If you are a small business owner and filing your own taxes, it is important to know the tax deductions you are eligible for! You work hard and keep your business moving forward, the last thing you want is to give your money to the IRS. You want to save as much of your hard earned money as possible!
When it comes to filing your taxes, there are ways to save as an employer. There are tax deductions based on the expenses you pay for your employees. We want to make sure that as a business owner you are taking advantage of all the tax deductions possible!
Honestly, we are not big fans of filing extensions. We find that business owners have a hard time moving forward into the new year when they haven’t closed the previous year out. It’s almost as if they have a weight they are carrying and can’t put down. However, We do believe there are two good reasons to consider filing an extension.
Without a doubt, the number one reason to become an entrepreneur is so you control your own destiny. We are not just referring to how you live your day-to-day life, but your long-term future. When you think about the long-term, you should be considering retirement. As a business owner, you have so many opportunities to create a huge nest egg for your future!
Owning a small business makes you very aware of every penny coming in… and going out! While following your passion is why you started your business in the first place, the reality is, it needs to be profitable. Most small business owners try to save every dollar humanly possible, but there are just some things you should not skimp on. Tax preparation is one of them.
No one likes to pay taxes. Most people don’t even want to talk about them. We get it. Taxes can feel overwhelming and lead to frustration. However, understanding how taxes work is essential to setting yourself up for success.
When you can deduct business expenses depends on several factors: whether you are an accrual or cash basis taxpayer, what type of business you are, if related parties are involved, when the item was placed into service and so...
Setting goals may seem like a minor footnote compared to the other items on your to-do list, but we cannot stress this enough; it is the most important part of running your business!