*Consult an Accounting Professional
If you’re a new business owner and you’re not exactly sure what you can claim as a business expense or which accounting software is the best for your business, consulting an accounting professional to help you better understand the financial workings of your business could be a massive time and stress saver.
*Separate Business and Personal Finances
One of the first things a small business owner should do when starting their business or startup is to divide personal and business expenses.
Mixing personal and business expenses could lead to legal problems, such as losing legitimate tax deductions. Small businesses need to be able to support their expenses and prove they are all deductible business costs which can be difficult when personal expenditures are mixed in with legitimate business costs.
*Prepare for Tax Season in Advance By Using The Free Online Calculator
Tax season can be a stressful time for many small business owners. But getting financial records and forms together before tax season rolls around can help your business meet and beat deadlines instead of scrambling to complete your tax returns on time.
Gathering all your financial records, including payroll, income statements, bank and credit card reports, and receipts, before starting your taxes can help you complete your business returns more quickly and efficiently because you’ll have everything you need to reference all in one place.
*Stay Organized
A significant step to minimizing your small business tax return process is keeping thorough and accurate records all year.
*Know Your Deadlines
Tax filing deadlines can vary depending on the business type. It’s good to know your business’s filing date in advance, as deadlines can also change from year to year.
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