taxes. It is not the time of year small business owners look forward to. It is complicated. It is time-consuming. And for some, it is expensive. But that does not mean taxes must be overwhelming.
Here are 10 tips to small business on how to survive tax time.
1. Keep good records
This first simple tip can save you lots of time and headaches tax time. buoyant year records is essential to safeguard the deduction claims, there should be an audit. And being organized means less time filling out tax forms, too. > + http: //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this tax trick
2. available include deductions
Do your research, or to speak with a tax pro, at least annually on the deductions available to your business . This could include new deductions available under the Small Business Act Jobs. >+http://www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits" target = "_ blank"> Tweet this tax tip!
3. Mark your calendar for your deposit frequencies
As you plan .. 2015 update filing frequency on your deadlines tax schedules can change this way you will be on top of your deadlines for filing your sales and use tax returns > + http :. //www.zanebenefits. com / blog / small business tax consulting + @ ZaneBenefits "target =" _ blank "> Tweet this tax tip!
4. Do not forget the tax credits Obamacare
As a small business owner, you are probably eligible to tax credits Obamacare on individual or small group health insurance. These new tax credits can represent significant savings. > + http: //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this tax trick
5. avoid common mistakes
According to the Small Business administration (SBA) red flags potential common include errors with the classification of employees, office deductions home, and a large sum miscellaneous deductions > + http :. //www.zanebenefits.com/blog/small-business-tax-tips+@ ZaneBenefits "target =" _ blank "> Tweet this tax tip!
6. Plan for taxes all year
It is easier to deal with taxes once a year, but this can be a mistake. Make tax an activity all year to plan, and take advantage of opportunities to reduce costs. > + http: //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this tax trick
7. hire a Pro
whether a beginner or you're a pro now, hire a competent tax professional, lawyer, or accountant for you help navigate the tax laws A professional can identify tax breaks and deductions that you might otherwise miss > + http: .. //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits " target = "_ blank"> Tweet this tax tip!
8. Knowing your tax bracket
Knowing your tax bracket can help you develop strategies for growth and plan for taxes. > + http: //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this trick
9. Automate your taxes
Enjoy the new products cloud-based software that helps small businesses monitor and manage taxes more efficiently . > + http://www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this tax tip!
10. Separate your personal and business expenses
Finally, have banking and credit card separate accounts for your business and personal use. And as stated earlier, be diligent about keeping good records. > + http: //www.zanebenefits.com/blog/small-business-tax-tips+@ZaneBenefits "target =" _ blank "> Tweet this tax trick
Conclusion
There is no need to feel overwhelmed at tax time. When planning taxes, follow these ten tips to sort your requirements, avoid mistakes, get organized and understand the right of taxation of small businesses.
What tax advice small business you want add to the list? Comment below.
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