{"id":8837,"date":"2021-10-22T10:00:00","date_gmt":"2021-10-22T14:00:00","guid":{"rendered":"https:\/\/shaynaco.bizinkonline.com\/?p=8837"},"modified":"2021-10-24T22:09:59","modified_gmt":"2021-10-25T02:09:59","slug":"tax-season-tips-for-small-business-owners","status":"publish","type":"post","link":"https:\/\/shaynaco.com\/tax-season-tips-for-small-business-owners\/","title":{"rendered":"Tax Season Tips for Small Business Owners"},"content":{"rendered":"<p>Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system.<\/p>\n<p>This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information.<\/p>\n<p>Here are four more ways to take the stress out of tax time, and get the most out of your return.<\/p>\n<h3>Know your credits &amp; deductions<\/h3>\n<p>Small businesses typically benefit from a wide range of tax credits. From special allowances for research and development, to programs that supplement wages for student employees and apprentices, knowing which credits apply to your business can save you a bundle on taxes.<\/p>\n<p>It\u2019s also important for SMBs to be savvy about deductions. After all, you want to keep as much of your hard-earned revenue as possible. Often-overlooked items you may be able to deduct include:<\/p>\n<ul>\n<li>Seminars, classes or conventions you attended to improve your professional skills;<\/li>\n<li>Unused inventory that you\u2019ve donated to charity (a good reason to consider donating your overstock, rather than paying for storage); and<\/li>\n<li>Capital assets, such as office furniture, computers, and equipment.<\/li>\n<\/ul>\n<p>Speak to your accountant about the full range of available deductions you can plan for each tax year.<\/p>\n<h3>Be careful about what you claim<\/h3>\n<p>If you run your business out of your home, you may be able to claim a portion of expenditures like utilities, insurance, property tax, and rent. But you\u2019ll need to keep good records, and all your receipts, to justify why you\u2019ve allocated business costs to your home office.<\/p>\n<p>The same goes for home office computers and mobile phone expenses. Tax authorities will want to see how you\u2019ve separated the personal and professional use of these assets when you claim them as work expenses.<\/p>\n<p>Want to claim drive-time as a work expense? Ensure you submit a log of your business-related mileage, so you can clearly demonstrate how your personal vehicle was used for professional purposes.<\/p>\n<h3>Don\u2019t miss the deadline!<\/h3>\n<p>This should go without saying, but every year SMBs are hit with serious penalties for filing taxes late. Missing the deadline can have a range of negative repercussions, including:<\/p>\n<ul>\n<li>Added interest to amounts owing, plus a late payment penalty;<\/li>\n<li>Losing your claim to a refund;<\/li>\n<li>Loss of credits toward retirement or disability benefits; and<\/li>\n<li>Delay of loan approvals (lenders require a copy of your filed tax return in order to process your application).<\/li>\n<\/ul>\n<h3>Seek expert advice well in advance<\/h3>\n<p>A <a href=\"https:\/\/www.xero.com\/media\/5749025\/xero-to-sixty-report.pdf\">recent survey<\/a> of small business owners found that a full quarter don\u2019t understand their tax obligations. What\u2019s more, 27% only speak to their accountant at the last minute, just before the filing deadline.<\/p>\n<p>Software has made it easier than ever for small business owners to file for themselves, but when it comes to thoroughness and accuracy, nothing can replace the expert advice of an accountant.<\/p>\n<p>Consult a professional well in advance, to ensure you\u2019re getting the most out of your tax return, and that your documentation is complete. On the bright side, accounting fees are often tax deductible!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill &hellip; <a href=\"https:\/\/shaynaco.com\/tax-season-tips-for-small-business-owners\/\">Continued<\/a><\/p>\n","protected":false},"author":12,"featured_media":9185,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Season Tips for Small Business Owners - Shaynaco LLC<\/title>\n<meta name=\"description\" content=\"Preparing for tax season is really a year-round endeavor. 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