POSitive Processing Blog
Take The Hassle Out Of Tax Season
Wednesday, February 27, 2019
Tax season certainly breeds its own intense levels of
anxiety for many small business owners. Preparing for tax season in the right
way can save you valuable time and arm you with useful information that can
enhance your business’s future efficiency and success. To help alleviate some
of that stress, we have come up with some tips to make filing your taxes a
little less overwhelming.
It Pays to be
Keep all of your finances organized before the season
begins. If you don’t have access to an
accounting software, keep your receipts and bank statements in
monthly file folders. Block out a couple hours in your calendar each month to
reconcile your bank and credit card accounts by matching receipts with bank
statements. This will drastically lessen the work load when it comes time to
Forms: Make sure the forms you are filling out
accurately match your business structure, saving you time from having to redo
any work. Click here to find your correct tax form.
Deductions: A business expense is considered to be
tax deductible if it is ordinary (common and accepted in your trade or
business) AND necessary (helpful and appropriate for your trade or business).
- Review at these 5 Myths About Business Tax Write-Offs to be sure you’re on the right
When you review your tax return, you can determine your
businesses strengths and weaknesses. Analyze the return with a tax professional
or on your own to see where you can improve your business moving forward.
The U.S. Small Business Administration maintains a guide on navigating the tax code and staying up to date
on your tax responsibilities as a business owner.
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