Tips for Small Businesses in Tax Season

Tips for Small Businesses in Tax SeasonIt’s the most wonderful time of the year! Or, maybe not. Regardless of how thrilled you are (or aren’t) about tax season, it’s upon us. And, filing your information for your small business isn’t exactly the same as filing your personal info. Here are some tips to consider when filing your small business tax information.

1. Estimated Tax Payments

When you’re employed, your employer takes the taxes out of your paycheck for you. This doesn’t happen when you’re self-employed. You have to take out that money yourself. The IRS has a form to help you figure out who needs to pay Estimated Tax Payments. Check it out and see if that’s you.

2. Insurance Deductions

If you are self-employed and you paid for medical and dental insurance, you are entitled to more deductions. Not sure if you qualify? Well, it wouldn’t be a bureaucratic agency if they didn’t have a form for that.

3. Start early

Get started now. Leave yourself a little wiggle room. If something goes wrong or you start to feel overwhelmed, at least you won’t have to add feeling rushed to that list. Getting a head start on taxes is always a good way to go.

4. File an extension

Better safe than sorry. Even if you get a head start on everything, you still might need extra time. File for an extension, even if you don’t think you’ll need it.

5. Hire an accounting firm

You might think you can handle it. And, you very well might be able to. But, again, error on the side of caution. For the first and second years of your business, you should ask a professional to help you. You’ll be able to ask questions, see the forms completed, and get the advice of someone who knows what they’re doing, not just because it’s their job, but because they’ve done it before. You might even develop a relationship and be able to seek out financial assistance during the rest of the year.

Will you be filing early? What are your tax tips for small businesses? Share in the comments!

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Posted on February 12, 2014, in Biz Tips, Small Business, Taxes and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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