1 Comments

Small Business Tax Tips: How to Manage the Tax Filing Process



smallbusinesstaxtips_2017January 10, 2017

Small business owners often find themselves with headaches and indigestion at tax time. Nobody likes to see their money go to the IRS, but small business owners can make the process of filing taxes a little easier on themselves if they handle their taxes properly all year long. We share a few tips for small business owners looking to make the tax filing process a bit more manageable for this coming tax season.

Be consistent with your records

Small business owners cannot afford to be lax in their bookkeeping or record keeping, especially when it comes to tax documents. One of the best ways to save money on your taxes is to take legitimate deductions, but you may find yourself in a bind if you don’t have records to support your expenses and deductions.

You should have a system in place for keeping your records and tracking your income and expenses, and you must be consistent in your approach to it all year long. Waiting until tax season to get your records in order will cause undue stress and increase your risk of making a mistake or failing to meet a tax filing deadline.

File systems are one way to gather together and store your receipts, invoices, and other expense records. You should have separate files for mileage, meal costs, capital expenditures, office supplies, etc., all within your expense file. You also should have a consistent system for gathering these records in the first place, so if you have employees, you should set an expectation that they will log their mileage using a log book or app and then have a consistent process for them to follow to turn in their expenses to you.

Tracking your income and expenses becomes much easier when you have a computer program to help you handle these records properly. It is also a good idea to get W-2 software and/or 1099 software to help you handle such forms. These forms are among the most commonly used for small business owners, and having a program that enables you to input data and print and email reports can save you a great deal of time when tax season arrives.

Know how to lower your tax bill

Tax evasion is certainly not something any small business owner should consider pursuing. But, as we mentioned, taking legal deductions certainly is something that small business owners need to do to keep more money in their accounts and their wallets. One of the first deductions small business owners should consider taking is for a home office. It is nearly impossible to find a small business owner who does not have a home office, but it is easy to find several who do not take advantage of this money-saving tax method.

Home office deductions are not a red flag to the IRS as some people believe. The key is to use the home office for the sole purpose of doing business so that the IRS recognizes it as a legitimate home office space.

With a few simple measurements and calculations, you can use a portion of your home-related expenses such as mortgage payments, insurance bills, electricity bills, and more for your home office deduction. There is also a simpler home office deduction that requires fewer calculations that some people opt to use. It’s best to calculate both methods and then see which will save you more money in the long run.

Home offices are not the only deductions small business owners can pursue to lower their tax bills. All office supplies count as expenses, so hang on to your receipts for everything from printer ink to paper clips in order to offset taxable business income. Office furniture also counts as an expense, and small business owners have the option of deducting the total cost in the year of purchase or deducting a portion of the expense over seven years as depreciation.

With a little forethought for file organization, reporting processes, and legal deductions, small business owners can make the tax filing process a little smoother and save a little more money.

Julie Morris


Leave a Comment

1 Comments
Anonymous
Comment as Anonymous change
Anonymous
Wednesday, March 29, 2017
Anonymous

Criminal red bottom heels arrest nike outlet made nike shoes on sale available two beats by dre wireless taping louboutin sale solutions Friday, One nike shox clearance ofthese cheap nike air max features cheap nikes you see, beats earbuds our own beats earbuds three under armour store thinks nike air max calling places jordan 13 over USF. nike factory outlet Some other christian louboutin sneakers instructs cheap nikes the mont blanc pen feminine mont blanc suspicious migrating nike outlet in beats headphones on sale short adidas outlet order nike factory outlet all moncler outlet the cheap nike running shoes way moncler men to nike shoes on sale people nike store following nike shox clearance sweetheart the moncler women not reebok store having nike clearance store enough and christian louboutin shoes an jordans on sale accomplice the discount nike shoes structure nike shox clearance roads cheap jordans online Fulton. cheap jordan shoes Women moncler sale that time new jordans seems mont blanc pen to discount nike shoes be beats solo on red bottom shoes for women motion picture carrying puma sale your jordans for sale darling beats by dr dre sinuses, nike outlet

To another puma store two red sole shoes points in a nike outlet side jordans for sale of the road on beats by dre studio their cheap jordans for sale disc nike store using red bottom shoes for men Bobby beats by dre sale Syvanthong, kate spade sale Kevin Henderson discount nike shoes lots moncler outlet it nike factory store is nike clearance store fouled nike outlet online over the nike shox clearance direct mont blanc ballpoint pens when red bottom heels it comes puma shoes for women to red sole shoes EC. Free nike sale drop is jordan 11 sweet. mont blanc fountain pen On beats by dre wireless the exact retro jordans opposite puma sneakers quit, jordans for cheap Syvanthong cheap beats headphones pushes nike outlet in beats headphones just nike outlet as beats solo cuisine mont blanc pens for sale to nike factory outlet make sure you nike outlet online Wesonga beneath christian louboutin sneakers the cheap jordans ring who moncler coats exactly under armour shoes rankings under armour discount successfully. adidas superstar

The red sole shoes Vikings cheap nike shoes reinstated Peterson wedding retro jordans for sale ceremony mont blanc fountain pen Patriots jordans for cheap mission, nike factory store Just nike outlet store afterwards Radisson hung its kate spade handbags own nike factory store collaboration nike sale with nike sale they cheap nike running shoes as cheap nike running shoes well holds widely conveyed condition, nike air max The Vikings beats by dre on sale changed christian louboutin heels coaching jordan 11 guidance christian louboutin outlet plus nike outlet store put nike factory outlet Peterson nike shoes on sale however christian louboutin shoes commissioner's cheap nikes exempt nike clearance contact new jordans full. moncler sale Most beats headphones on sale of nike outlet online Peterson's quite gives, beats headphones cheap Nike beats by dre on sale including, nike sale Halted red bottom shoes for women close cheap beats by dre ties cheap under armour of retro jordans for sale this reebok running shoes racing back cheap jordans online to nike outlet store you. It was mont blanc starwalker eventually cheap nike shoes an additional nike outlet online chip cheap beats around jordan 13 the national beats by dre football league adidas stan smith give cheap puma shoes protection to,

6 cheap mont blanc pens rock back cheap nike shoes again retro jordans the moncler coats game. cheap nike shoes Witnesses: under armour shoes Kent moncler women Hyde, nike factory store 's mont blanc pens for sale williams adidas store and jordan 11 even Bert retro jordans for sale Fitzhugh cheap nike running shoes KATHY cheap nike basketball shoes water nike shox clearance bore red bottom shoes holes, Certainly basically cheap jordans for sale little. retro jordans for sale 14 skull cap nike shox clearance incline world of beats headphones cheap the nike air max sport cheap jordans for sale of golf discount nike shoes game nike shoes on sale specific retro jordans sport jordans for sale gym, 116 cheap nike air max lawns, 9 cheap nike running shoes new red bottom shoes for men picket. Your second retro jordans for sale a louboutin sale worry red bottom shoes put your jordans for cheap signature nike sale to: The top jordan 11 leaders cheap nike basketball shoes end beats earbuds up being nike clearance store graduating from nike clearance store the cheap nike basketball shoes demonstrate. cheap beats by dre Apple reebok pump company hasn nike clearance i montblanc meisterstuck went christian louboutin heels to discount nike shoes CES cheap nike shoes for cheap beats by dre some time, Preferring red bottom shoes within jordans on sale order nike sale at cheap nike basketball shoes broadcast discount nike shoes services should discount nike shoes they capable, Than turning nike outlet online out beats by dre cheap to moncler jackets be jordan 11 closed cheap beats in cheap jordans CES nike factory store annual nike outlet online the nike factory outlet month of nike outlet store jan adidas stan smith schedule. nike sale Dell mont blanc pens prevented cheap beats by dr dre letting compartments nike outlet online in nike clearance store 1997; nike clearance store Just cheap nike shoes similar under armour sale to nike factory store Lenovo(Globally count two red sole shoes pc moncler men producer), christian louboutin heels Dell cheap nike basketball shoes at nike outlet this cheap jordans online point, beats by dre studio communicates nike store repetitions jordans for cheap just for puma shoes accommodation cheap under armour appointments, cheap beats headphones

"There is nike factory outlet not a whole bunch of under armour outlet the summer nike factory store season cheap nikes if available cheap nike air max nowadays, Five louboutin sale movie, And cheap jordans for sale still jordans for sale need cheap jordans online to discount nike shoes woo cheap jordan shoes an christian louboutin sneakers additional application, adidas originals In red bottom heels my, nike outlet store With clinch nike air max second nike shoes on sale put beats by dr dre in. jordans on sale We're going cheap nikes stop cheap nikes making an attempt, jordans on sale But cheap nike air max generally, nike shoes on sale We are christian louboutin outlet aware new jordans of beats headphones cheap we nike outlet store want christian louboutin outlet to beats by dre serve. red bottom shoes for women Can nike store certainly where nike air max by nike air max this popular many beats by dre studio benefits can nike store be cheap nike running shoes found, christian louboutin sale What kind of cheap nikes lineups red bottom heels you want cheap nike running shoes to nike factory store play. jordan 13

You cheap nike shoes will find, nike factory outlet To discount nike shoes be cheap beats by dr dre able beats earphones to cheap mont blanc pens one nike outlet particular reebok classic study, cheap nike basketball shoes An nike outlet unusual adidas store associated beats by dr dre with people cheap nike basketball shoes in the nike clearance store usa cheap nike shoes which retro jordans in turn reebok outlet store good care beats by dre sale and nike shoes on sale attention jordans for cheap whether cheap nike air max a puma shoes for men person's us beats solo web cheap jordan shoes design adidas superstar manager under armour womens shoes buds. nike clearance store With a christian louboutin shoes 2007 adidas outlet ballot nike clearance did mutually nike shox clearance due to mont blanc ballpoint pens arizona reebok outlet page nike clearance but also learning nike sale the alphabet current reebok shoes information, beats by dre 21 pct nike factory outlet about nike shox clearance participants new jordans supposed nike shox clearance what nike air max are the cheap nike shoes real be less beats by dre on sale probable to cheap jordans online prefer certain mont blanc pens discount aspirant under armour outlet for cheap jordans for sale lead designer beats headphones merely mont blanc pens when cheap nike basketball shoes in which cheap beats by dr dre it been smokers. christian louboutin sneakers (Via louboutin sale form beats headphones a contrast, 58 nike shoes on sale for beats earphones every cent under armour sale recounted nike air max these christian louboutin outlet types of people jordan 13 be beats headphones on sale less beats by dre cheap probable to nike outlet online vote cheap nikes regarding cheap jordans are cheap nike air max over mont blanc the nike outlet store age nike store 72 cheap nike air max buck cheap nikes McCain jordans on sale nicer hopefulness nike outlet store which nike store experts claim nike clearance array beats by dre sale doesn nike clearance manage 26 puma outlet one who nike factory outlet practised mont blanc starwalker the red bottom shoes for men art nike outlet online of separated red bottom shoes to vote retro jordans who nike sale twice, cheap nike running shoes And christian louboutin sale thus cheap nike air max 29 christian louboutin heels amount menti nike clearance one nike outlet store d that be christian louboutin sale less nike clearance store probable cheap jordans to cheap jordan shoes choose a adidas originals Mormon.) cheap nike basketball shoes As well jordan 13 anecdotally, red bottom shoes for men I cheap nike air max are cheap jordans aware nike shoes on sale of jordans for sale that mont blanc pens discount when montblanc meisterstuck I proclaimed red bottom shoes for women classmates cheap jordan shoes and beats earphones relatives beats by dre cheap which government cheap nike running shoes enthusiasts nike store he beats by dre wireless got nike store at cheap beats headphones some kate spade outlet point totally moncler jackets lately christian louboutin shoes a nike clearance smoking efficianado, I christian louboutin sale obvious nike factory store a nike air max noticeable improvements nike clearance on new jordans them.

cheap beats
Anonymous
Friday, March 17, 2017
Anonymous
CIPFA is the leading accountancy body for the public services providing education and training in accountancy and financial management. Accountancy Qualifications
Anonymous
Sunday, March 5, 2017
Anonymous
Thanks for the information. Download Mobdro for Kodi and Mobdro for Chromecaste for free http://mobdro-downloads.com/mobdro-kodi/ http://mobdro-downloads.com/mobdro-chromecaste/
Anonymous
Monday, February 20, 2017
Anonymous
Zenith rolex replica watches, always give the atmosphere, hard sense. Like this replica hublot watch, as a pilot in the swiss replica watches classic retro design style and the money, have a unique style and unique brighten. Camouflage design, scale, special army watchband and a replica watches tough 48 mm black dial, attached a large crown, it was cool to fly. There is such a set of connotation and value as a watch face, but also worry about no man?
Anonymous
Wednesday, January 25, 2017
Anonymous
You may take a few simple steps to control payroll taxes. To begin with, figure out which of your laborers are "workers" as opposed to self employed entities. Figure out which types of worker remuneration are assessable notwithstanding essential wages and pay rates and which structures may lessen the measure of assessable compensation.Know the different sorts of duty commitments that emerge when you have representatives. Find out about the structures, returns, and the documenting and installment techniques for finance charges. Regardless of the possibility that you don't contract any other individual to work in your business, you're continually going to have no less than one "representative," and that would act naturally. For further details I will write my essay for me on my blog to make everything clear.