Whether you’re a retail shop owner in a busy town, a tech startup co-founder or a stay-at-home-mom with a lucrative e-commerce business, you need to get your business taxes done right. Here are some business tax tips that you can implement through the year to help you get better prepared before April 15th rolls around again:
Money Organization
There are many parts of your small business that need to function correctly to make everything work seamlessly. Money organization should be your top priority. Take control of your company finances and:
1. Work up a detailed monthly budget
2. Get to know computer programs like Microsoft Excel and Quickbooks to help with budgeting
3. Save all company expense receipts
4. Pay off credit card debt every month to keep interest rates low
5. Separate work and home expenses to avoid confusion
6. Consider hiring a good bookkeeper or accountant
7. Put your tax refund right back into the business
Business Tax Tips to Remember
Being self-employed means you are completely in charge of your gross income, and you need to set aside funds that are not being automatically deducted. Here are a few other business tax things to remember:
8. Understand your adjusted gross income and your self-employment tax
9. Know your tax bracket, and adjust your spending if needed
10. Take advantage of free tax services, or get a free second look from a certified tax preparation
11. service. They could possibly find a bigger return or other deductions
12. Filing taxes on-time can save you unnecessary late fees
13. Use online tax preparation software if you want to be in charge of the business taxes
Understanding Business Deductions
When it comes to business deductions this is where you really need to pay attention. You want to be sure to qualify for the right deductions. Here are a few deductions that you could be eligible for:
14. Home office deductions
15. Internet, phone, and even cell phone business deductions
16. If you have contributed to a self-employed retirement plan be sure to find out what those
17. deductions can do for your return
18. Business-related mileage. Keep all gasoline purchase receipts and record your miles
19. Health insurance tax deductions, if you are paying on dental and medical premiums
Photo: J.Crew
Ryan Webster is an Online Marketing and Outreach Coordinator at JetSuite. He is very passionate about Private Jet Travel. He graduated with a BS in Marketing from UCLA and enjoys Chicago Bears football games and working on his vintage 1966 Ford Mustang GT.
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