Small business tax tips for you. Small business can be complicated and expensive when it comes to tax time. Simplify things for yourself and do everything you can to pay less. It is your right as an American.
Keeping your receipts in a shoebox is not the best way to file your expenses. Installing some top-notch accounting software can really help keep your money in the bank instead of sending it to the IRS. Look into getting QuickBooks, Xero, or something like that. Categorize your expenses for the best profit payout possible.
Tax Deductible Expenses
You need to keep track of all your expenses. Even if you think that the expense is not deductible, save the receipt. You will be surprised on what you can deduct. Be sure to keep home office expenses, repairs, and vehicle mileage. It all adds up.
Even if you are at the point where you can not afford to hire an account, set up a meeting. You can learn a whole lot from a consultation. You will be more prepared in the future when you do hire an accountant.
Instead of paying crazy employee-related taxes, consider hiring some of these gig contractors. You can get a lot done at a fraction of the cost of having employees. That is something to ponder.
Time is of the essence when you are talking about paying your taxes to everyone’s uncle, Sam. You will avoid steep fees when you pay on time and don’t procrastinate.
Do not wait until the last minute to figure out how much you owe at the end of the year. Calculate how much you may owe and save a little bit each month. If you can’t afford to pay the tax bill when it’s due, you will face the consequences. A payment plan to the IRS would not be in your best interest. If you miss a payment, they fine you more than what was due that month, ouch.
Now that you know small business tax tips, is it time to file your small business? Let us help incorporate any kind of business you need in Wyoming. We are the Wyoming experts.