logo
g Text Version
Beauty & Self
Books & Music
Career
Computers
Education
Family
Food & Wine
Health & Fitness
Hobbies & Crafts
Home & Garden
Money
News & Politics
Relationships
Religion & Spirituality
Sports
Travel & Culture
TV & Movies

dailyclick
Bored? Games!
Nutrition
Postcards
Take a Quiz
Rate My Photo

new
Action Movies
Bible Basics
Houseplants
Romance Movies
Creativity
Family Travel
Southwest USA


dailyclick
All times in EST

Full Schedule
g
g Small Office/Home Office Site

BellaOnline's Small Office/Home Office Editor

g

Small Business Tax Tips and Resources

Guest Author - Deborah Crawford

For many small and home business owners, taxes are confusing. What can you deduct, what forms do you need, should you call a professional, where are all your records????? Here are some tax tips and resources to make the process (a little) less painful.

Hopefully, you have all your records and receipts organized for the year. Keeping good records throughout the year makes taxes much easier. If not, then start gathering everything now. You need records to support your business income and expenses.

The IRS has an online guide that can help you. Explore Publication 583 Starting a Business and Keeping Records. There is a lot of helpful information here on keeping records, filing returns, paying taxes and more. Even if you do not do your taxes yourself, you should at least know what is required.


With tax software, many people find doing their own taxes relatively painless. I have used tax software for several years. It makes tax returns much easier to complete and math errors less likely. The programs walk you through each step of the process and are very user-friendly. Online updates mean the program always has the most current information from the IRS, and you can either file electronically or print and mail your return. (Always print a hard copy for your records. Hard drives fail and you don't want to lose your tax return that way!)

I find tax programs particularly useful for business owners because if you use the same program from year to year, your basic information just has to be updated in case things have changed, and they remember your depreciation schedules, making that essentially painless. Calculating and keeping up with depreciation manually can be a challenge for many, and it's one reason I really love using tax software. These programs help you determine the depreciation your business assets, from your business automobiles to computers.

Many business owners feel more comfortable paying tax preparers to do their taxes and that can be a good solution if you have a complex tax situation. However, I recommend trying to do them on your own for a few reasons: it can be a great exercise in learning where your money goes and how well your business is doing, and if you know how to do your taxes, you will always be able to double-check that your paid preparers are on their game. The questions asked by the tax software program should closely match what your preparer asks you. If not, your tax preparer might be overlooking crucial deductions and tax credits.

These are the two most popular tax programs. I use the H & R Block program, mostly because it's the one I started with and I'm happy with it, but I've heard good things about Turbo Tax as well.





And, while you are battling away at your returns, here are some of my favorite observations from fellow taxpayers:

If the Lord loveth a cheerful giver, how he must hate the taxpayer! ~John Andrew Holmes

The taxpayer - that's someone who works for the federal government but doesn't have to take the civil service examination. ~Ronald Reagan

Today, it takes more brains and effort to make out the income-tax form than it does to make the income. ~Alfred E. Neuman

Add Small+Business+Tax+Tips+and+Resources+ to Twitter Add Small+Business+Tax+Tips+and+Resources+ to Facebook Add Small+Business+Tax+Tips+and+Resources+ to MySpace Add Small+Business+Tax+Tips+and+Resources+ to Del.icio.us Digg Small+Business+Tax+Tips+and+Resources+ Add Small+Business+Tax+Tips+and+Resources+ to Yahoo My Web Add Small+Business+Tax+Tips+and+Resources+ to Google Bookmarks Add Small+Business+Tax+Tips+and+Resources+ to Stumbleupon Add Small+Business+Tax+Tips+and+Resources+ to Reddit



 



RSS | Related Articles | Editor's Picks Articles | Top Ten Articles | Previous Features | Site Map




For FREE email updates, subscribe to the Small Office/Home Office Newsletter


Past Issues


print
Printer Friendly
bookmark
Bookmark
tell friend
Tell a Friend
forum
Forum
email
Email Editor


Content copyright © 2014 by Deborah Crawford. All rights reserved.
This content was written by Deborah Crawford. If you wish to use this content in any manner, you need written permission. Contact Violette DeSantis for details.

g


g features
Insightly CRM Improvements

Creating Social Media Guidelines

Organizing Your Business Email Account

Archives | Site Map

forum
Forum
email
Contact

Past Issues
memberscenter


vote
Poetry
Daily
Weekly
Monthly
Less than Monthly



BellaOnline on Facebook
g


| About BellaOnline | Privacy Policy | Advertising | Become an Editor |
Website copyright © 2014 Minerva WebWorks LLC. All rights reserved.


BellaOnline Editor