Is any small business owner ever ready for tax season? The prospect of “spending” money is never appealing, but that’s the high price of doing business. The good news is that there are ways to simplify your taxes to make the process less painful and even save a little money along the way.
One of the biggest mistakes small businesses make, especially new startups or entrepreneurs, is not making tax season a priority year-round. Rather than tracking expenses on an ongoing basis, they wait until they’re forced to start sorting receipts and look into ways they can save on their taxes. This can be detrimental to your finances, however, as you might end up missing valuable deductions that can help you be more profitable. Plus, you may also avoid fines or penalties when you pay quarterly taxes rather than shelling out a lump sum at tax time.
Here’s the truth: tax season doesn’t have to be the hair-pulling, gut-wrenching, profit-draining experience many people think it is. Planning ahead and understanding tax rules and implications can go a long way in giving you peace of mind when it’s time to pay Uncle Sam.
Let’s look at some practical tax advice for small business owners and how you can take some of the bite out of tax season.Read more.