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