Tax Season Is Just Around The Corner
For small business owners, this means paying out or the headache of going it alone - but it doesn't have to be that way ¬
Online, February 23, 2011 (Newswire.com) - Tax season is just around the corner, and just the thought of it can send small business owners into convulsions. Small business taxes are a major headache for small business owners, and if you choose to hire an accountant to do your taxes every year, it can take a big bite out of your small business budget - and besides, if you never do it yourself, you'll never learn how.
But if you eventually become self-reliant in filing your own business taxes, you will not only save money on preparation, you can also discover ways your business can save money and pay less in taxes.
For the first few years after you open your small business, it's best to go ahead, bite the bullet and hire a professional to do your taxes. But work with him closely to learn the ins and outs of filing business taxes. Don't just hand him a pile or receipts and forms. Actively learn which forms to file, as well as what deductions and tax credits you can claim, and eventually you can take his place.
It goes without saying that throughout the year, you should keep your files organized. Preparing small business taxes is much easier when you have all of your papers together. This will also ensure you're ready for an audit.
Spend some time in tax workshops for small business owners. They are well worth the investment in time and money.
When you prepare you taxes for the first time, use the IRS helpline and Web site to work through forms that are confusing. After you prepare your business taxes the first time, have an expert look them over. Make note of any mistakes or deductions you missed to be sure you do them right the next time.
Prepare your taxes early, but mail the forms in close to the due date. Data from tax audits indicates that filers who mail in their taxes early have a higher chance of being audited than do those who mail them close to the deadline.
Remember: as a small business owner, you can't afford mistakes. And when it comes to your business taxes, this is doubly true.
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