Aug 24 2018
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NOW Is the Best Time for Business Tax Planning to Save On Taxes

By qSdCcPjb

Alleviate anxiety and panic later on in the year and help your business’ bottom line by prepping for tax season early. The best way to save money on your taxes is to get started on them well ahead of time. Plan Your Approach Timely tax planning is the secret to success come April 15th. When it comes time to file your taxes, the first thing you need to do is get your records in order. This can be a herculean task if you haven’t organized paperwork since the last time you filed your taxes! The best thing to do is to establish a system that you can adhere to with a modest amount of effort the whole year through. It’s also important to know in advance some of the deductions you’ll be planning on taking. One of the most illuminating examples is that of business-related expenses for your vehicle. If your personal vehicle doubles as your work vehicle, you can deduct business-related travel expenses. There are two ways you can file for this deduction. Each year, the IRS puts out standard mileage rates—what it considers to be the cost of operating an automobile for business. In 2018, that rate is 54.5 cents for every mile of business travel driven. However, you have the option of calculating the actual cost of using your vehicle. Keeping careful track year-round will allow you to choose the method that results in the larger write-off. Keep Careful Records Income, expenses, receipts—it all has to be…

Jan 28 2018
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6 Tips to Make Tax Time Easier for Your Business

By qSdCcPjb

The beginning of the year is marked by a few familiar occurrences: ambitious resolutions, discounts on gym memberships, and tax forms arriving in the mail. That last one can cause a bit of panic, especially for small business owners, as they signal the looming arrival of everyone’s least favorite time of year: tax time. The next few months are often characterized by procrastination and a mad dash to file your return on time. But while that may be the norm, it doesn’t have to be. We’ve assembled some tips that will help you breathe a little easier when tax time comes around. Plan All Year The fact of the matter is, taxes are a concern year-round. It’s just that they fall off the list of concerns. To get a handle on your taxes, it’s important to first change your perception of them from “once-a-year annoyance” to “ongoing business concern.” As a small business owner, you’ve got a lot of ongoing business concerns, and they all get handled. Making taxes “part of the routine” helps take away their threatening air. Another benefit is that you’ll undoubtedly file your returns more competently. By rushing to file your taxes at the last minute, you’re bound to miss a few deductions. Keeping them in mind all year long will help you see the opportunities you might otherwise miss. Prioritize Organization and Consistency The key to getting your tax preparation efforts going is to create a consistent organizational system. Maintain receipts and keep on top…