Though it’s still a few months away, you’re probably already starting to feel some anxiety about tax time. Adding one more thing to a busy business owner’s to do list is bad enough but the stress of making a mistake on your taxes can be maddening. The good news is there are many helpful tools for business owners to better navigate this “taxing” process. Here are a few to check out.
Everyone feels the impact of tax time, but small businesses especially feel the stress when looking to save money and maximise deductions and credits to help their bottom line. There are some ways that small business owners can better survive tax season, so here are crunch time tax tips for small businesses to help you keep your sanity intact.
Working from home has become an increasingly more viable option in recent years. Yet many don’t realize that there are valuable tax breaks that come with owning a home business. If you’re thinking of starting your own business and are considering doing it from home, here are four tips to consider:
Every business owner needs to understand how to file their quarterly estimated taxes. However, most small businesses are confused when it comes to paying these. Make no mistake, if you fail to file, it’s treated as though you didn’t pay your taxes and the IRS may come after you.
Mileage reimbursement is not mandatory in the US (in most cases), however, the IRS issues a yearly Standard Mileage Rate for use by employees and employers in the following ways:
- The rate gives employees a rate to use when they claim mileage deduction at tax time.
- It gives employers a reasonable reimbursement rate based on current research.
- The rate informs employers of the amount employees kickback for minimum wage considerations.
The rate gives employees a chance to get compensated either through payment by the employer or as a deduction for business related mileage on their taxes.
If you’re already using Timesheets.com to track attendance and time on projects, you probably also know that you can use it to track business expenses.
In this post I’ll show you how to track expenses for tax purposes, but first, let’s take a look at what qualifies.
You’ll be doing your end of year payroll reporting soon and we know this can sometimes be confusing, so we’d like to offer a tip on how to make it more accurate.