The filing deadlines for S and C corporations nears, and now is as good a time as any to look at some common small business tax issues.
It’s finally tax season again and while this may be your least favorite of the seasons, it’s a season you can’t quite ignore as easily as winter or summer. (This is primarily due to the legal consequences of ignoring tax season.) But, every year, there are some common issues that many small business owners run into. Here are some tax tips for all small businesses.
Small Business Tax Tips
- Keep a record of all of your business expenses throughout the entire year and make sure to input everything into your accounting system in a timely manner.
- In order to reduce your tax burdens, your company can offer benefits like health, vision, and child-care.
- Take a look at your inventory. If you have any unsold or unused inventory, donate it to charity in order to receive tax benefits–and help the less fortunate. Take note, however, that once your donations go over $500, there are more rigorous rules to what you have to report.
- Educational expenses that maintain or improve your skills as a business owner in your field are deductible. These educational experiences include seminars, conventions, and classes.
- Maintain your business and personal expenses separately. Separate checking accounts and credit cards are necessary in order to maintain this separation of business and personal life.
Taxes are an important facet of business, just like properly insuring your business. Get the right business insurance; call us today. We serve businesses in Scotia and throughout the surrounding New York area by helping them get the protection they need. Let the experts make sure you’re covered by contacting Scautub Agency.