Tax filing season can be hectic for small businesses. It is the time of the year when really dotting your I’s and crossing your T’s will pay off massively. It is the time of the year when having your records compiled and accessible will help you in a huge way – and not having them close by will cost you time and effort. What should small businesses be focused on as they go through their tax filing process? Here are some reminders from us here at Robert V. Boeshaar, Attorney at Law:
- Make sure you give yourself adequate time to file taxes and avoid paying a penalty. Familiarize yourself with the deadlines and start your taxes well in advance of those!
- Tax Planning can help you be prepared for what to look out for and get started on the right foot. Tax planning is a good idea for small businesses, especially in the early years of filing taxes as a business.
- Make sure you have all of your financial records on hand for the previous year. That includes payroll, expenses, and last year’s tax return.
- Get to know the common deductions well and be ready to use them to your benefit. Research the ways that many of them have changed since the beginning of the pandemic as well.
- Make sure you claim all of the itemized deductions that apply to your small business. This will help ensure the best (and most accurate) tax return for you.
- Is your office in your home? You may be able to claim a deduction for that on your personal taxes!
- Make sure to properly claim your business insurance policies as you file.
- Some of the most commonly overlooked expenses include travel costs, regular car expenses, and advertising fees. Make sure to include everything you can!
- You can get a tax credit for hiring long-time unemployment recipients onto your staff! Consider that when looking at who you hired in the past year.
- Remember to log any community charitable contributions to help your tax returns out!
At Robert V. Boeshaar, Attorney at Law, we help individuals and small businesses resolve their disputes with the IRS. The best way to avoid those disputes in the first place is to stay on top of things while filing. For small businesses especially, covering all your bases the first time will help you avoid massive trouble down the road. For help with any IRS tax needs, contact Robert V. Boeshaar, Attorney at Law today! We solve IRS crises!
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