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As a small business owner, taxes can be a daunting task. There are many deductions and credits available to you, but it can be tricky to keep track of everything. You can always seek additional resources, like your local chamber of commerce or the IRS website, if you're just starting out or just feel like tax season is too overwhelming. Either way, here are some things to remember during tax season so you can get through it and enjoy free donuts on tax day (shhh, just don't tell everyone):
It's important to be aware of the many deductions you can take come tax season. This includes common business expenses such as office supplies, marketing costs, and travel expenses. By being mindful of what you can deduct, you can save yourself a significant amount of money come tax time.
Additionally, remember that you can deduct the cost of any business-related education you may have incurred. If you've taken any courses or gotten any certifications related to your business, be sure to keep track of those expenses as they can be deducted come tax season.
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it is important to keep good records of all your income and expenses throughout the year. This will make it much easier to file your taxes accurately come tax season. There are a few things in particular that you should keep track of:
1. All sources of income - This includes money from sales, services, loans, investments, etc.
2. Cost of healthcare - The Small Business Health Care Tax Credit can help offset the cost of health insurance for your employees. To take advantage of the program a small business must enroll in a Small Business Health Options Program (SHOP) plan. To qualify for the tax credit, all of the following must apply:
3. Depreciation and amortization - If you have any business assets that are depreciating in value, you will need to keep track of this so that you can deduct the correct amount on your taxes. You will also need to track any amortization expenses, which are common with things like business loans. This can be a bit complicated, so it's important to speak with your accountant or tax professional to make sure you're doing it correctly.
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While it's not required, many small business owners find that hiring a professional tax preparer or accountant is well worth the cost. They can help to take the stress out of tax season and ensure that you are taking all the deductions and credits you are entitled to. This can save you a significant amount of time and money in the long run. If you decide to go this route, be sure to shop around and compare rates before hiring anyone.
Another thing to keep in mind is that you may be required to pay estimated taxes. This means that you will need to make quarterly payments throughout the year. These estimated payments are based on your expected tax liability for the year. If you do not make these estimated payments, you may be subject to interest and penalties. However, an experienced tax preparer can help you plan your payments and help ensure your cash flow is where it needs to be.
So when April 22nd comes around, don't fret. Just remember to itemize your expenses, keep great records and consult an experienced professional that can guide you through the ins and outs of the tax code, unless you're into that sort of thing! By keeping these things in mind, you can make tax season a breeze and save yourself a lot of money in the process by minimizing your tax liability.
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The ERC program provides a credit to employers who retained employees and continued to pay them during the pandemic.