Tax Tips for Small Businesses

Apr 7, 2015

Filing taxes can be overwhelming for small business owners. If you still haven’t filed your tax returns this year, here are some tips to consider to ensure you don’t get audited.

Be honest. If you slip into the gray area, this would affect your integrity. Be sure to stay on the right track. You shouldn’t have any problems as long as you keep it straightforward.

Hire a professional. Aside from getting help from a bookkeeper, you can hire a tax professional to file your taxes. They know all the rules, regulations, and deductions and can save you from making costly mistakes and penalties. They will also evaluate for accuracy and check your records for discrepancies. In finding a good tax professional, start by asking someone you trust for their recommendations.

Keep track of everything in a log. There are many ways to organize your records and books. Keep every receipt and develop a functional filing system to make it easier and faster for you to file your returns come tax season. Take a good look at your financial statements.  You can utilize an accounting software system such as Freshbooks or QuickBooks for all your invoicing and payables. A bookkeeper can help you do exactly just that.  Moreover, paperwork should be labelled accordingly so you’ll know when to find it when you speak with your accountant. It might be a little late to do this now but be sure to set it up for next year.

Ask questions. If you are confused about anything tax-related, a reliable preparer will be more than happy to help savvy business owners and entrepreneurs. So don’t be afraid to ask.

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